The global Electronic Health Records Market size is expected to reach USD 35.1 billion by 2028, registering a CAGR of 3.7% over the forecast period, according to a new report by Grand View Research, Inc. The web-based EHRs are anticipated to witness the fastest growth over the forecast period. These systems are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation. Electronic Health Records (EHR) vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop Covid-19 dashboards in detail.
The introduction of electronic health records for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. These systems also minimize the risk of errors in patient data as well as financial details. As per an independent study at the University of Michigan, the cost of outpatient care reduced by 3.0% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month. In addition, M&A activities by key companies are also boosting the market growth.
For instance, in February 2021, Evident, LLC, a subsidiary of CPSI announced that Texas-based Curahealth Hospitals and Cobalt Rehabilitation, have selected the Evident EHR along with the collection services TruBridge, for three new rehabilitation facilities located in Denver, Colorado; West Houston, Texas; and San Antonio, Texas. Key players are investing in new product launches and collaborations for sustaining in the market. For instance, in August 2020, Cerner Corp. collaborated with Amazon to integrate its EHR solutions with the latter’s wearables, such as Amazon Halo. This would provide greater interoperability to its customers and strengthen its service portfolio.
Related Press Release @ Electronic Health Records Market Report
Electronic Health Records Market Report Highlights
- The web-based product segment dominated the global market in 2020 and is projected to expand further at a steady CAGR from 2021 to 2028 due to the high usage of these systems by physicians
- North America held the highest revenue share in 2020 due to the presence of well-established healthcare infrastructure and favorable government initiatives regarding population health management
- The industry participants are focusing on product launches, partnerships, collaborations, mergers, and acquisitions to sustain the competition
- The ambulatory care segment, which includes physician clinics, laboratories, and pharmacies, is expected to exhibit the fastest CAGR over the forecast period owing to the increasing number of ambulatory care centers globally
- The acute type segment held the maximum market share of over 47% in 2020 due to the government initiatives promoting the usage of EHRs
- Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 owing to the developing healthcare infrastructure in countries, such as Indonesia, China, and India