The global Electronic Health Records Market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electronic health records are digital versions of paper-based patient health records. They contain patients’ medical and treatment histories in a structured format that can be shared across different healthcare settings. EHRs are real-time, patient-centered records that make information available instantly and securely to authorized users. They automate workflows, decreasing time spent on paperwork.
Market key trends:
Cloud-based EHRs are gaining popularity as they provide improved access to records from any location for both patients and providers. Cloud EHRs eliminate the need for large upfront investments in hardware and IT services, reducing costs. They also automate software updates, removing the burden of manual upgrades from healthcare organizations. Cloud solutions offer scalability to handle growth without requiring new hardware purchases. This has made cloud EHRs the fastest growing segment within the overall electronic health records market.
Here is the Segment Analysis and Key Takeaways for the given Electronic Health Records Market Analysis
Segment Analysis
The global electronic health records market is dominated by the general EHR segment. General EHR manages all the medical records of a patient electronically, including medical history, treatments, diagnoses, medications, lab results, immunization dates, allergies, radiology images, and other important medical documents. It provides authorized healthcare professionals with access to complete, accurate, and up-to-date patient medical data from any location. This enhances the quality of care. General EHR systems are widely adopted as they offer a centralized data repository covering all aspects of patient care.
Key Takeaways
The global electronic health records market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period, due to increasing government initiatives towards digitization of healthcare coupled with rising adoption of EHR systems among healthcare facilities and physicians.
Regional analysis: North America dominates the global electronic health records market owing to rapid technological advancements, extensive investments in EHR infrastructure, and favorable government policies and incentives in the region. The Asia Pacific electronic health records market is anticipated to grow at the highest rate during the forecast period due to growing healthcare expenditure, expanding private healthcare sector, and increasing medical tourism in countries such as China and India.
Key players: Key players operating in the electronic health records market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. Cerner Corporation is the global market leader due to its vast clientele comprising over 2,200 hospitals and over 23,000 ambulatory facilities across 30 countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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