Electronic Health Record Market size to exceed $236.5Bn by 2032
Published Date: April 2023
Electronic Health Record Market size is projected to reach over USD 236.5 billion by 2032, as per a new research report announced by Global Market Insights Inc.
Rising healthcare costs particularly in developing nations in the Asia-Pacific region is expected to accelerate the deployment of electronic health record systems and solutions. Countries like India, China and South Korea are making robust investments to improve healthcare infrastructure and services. With the use of EHR systems, healthcare providers can reduce human errors and overall costs. Rising investments in healthcare infrastructure and expansive development in the healthcare information technology sector will shape the EHR market outlook.
Lack of skilled professionals in developing countries
A significant obstacle to the expansion of the electronic health records market is the lack of qualified and skilled professionals in the healthcare information technology (IT) sector. The healthcare IT domain has experienced a labor shortage in recent years for operating electronic systems. Likewise, there is a rising deficit of laborers in non-industrial nations including India and China. As a result, the growth of the electronic health record market may be significantly hampered by the aforementioned factors.
Browse key industry insights spread across 160 pages with 283 market data tables & 17 figures & charts from the report, “Electronic Health Record (EHR) Market Size By Product (Web/Cloud Based EHR Software, On-premises EHR Software), By Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), By End-use (Hospitals, Specialty Centers, Clinics, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/electronic-health-record-market
Rising adoption of on-premise EHR software
Electronic health records market from on-premise EHR software segment to garner USD 72 billion by 2032. In terms of data security and protection, on-premise EHR software is considered a safe option for healthcare organizations. The software can be integrated with other systems such as billing systems and practice management systems, making it easier for healthcare providers to manage their operations. However, an initial investment in hardware, software, and IT staff is required to maintain this system.
Simplification of patient data transfer through referral management
Electronic health record market from the referral management segment is set to depict 14.3% CAGR by 2032. Referral management enables healthcare providers to manage patient referrals to specialists and other healthcare providers. Referral management systems simplify the process of transferring patients' data from one hospital to another. Furthermore, it aids in attesting referral information, seamless management of patient data, and e-message across practices to physicians.
Growing use of EHR across specialty centers
Specialty centers segment is expected to hit USD 34.6 billion 2032. Specialty centers can better meet the needs of the industry and have faster, more accurate access to information using EHRs. The adoption rate of electronic health records will rise as a result of benefits like effective patient communication, improved diagnosis and treatment, improved data management, and reductions in fraud, among other things.
Rapid adoption of digital and electronic solutions across Asia Pacific
Asia Pacific electronic health record market is estimated to exhibit over 16.5% CAGR by 2032. The rapid adoption of digital & electronic solutions in the healthcare sector will shape the regional marke landscape. Furthermore, high spending on healthcare IT and a rapid increase in internet penetration should facilitate the adoption of EHR across emerging economies in the region.
New business expansion activities by leading EHR system providers
Some of the leading companies in the electronic health record market include Allscripts Healthcare Solutions Inc., Oracle Corporation (Cerner), CureMD Healthcare, eClinicalWorks, Epic Systems Corporation, General Electric Company (GE Healthcare), Greenway Health LLC., Medical Information Technology (MEDITECH), Neusoft Corporation, Modernizing Medicine, NextGen Healthcare, Inc., and Cantata Health Solutions.
