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Electronic Health Record (EHR) Market Size By Product (Web/Cloud-based EHR Software, On-premise EHR Software), By Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), By End-use (Hospitals, Ambulatory Surgical Centres, Specialty Centers, Clinics), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

  • Report ID: GMI3130
  • Base Year: 2020
  • Report Format: PDF

Industry trends

Electronic Health Record Market size was valued at over USD 29.5 billion in 2020 and is expected to grow at a CAGR of more than 6.4% between 2021 and 2027. Electronic health record or EHR system is mainly being used for structured aggregation of patient medical data electronically and is stored in a digital format. EHR systems help in increasing the accessibility to patient data and thereby enhances the overall productivity and efficiency of patient care. With numerous features, applications and interoperability of electronic health records in multiple healthcare settings, its adoption is foreseen to grow in future.  
 

Electronic Health Record (EHR) Market Overview

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The market growth is attributed to the high acceptance of advanced technologies to cater to growing customer needs. Speech-recognition software with natural language processing improves interaction of medical professionals with EHR. It enables more patient engagement with reduced time of professionals in paperwork. Moreover, integration of artificial intelligence (AI) to predict EHR-based clinical outcomes has assisted in influencing patient experience with improved care delivery. In addition to these advancements, supportive government initiatives and funding in the field will stimulate the market expansion.
 

Initiatives to expand foothold in digital health technologies will impel the EHR market progression

Electronic health record has offered efficient tool for population health and data management during coronavirus outbreak. Community, as well as individual electronic health record by healthcare organizations, has supported government efforts in collection and analysis of COVID-19 population data. With increasing initiatives to adopt digital platforms for pandemic management as well as continued use of digital technologies in future, the industry will witness substantial growth.
 

Along with higher adoption, leading industry providers are also focusing on developing their existing platforms to help government organizations in management of vaccination programme.
 

Higher affordability of web/cloud based EHR software in comparison to on-premise EHR software will offer a competitive advantage

Electronic Health Record (EHR) Market Size 

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Web/cloud based EHR segment dominated more than 52% of the market share in 2020. Web/cloud based EHR software runs on web platform that avoids the additional hardware and software installation, and eases implementation in small clinical practices. It helps practitioners to prevent interruption in cash flow with faster installation as compared to client server systems.
 

Web/cloud-based software offers cost-benefit as it avoids additional expenses including licensing fees, frequent updates and maintenance cost of hardware. Additionally, it minimizes requirement of IT resources as installation, configuration, testing, running and upgradation of software is assisted by SaaS providers. Thus, along with developments, cost-effectiveness of cloud based EHR systems in small healthcare organizations will propel the segment growth.
 

Improved workflow contributing to better operational productivity will increase usage of practice management

Practice management application in the EHR market accounted for more than USD 7.5 billion in 2020. Electronic health record offers simplified solution for practice management to sustain continuity in operations and facility workflow.
 

EHR has ability to store and process extensive patient health data that helps clinicians in automation of financial as well as operational processes with quick and easy accessibility. Therefore, integrated EHR and practice management software navigate all activities easing the work of frontline healthcare providers and will thereby spur the segment revenue during the forecast timeframe.
 

Presence of several players in outpatient EHR and associated benefits will increase adoption rate in ambulatory surgical centres

Ambulatory surgical centres segment is projected to expand at 7.1% growth rate by 2027. Increasing preference for digital technologies by ambulatory surgical centers to effectively manage workflow will fuel the acceptance of EHR in these facilities. These are outpatient centers providing same day surgical care with scheduled operations.
 

Electronic health record effectively manages patient data to help practitioners in planning and management of these procedures. Accessibility to all patient health data on single platform has improved decision-making capabilities of professionals and enhanced their quality of care delivery. Also, there are numerous established players offering ambulatory EHR including Cerner Corporation, Epic Systems and Meditech among others. Moreover, better advantage in terms of lesser complexity of ambulatory EHR will foster the segment expansion.
 

Favourable policies and robust spending on digital health technologies in the U.S. will drive North America market revenue

North America electronic health record market captured over 48% of the market share in 2020 due to favourable government initiatives and deployment of supportive plans. Establishment of ‘Promoting Interoperability Programs’ by the Centers for Medicare & Medicaid Services in the U.S. is focused to encourage hospitals and professionals to adopt certified electronic health record technology.
 

Launch of advanced software integrated with latest technologies by industry players boosts product usage in the region. Strong focus of government, as well as non-government organizations on development of highly sustainable healthcare ecosystem in the region, will further stimulate the market demand.
 

Product launch and increasing of product reach are the key strategies being adopted by eminent players to expand their clientele

Major companies operating in the market are Cerner Corporation, Allscripts, Epic, and Meditech among others. These competitors are adopting various business growth strategies to strengthen their market footprint.
 

Some of the recent industry developments:

  • In December 2020, CompuGroup Medical acquired eMDs, a provider of EHR. The acquisition aimed at expanding and reinforcing the firm’s presence in the ambulatory segment in the U.S. as well as fortifying its portfolio.
     
  • In July 2020, Cerner Corporation introduced a cloud-based EHR system. The launch is aimed at assisting rural and critical access hospitals through availability of cost-effectove EHR systems, thereby augmenting their client base.
     

The electronic health record (EHR) market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:

Market, By Product

  • Web/ Cloud based EHR software
  • On-premise EHR software

Market, By Application

  • E-prescription
  • Practice management
  • Referral management
  • Patient management
  • Population health management
  • Others

Market, By End-use

  • Hospitals
  • Specialty centers
  • Clinics
  • Ambulatory surgical centers
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa

       
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Electronic health record market was valued at over USD 29.5 billion in 2020.

Research analysts predict that global electronic health record (EHR) market will reach USD 46 billion by the end of 2027, growing at a CAGR of 6.4% between 2021 and 2027.

Web/cloud based EHR segment held over 52% market share in 2020 as it avoids additional hardware and software installation, and eases implementation in small clinical practices.

Practice management application had recorded a valuation of over USD 7.5 billion in 2020 as EHR offers a simplified solution for practice management to sustain continuity in operations and facility workflow.

North America electronic health record market had accounted for over 48% of revenue share in 2020 on account of supportive government initiatives and deployment of favorable plans.

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Premium Report Details

  • Published Date: May 2021
  • Companies covered: 14
  • Tables & Figures: 184
  • Countries covered: 16
  • Pages: 160

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