EHRs help improve quality of care by reducing medical errors through automated alerts and reminders. Advantages of EHRs include availability of comprehensive medical histories at the point of care, reduced costs associated with maintaining paper files and automated clinical decision support. EHR adoption is being encouraged globally to enhance patient outcomes, reduce costs and improve practice efficiencies.
The Global Electronic Health Records Market is estimated to be valued at US$ 30.72 Bn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Electronic Health Records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation.
Key opportunities in the market include scope for EHR adoption in emerging economies and integrated EHR suites to enhance patient outcomes. The market is witnessing increasing global expansion through partnerships, mergers and acquisitions.
Growing government efforts to encourage EHR adoption through favorable policies and incentives is driving the global market. Major economies are supporting large scale EHR implementation programs to cut costs, strengthen patient care and improve practitioner workflow.
Market Drivers
The Electronic Health Records Market Size is witnessing high growth owing to increasing support from governments globally. Countries are actively promoting EHR adoption through various policies and funding provisions. For instance, the Health Information Technology for Economic and Clinical Health (HITECH) Act in the US incentivized EHR implementation. This enhanced uptake of digital health records among physicians and hospitals. Growing government efforts to modernize healthcare infrastructure and capabilities through IT are a major market driver.
PEST Analysis
Political: The healthcare industry is heavily regulated. Regulations shape adoption and use of electronic health records in hospitals and physician practices. Regulations provide incentives for healthcare providers to adopt and meaningfully use electronic health records.
Economic: The need to lower healthcare costs is driving increased adoption of electronic health records which can reduce medical errors and duplication of tests. Electronic health records help in improving clinical outcomes and reducing long term healthcare expenditure.
Social: Younger generations of patients are comfortable sharing their health data electronically and expect their doctors to maintain their records digitally. Widespread internet and smartphone access enable remote healthcare through telehealth and patient portals.
Technological: Cloud computing and mobile technologies allow healthcare providers to access patient records from anywhere. Analytics capabilities in electronic health records help identify treatment patterns and best practices. Interoperability standards are evolving to facilitate seamless data exchange across different systems.
The North American market accounts for the largest share of the global electronic health records market in terms of value. High adoption rate among healthcare facilities in the US and presence of major market players have made North America the dominant regional market currently.
The Asia Pacific region is projected to grow at the fastest rate during the forecast period. Increasing investments by governments in development of healthcare infrastructure supported by favorable regulations will boost adoption of electronic health records. Rising healthcare expenditure and focus on providing quality healthcare further support market growth in Asia Pacific.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
