The global electronic health records market size is expected to reach USD 42.47 billion by 2028 according to a new study by Polaris Market Research. The report “Electronic Health Records Market Share, Size, Trends, Industry Analysis Report, By Product (Client Server-Based EHR, Web-Based EHR), By Type (Acute, Ambulatory, Post-Acute), By End-Use (Hospital, Ambulatory [Physician’s Clinic, Laboratories, Pharmacy]); By Regions; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Electronic health records are the digital copies of paper charts in clinics, physician offices, and hospitals. It contains medical data collected by and for the physicians in the clinics, physician offices, and hospitals for the treatment and diagnosis. These health records are more valuable than paper because it enables providers to track their data over a period of time, identification of patients for preventing visits and virtual screenings, and monitor patients with improved healthcare quality. Electronic health records also provide information among healthcare providers, such as labs and specialists in the real-time scenario.
During the COVID-19 era, efforts being made to deliver patient care and research were accelerated. Researchers collect data for studies and physicians provide patient care through telehealth and remote-controlled engagement tools. The trend towards higher visualization is likely to continue even after pandemic and will heighten infrastructural changes to fruitfully use IT innovations for continued connected healthcare.
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The electronic medical records market is bound to register lucrative growth across the globe, particularly in developed regions. Developed countries in North America and Europe have evolved into comprehensive electronic health records with a rapidly transforming medical information technology landscape. Government and medical facilities strongly focus on population medical management, patient engagement, and connected care, with the aim to reduce the overall economic burden on the medical system.
Medical data privacy, lack of standardized format, medical providers’ cultural mindset of not accepting change, and heavy reliance on legacy systems, are restraining the market growth. However, a strong focus on interoperability, favorable policies constraining legal barriers for cross-border medical tourism, and the establishment of medical information exchange systems will boost the adoption of electronic health records creating opportunities for the vendors in the marketplace.
A survey carried out in 2019, by the Kaiser Family Foundation, the U.S. based non-for-profit organization supporting medical advocacy found that more than 45 percent of the U.S. citizens thought electronic health records have enabled quality of medical services. Moreover, survey by the Stanford University found that around 59 percent of the systems need complete makeover.
Market participants such as Cerner Corp., eClinicalWorks, Allscripts Healthcare, LLC, Epic Systems Corp., CureMD Healthcare, McKesson Corporation, NextGen Healthcare, Inc., Medical Information Technology, Inc., AdvancedMD, Inc., DXC Technology Company, and Greenway Health, LLC, are some of the key players operating in the global market.
Vendors in the marketplace are focusing on unmet market opportunities such as the shift of medical systems towards population medical management, built in device connectivity, its user-friendliness, and integrated connected medical technology.
Polaris Market Research has segmented the electronic health records market report on the basis of product, type, end-use, and region:
Electronic Health Records, Product Outlook (Revenue - USD Million, 2016 - 2028)
Electronic Health Records, Type Outlook (Revenue - USD Million, 2016 - 2028)
Electronic Health Records, End-Use Outlook (Revenue - USD Million, 2016 - 2028)
Electronic Health Records, Regional Outlook (Revenue - USD Million, 2016 - 2028)