Electronic Health Record (EHR) Market to reach US$ 20,318.02 million by 2028 COVID-19 Impact and Global Analysis By Installation Type and Geography
Electronic Health Record (EHR) Market: Insight
According to our latest study on “Electronic Health Record (EHR) Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Installation Type, Type, and End User,” the market was valued at US$ 14,054.05 million in 2020 and it is projected to reach US$ 20,318.02 million by 2028; it is expected to grow at a CAGR of 4.9% during 2021–2028. The report highlights trends prevailing in the market and the factors driving and restraining the market growth.
EHRs are patient-centered and real-time digital records that make patient data available instantly and securely to authorized healthcare professionals. The record comprises information regarding patient's medical history, medications, allergies, treatment plans, diagnoses, immunization dates, radiology images, and laboratory test results. The factors such as the increasing adoption of EHRs, rising incentives by federal government, and growing incidences of medication errors drive the growth of the electronic health record (EHR) market.
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Electronic Health Record (EHR) Market: Competition Landscape & Key Developments
The growth of the electronic health record (EHR) market can be attributed to the factors such as the increasing adoption of Electronic Health Records (EHRs), rising incentives by federal government, and growing incidences of medication errors. However, concerns regarding data privacy and physician burnout hinder the market growth. Cerner Corporation, Computer Programs and Systems, Inc., Allscripts Healthcare Solutions, Inc., McKesson Corporation, Epic Systems Corporation, NextGen Healthcare, eClinicalWorks, Greenway Health, AdvancedMD, Inc., and CureMD Healthcare are among the major companies operating in the market.
Growing Incidences of Medication Errors
A medical error is a nightmare scenario that no physician or medical practice wants to face. While most healthcare professionals and many consumers/clients/patients realize that doctors are human beings and sometimes make mistakes, most take measures to ensure accuracy in all aspects of a patient care scenario. Yet, unfortunately, thousands of people do experience some form of medical errors and even preventable deaths on an annual basis. According to a recent study performed by Johns Hopkins, medical errors are now ranked as the third contributing cause of death in the US. Alarmingly, based on data accumulated during the eight-year study, medical errors contribute to approx. 250,000 deaths annually.
Another study by the CDC emphasized that adverse drug events alone cost over US$ 3 billion a year. As of 2014, adverse drug events were the sixth leading cause of death on a national basis. The focus for today is catching potential errors before they happen, especially medication errors that can prevent through medication reconciliation.
Today's EHR systems support automated artificial intelligence, sometimes sifting through massive patient care files. For example, not long ago, a patient with a chronic condition might have a paper record composed of hundreds of pages. Today, an EHR system can quickly sift through data to analyze current and past prescriptions, laboratory tests, treatment plans, diagnoses, medical procedures, and even foods that a patient should stay away from when taking certain medications before or following medical treatment or procedure.
Electronic Health Record (EHR) Market: Segmental Overview
Based on type, the global electronic health record (EHR) market is segmented into acute EHR, ambulatory EHR, and post-acute EHR. The acute EHR segment held the largest share of the market in 2020, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
By end user, the electronic health record (EHR) market is segmented into hospitals, pharmacies, diagnostic and imaging centers, ambulatory care centers, and other end users. The hospitals segment held the largest share of the market in 2020, and the same segment is estimated to register the highest CAGR in the market during the forecast period.
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