As per Precedence Research, the global electronic health records market size is expected to worth around US$ 29.82 billion by 2029 and expanding growth CAGR of 3.3% from 2021 to 2030.
As per Precedence Research, the global electronic health records market size is expected to worth around US$ 29.82 billion by 2029 and expanding growth CAGR of 3.3% from 2021 to 2030.
Growth Factors
The global electronic health records market is significantly driven by the rising government initiatives to digitalize the hospitals and healthcare sector. For instance, the Australian government has encouraged the adoption of My Health Record for the Australian population. Furthermore, the adoption of the European Electronic Health Record by the European Commission was encouraged for the secure data transfer of patients across the European countries.
The electronic health records can store the patients data regarding the past health conditions and can be utilized by the care providers to treat the patients effectively with respect to their past health conditions. Therefore, the growing number of patients owing to the surging geriatric population and rising prevalence of chronic diseases is propelling the demand for the electronic health records to enhance the operational efficiency and provide quick treatment to the patients. Moreover, the rising environmental concerns has encouraged the government to eliminate the use of paper documents and hence the demand for the digital technologies across the global healthcare sector is burgeoning rapidly.
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Report Highlights:
- On the basis of type, the acute segment dominated the electronic health records market, accounting for a market share of around 48% in 2001. The rising investments towards the adoption of the digital technologies and the development of smart hospitals across the globe has significantly fostered the growth of the acute segment in the electronic health records market.
- Based on the product, the web based segment accounted for 55% of the revenue share in 2020. The web based electronic health records has gained rapid traction among the healthcare professionals and small clinics and hospitals as this can be altered or customized as per the needs. Furthermore, the high suitability of the web based electronic health records among the healthcare units of different sizes and its affordable costs led to the dominance of this segment.
- By end user, the hospitals was the most dominant segment in the globalelectronic health records market in 2020. The higher penetration of the hospitals, higher volume of patient admissions in hospitals, and the growing government investments in the digitization of the hospitals are the most prominent factors that has driven the growth of the hospitals segment in the electronic health records market.
- North America constituted a revenue share of around 46% and dominated the globalelectronic health records market in 2020. There is a higher adoption rate of advanced technologies in the healthcare sector of North America. Furthermore, the increased government initiatives to promote the adoption of the electronic health records to reduce healthcare costs and offer quick patient care services has spurred the demand for the electronic health records. The high prevalence of various chronic diseases and rapidly growing geriatric population in the region is resulting in the increased number of hospital admissions, thereby propelling the growth of the electronic health records market.
- Asia Pacific is estimated to be the most lucrative and the fastest-growing market during the forecast period. The major countries in the region such as China, Japan, India, and South Korea are witnessing a rapid growth in the investments in the digitization and adoption of latest technologies in the healthcare sector. The growing investments in the development of smart hospitals is expected to foster the electronic health records market growth in the upcoming years in Asia Pacific.
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Future of Electronic Health Records Market
With the proliferation of digital technologies, the adoption of it in the healthcare sector is gaining a rapid traction. Furthermore, the integration of novel technologies such as artificial intelligence, cloud computing, internet, augmented realty, and virtual reality with the telehealth platforms is expected to offer numerous growth opportunities to the market players operating in the globalelectronic health records market.
COVID-19 Impact Analysis:
- The number of hospital admissions spiked suddenly owing to the rapid spread of the COVID-19 disease. This surged the demand for the electronic health records across the healthcare units all over the globe.
- The adoption of the digital technologies like telehealth gained rapid traction during the pandemic which boosted the market growth.
- The need for controlling healthcare costs and offer effective treatment quickly surged during the pandemic, which significantly supported the growth of the electronic health records market.
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Key Developments in the Marketplace:
- In October 2019, Meditech merged with Google to offer electronic health records data using the Google Cloud.
Market Segmentation
By Type
- Acute
- Post-Acute
- Ambulatory
By Product
- Web Server Based
- Client Server Based
By End User
- Hospitals
- Ambulatory Services
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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