Report Description of the Global Electronic Health Records Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Global Electronic Health Records Market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Global Electronic Health Records Market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Global Electronic Health Records Market Executive Summary
An electronic health record is a computerized replica of a patient’s paper chart (EHR). It incorporates medical data collected for treatment and diagnosis by and for physicians in clinics, physician offices, and hospitals. EHR systems aid in expanding patient data accessibility, hence improving the overall productivity and efficiency of patient care. Electronic health records also allow for real-time communication between healthcare professionals such as labs and experts.
Market Size and Key Findings
The Global Electronic Health Records Market size stood at around USD 26.8 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 3.7% during the forecast period.
The global electronic health records market size was valued at USD 26.8 billion in 2020 and it is expected to witness a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028.
Market Dynamics
Market Growth Drivers Analysis
Government initiatives to encourage healthcare IT usage is the key driver of this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction of technologically advanced healthcare services is also expected to drive market growth.
Market Restraints
In 2020, key market players reported a decline in revenue due to delays in software and services implementation. Moreover, client attrition and low patient volume during pandemics affected the EHR market significantly.
COVID-19 impact on “Global Electronic Health Records Market”
The Covid-19 pandemic has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has adversely affected the revenues of major market players due to the decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Moreover, companies, such as Allscripts, experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient base.
Competitive Landscape
Key Players
The market leaders are involved in new product launches, collaborations, expansions, and acquisitions to sustain the competition. Established organizations, as well as small players, are investing in mergers & acquisitions to gain a competitive edge. For instance, in April 2021, Cerner Corp. acquired Kantar Health, for approximately USD 375 million. This acquisition combined Cerner’s collection of real-world data & technology and Kantar’s life sciences expertise and accelerated innovation in life sciences research and improved worldwide patient outcomes. In March 2020, CureMD Healthcare launched a practice continuity plan for providers, to treat their patients remotely during the pandemic. This would strengthen the company’s market position while helping businesses tackle Covid-19 through virtual care plans.
Products in Pipeline
New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization, which, in turn, is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive market growth. Centralization of health information management is driven by a value-based model, which aims at streamlining operations, standardizing processes, reducing costs, and improving the quality of care that results in patient satisfaction.
Notable Recent Deals
- The increasing number of mergers & acquisitions by market players is also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S Orthopedic Alliance (USOA). This partnership was aimed at introducing an efficient infrastructure designed to assist orthopedic practices scale with agility, improve electronic health records (EHR) implementation timelines, provide evidence-based guidelines to support evolving clinical protocols, and create community-wide connectivity with value-based care analytics.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
- Easing lockdowns and greater adoption of EHR in ambulatory departments will boost the market growth. India, with its large population base and government regulations favouring digitization, is expected to register a growth of over 6.0% in the coming years.
- Supportive government regulations focused on public health will help the established and emerging players to gain market share in the developing economies.
- Biden administration is looking to support the U.S. Department of Veterans Affairs and Cerner project with higher funding, for continued VA EHR modernization
