Electronic Health Records: Propelling the Future of Digital Health
Roots Analysis
Market research & consulting services in the pharma / biopharma, medical devices & contract manufacturing domains
Electronic Health Records (EHRs) are real-time comprehensive digital versions of patients' paper charts, encompassing a range of data, such as medical history, diagnosis, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory test results. EHRs have become integral to modern healthcare due to their ability to improve the quality of care, enhance patient safety and facilitate efficient healthcare delivery.?
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EHR offers healthcare providers with immediate access to patient information and enhances care coordination, especially in complex cases requiring multi-disciplinary collaborations. They also play a crucial role in reducing medical errors, streamlining the administrative processes, and ensuring compliance with regulatory requirements. Additionally, it supports population health management and facilitates medical research by providing large datasets for analyses. Over the years, the adoption of EHR systems has observed a significant surge, with a notable portion of healthcare facilities integrating these systems into their operations, globally.? It is worth mentioning that nearly 75% of hospitals in the US presently utilize different forms of EHR systems, reflecting a broader trend towards digitalization in this sector.? This trend is supported by the rising prevalence of chronic diseases as well, which demands more efficient and effective patient management systems. The advancements in EHR technology, such as the incorporation of artificial intelligence and machine learning, and the growing demand for telehealth services, have driven the substantial growth of EHR market over the years. The market is also benefiting from the increased focus on patient-centered care and the need for integrated healthcare solutions. Further, the investments from both public and private sectors are fostering the development of more user-friendly interfaces and the integration of advanced features, such as predictive analytics and personalized patient engagement solutions.?
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Electronic Health Records Market
According to Roots Analysis, the Electronic Health Records Market is estimated to be USD 36 billion in 2024 and is anticipated to grow at a CAGR of 8.89% till 2035. In terms of type of EHR system, cloud-based EHR system is expected to capture the majority share in the EHR market by 2035. Additionally, in terms of therapeutic area, cardiological disorders currently hold the largest share (27%) of the market. Further, amongst end-users, the market for hospitals and clinics is anticipated to represent the highest share of the EHR market.
Electronic Health Records Market Landscape
The current market landscape seems to be well-fragmented, featuring the presence of both new entrants and established players. Stakeholders in this domain offer various types of EHRs and EHR systems, across different applications, including administrative task and billing, clinical records, physician support and others. The majority of the EHR system providers offer web-based EHR systems, owing to their superior scalability, cost-effectiveness and ease of access. This is followed by client-based EHR systems. It is interesting to highlight that in order to meet the increasing demand for electronic health records, the companies in the EHR market have undertaken several initiatives, such as entering into strategic collaborations, and expanding their existing capabilities / product portfolios.
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Global Electronic Health Records Market Size Analysis: Web-based EHR Systems to Drive Market Growth
The global market opportunity for electronic health record service providers is estimated to be worth USD 36 billion in 2024, driven by the upsurged need for enhanced patient care management. In terms of type of EHR system, the market for web-based system is anticipated to capture the largest market share, during the forecast period, 2024-2035. The market growth is primarily fueled by their applicability in seamless updates, maintenance and support in remote access to patient data, making them more adaptable to the dynamic needs of modern healthcare practices.
Regional Analysis: North America Emerges as the Hub of EHR Market; Asia-Pacific to be the Fastest Growing Market
Currently, North America captures around 43% of the electronic health records market share. Considering the advanced healthcare infrastructure, robust adoption of digital health technologies, and strong regulatory support for EHR implementation, North America is expected to dominate the overall market during the forecast period. It is worth highlighting that the market in Asia-Pacific is likely to grow at a higher rate owing to the lower costs, cheap and skilled labor and supportive regulatory landscapes in the region.
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Examples of key electronic health records service providers involved in the EHR industry include AdvancedMD, AthenaHealth, Bizmatics, CareCloud, ChipSoft, CompuGroup Medical, CureMD, DrChrono, eClinicalWorks, Epic Systems, Greenway Health, InterSystems, Kareo, MEDITECH, Microwize Technology, Netsmart, NextGen Healthcare, Oracle, Philips, Practice Fusion, PracticeSuite, Rxnt, Trubridge, Veradigm and WRS Health. This market report includes an easily searchable excel databases for all the companies offering electronic health record services, across various applications.
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The Electronic Health Records Market report features an extensive study of the current market landscape, company competitiveness, market size and future opportunities for electronic health records, during the given forecast period. Further, the report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the pharmaceutical industry. The report answers many key questions related to this market. Click on the below link to know more about this emerging area of research https://www.rootsanalysis.com/reports/electronic-health-records-market.html
About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.