The electronic health records market comprises software and systems that maintain digital medical records of patients. Electronic health records help digitally capture, store, share, and analyze patient health information, like vital signs, diagnoses, treatments, immunization dates, allergic reactions, and lab results. This facilitates clinical workflows and improved decision making.

The Global Electronic Health Records Market is estimated to be valued at US$ 30.72 Bn in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the electronic health records are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. These major players are focusing on partnerships, product innovation, and global expansion to strengthen their presence in the market.

The demand for electronic health records is growing owing to the need for data analytics and management, favorable government policies for digitization of healthcare, and rising healthcare expenditure worldwide. The shift towards value-based care models is also propelling the adoption of electronic health records across care settings.

Globally, North America dominated the Electronic Health Records Market Size in 2024. However, Asia Pacific is expected to witness the highest growth over the forecast period owing to improving healthcare infrastructure and increasing investments by governments in the region to develop digital healthcare frameworks.

Market Key Trends

One of the major trends in the electronic health records market is the integration of AI and machine learning capabilities. Vendors are embedding AI functionalities in their solutions to enable predictive analytics, clinical decision support, and personalized care based on patient health data. This is allowing the extraction of meaningful insights to improve outcomes.

Another key trend is the transition towards cloud-based electronic health record systems. The cloud-based deployment model offers scalability, easier integration, and lower infrastructure costs compared to on-premise models. This has boosted the adoption of software-as-a-service-based electronic health record solutions.

Porter’s Analysis

Threat of new entrants: Significant cost of entry and regulation compliance requirements form barriers.

Bargaining power of buyers: Large healthcare providers can negotiate favorable rates.

Bargaining power of suppliers: Major EHR vendors hold significant influence over specific functionalities and pricing.

Threat of new substitutes: Alternate platforms like cloud-based services pose competition.

Competitive rivalry: Dominant players differentiate through additional services and interoperability.

Geographical Regions

North America currently holds the largest share of the electronic health records market, both in terms of value and volume. This is attributed to factors such as stringent applicable regulations, heavy investments by hospitals and physicians towards adoption of EHRs, and presence of major market players.

The Asia Pacific region is expected to witness the fastest growth during the forecast period driven by initiatives from respective governments towards digitization of healthcare services along with improving healthcare infrastructure and growing medical tourism across countries like India and Singapore.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)