Electronic Health Record Market
Electronic Health Record Market Study by EHR Software and Services for Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Diagnostic Labs from 2024 to 2034
Analysis of Electronic Health Record Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electronic Health Record Market Outlook (2024 to 2034)
With the bulk of revenue coming from EHR software sales, the global electronic health record (EHR) market is anticipated to increase from US$ 7.4 billion for 2024 US$ 11.3 billion by 2034. Fact.MR has projected the market to expand steadily at a CAGR of 4.3% between 2024 and 2034.
An electronic health record (EHR) is an online version of a patient’s medical history, which helps to track real-time records instantly and securely. Rapid digitization in the healthcare sector with regard to workflow optimization and patient care is leading to increasing demand for health information systems. Governments across the globe are investing heavily to improve and expand their healthcare facilities and technologies, which is further contributing to the overall electronic health record market growth.
Web-based electronic health record (EHRs) systems are set to gain traction during the next 10 years. Their convenience to use in small labs, pharmacies, and clinics is driving their sales growth. These web-based electronic health record (EHRs) systems require less hardware foot which aid in cost reduction.
EHR exhibited high demand during the COVID-19 pandemic period, as no physical contact rule was executed across the globe to reduce the spread of disease. This practice gained popularity and is still expected to be in demand for long run. Furthermore, the use of EHR for medical coding and billing is easing the data storing procedure in computer systems. It is also a sustainable move better that paper counterparts. These electronic medical record technologies are also helping in reducing errors regarding patient’s information.
- The North American electronic health record market size is forecasted to reach US$ 2.7 billion by 2034.
- East Asia is estimated to hold 22.4% of the global electronic health record market share in 2024.
| Report Attributes | Details |
|---|---|
| Electronic Health Record Market Size (2024E) | US$ 7.4 Billion |
| Forecasted Market Value (2034F) | US$ 11.3 Billion |
| Global Market Growth Rate (2024 to 2034) | 4.3% CAGR |
| South Korea Market Value (2024E) | US$ 400 Million |
| EHR Service Demand Growth (2024 to 2034) | 6.5% CAGR |
| Key Companies Profiled |
|
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Which Market Dynamics are Pushing Sales of EHR Systems?
“Rising Demand for Centralizing and Streamlining Healthcare Workflow Driving Adoption of Medical Record Software”
New product launches, differentiations, partnerships, expansion, and acquisitions are positively influencing the growth of the EHR market. Furthermore, there is an increasing demand for electronic medical record technologies due to growing digitalization in the healthcare sector across the globe.
The rising need for unifying and keeping data up to date of healthcare administration is driving the adoption of electronic medical records. The concentration of health information management is basically driven by a value-based design that focuses on regularly updating operations, standardization, cost-effectiveness, and improving the quality of care for patients.
“Cooperation between Service Providers and Governments”
An increasing number of mergers and acquisitions by industry leaders are set to boost sales of EHR systems.
- January 2021, Allscripts Healthcare Solutions revealed its strategic move by partnering with the United States Orthopedic Alliance (USOA). This move was focused on introducing effective and improved infrastructure to aid orthopedic practices, improving electronic health records implementation timelines, and offering evidence-based guidelines to support expanding clinical code of practice.
Several initiatives by respective governments worldwide to encourage healthcare IT usage is the key electronic health record market trend.
- In Australia ‘My Health Record’ is a national digital health record platform. By the proper use of this app by the Australian citizens, all healthcare providers in the country are able to contribute to and use healthcare information available on the platform.
“Emergence of Advanced Technologies Leading to Development of EHR Systems with Innovative Features”
Integration of technologically advanced healthcare services is also expected to drive the sales electronic health record management systems during the next 10 years. Introduction of cloud-based technologies, artificial intelligence (AI), and machine learning (ML) into EHR is resulting in faster diagnosis capabilities. Healthcare care providers are able to analyse vast datasets in minutes and ease their work flow effectively.
What’s Hindering Widespread Adoption of Electronic Health Record Systems?
“High Installation and Maintenance Costs of Advanced EHR Systems”
High cost of cutting edge electronic health record systems are acting as a deterrent among some budget constraint end users such as small labs and physician groups. Also, in some regions with low investments on healthcare facilities is set to hamper the adoption of smart health record systems.
- According to OSPLABS report, the average electronic health record implementation cost for multi-physician practice can go up to US$ 162,000, whereas the maintenance cost for 1 year can be US$ 85,000.
Cost may however vary depending on the EHR type, the use, and location. However, high price of installation is primarily hampering EHR adoption rates.
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What Strategic Approaches Should New Companies Take in This Market?
“Focus of Production Differentiation and Competitive Pricing”
Entry in the electronic health record industry can be challenging due to the presence of strong market leaders and strict product approval regulations. But implementation of effective strategies can help new companies to achieve a competitive edge.
The most effective to way to run along key market players in the product differentiation, new companies should invest in research and development initiatives to enhance their product or system. Offering cutting-edge features would help start-ups to attract a wider consumer base. New companies should also focus on competitive pricing tactics. Offering flexible pricing models that meet needs of budget constraint healthcare organizations can aid to attract more users.
Country-wise Analysis
What’s Driving Adoption of Electronic Health Record Systems?
“EHRs Major Role in Reducing Administrative and Regulatory Burden”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 800 Million |
| Growth Rate (2024 to 2034) | 4.7% CAGR |
| Projected Value (2034F) | US$ 1.2 Billion |
Several initiatives adopted by the United States government to reduce administrative and regulatory burden are set to drive the adoption of EHR systems by the healthcare providers.
- The introduction of Cures Act to improve the health of Americans is likely to boost the adoption of electronic health record systems.
Modernization of healthcare infrastructure and presence of key market players is further boosting the Unites States electronic health record market growth.
Which European Country Accounts for High Demand for EHR?
“Supportive Government Policies Related to Modernization of Healthcare Facilities in Germany”
Electronic health record technologies are gaining popularity in Germany. This can be attributed to the respective government efforts in advancing healthcare infrastructure of the country. The German government is actively focused on the digitalization of the healthcare system in the country.
The presence of the Digital Healthcare Act in Germany and the growing popularity of telematics in healthcare are set to boost the adoption of electronic healthcare record solutions during the coming decade.
How Can Electronic Health Record System Providers Strategize in Japan?
“Aging Population and Need for Effective Patient Monitoring Systems”
| Attribute | Japan |
|---|---|
| Market Value (2024E) | US$ 500 Million |
| Growth Rate (2024 to 2034) | 4.8% CAGR |
| Projected Value (2034F) | US$ 800 Million |
Japan is witnessing a surge in the geriatric population. This is contributing to high healthcare costs and lack of skilled healthcare professionals. To mitigate these issues Japan is focusing on the adoption of advanced healthcare management systems. Sales of EHR systems in Japan are increasing due to their prominent role in advancing the diagnosis and treatment process, clinical efficiency, and patient monitoring.
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Category-wise Analysis
Which Type of EHR Solution is Most Widely Needed?
“EHR Software Enhancing Workflow of Healthcare Facilities”
| Attribute | EHR Software |
|---|---|
| Segment Value (2024E) | US$ 5.2 Billion |
| Growth Rate (2024 to 2034) | 3.2% CAGR |
| Projected Value (2034F) | US$ 7.1 Billion |
Some of the major factors driving the demand for EHR software solutions are their work flow efficiency and optimization. Electronic health record software solutions help medicinal practitioners to streamline and improve the operational efficiency. Proper storage and real time access to patient’s medical chart helps doctors in effective decision-making. Modern EHR software solutions come with rich-features and built-in options such as patient portals and telemedicine capabilities, which are boosting their sales growth.
Who is the Prime End Users of Electronic Health Record Technologies?
“Work Flow Efficiency and Ease of Installation Driving Adoption of EHR Solutions in Hospitals”
| Attribute | Hospitals |
|---|---|
| Segment Value (2024E) | US$ 2.4 Billion |
| Growth Rate (2024 to 2034) | 2.9% CAGR |
| Projected Value (2034F) | US$ 3.2 Billion |
As per the analysis by Fact.MR, a market research and competitive intelligence provider, hospital segment is estimated to account for 32% of the global market share in 2024. Hospitals are leading users of electronic health record solutions due to high patient intake and medical practices carried out in the facility. Also, high flow of medical information and low cost of installation are driving the adoption of electronic health record technologies in hospitals.
EHRs are more cost effective and time saver compared to traditional paper-based practices. Thus, the ease of deployment of EHRs in hospitals is flourishing the overall market growth.
Competitive Landscape
Key players in the electronic health record industry are adopting several tactics to earn high revenues. Some of the approaches include global expansions, mergers, collaborations, and new product launches.
- In 2023, NextGen Healthcare collaborated with American Podiatric Medical Association. This move reveals that NextGen Office is the sole EHR platform to include blueprints developed with American Podiatric Medical Association.
Key Segments of EHR Market Research
-
By Solution :
- EHR Software
- Services
-
By Product :
- Client-server-based EHR
- Web-based EHR
-
By Type :
- Acute
- Ambulatory
- Post-acute
-
By End User :
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centers
- Diagnostic Labs
- Others
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By Business Model :
- Licensed Electronic Health Records Software
- Technology Resale
- Subscriptions
- Professional Services
- Others
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
How big is the electronic health record market in 2024?
The global electronic health record market is approximated at a value of US$ 7.4 billion in 2024.
How much is the forecasted value for the electronic health record market by 2034?
Sales of electronic health record systems are projected to reach US$ 11.3 billion by 2034.
At what rate are the sales of electronic health record solutions forecasted to rise?
Demand for electronic health record technologies is foreseen to rise at a CAGR of 4.3% from 2024 to 2034.
Which East Asian market is expected to increase at a healthy pace during the next 10 years?
The South Korea market is expected to register 5% CAGR through 2034.
Which type of electronic health record solution is predicted to gain traction?
Demand for EHR services is projected to rise at a CAGR of 6.5% during the study period.
Who are the top EHR solution providers?
Some of the market leaders include Cerner Corporation (Oracle), GE Healthcare, and Allscripts Healthcare LLC.
Electronic Health Record Market
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