Report Description of the US Electronic Health Records Market Analysis
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 US Electronic Health Records Market Analysis
- 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 US Electronic Health Records Market Analysis
- 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
US Electronic Health Records Market Analysis Executive Summary
EHRs are patient-centered and real-time digital records that make patient data available instantly and securely to authorized healthcare professionals. The record comprises information regarding patient’s medical history, medications, allergies, treatment plans, diagnoses, immunization dates, radiology images, and laboratory test results. The factors such as the increasing adoption of EHRs, rising incentives by federal government, and growing incidences of medication errors drive the growth of the electronic health record (EHR) market.
Market Size and Key Findings
The US Electronic Health Records Market Analysis size stood at around USD 12.12 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 6% during the forecast period.
The U.S. electronic health record market by revenue is expected to grow at a CAGR of close to 6% during the period 2020-2028. The U.S. EHR market is expected to be driven by the increasing prevalence of chronic disorders and the outbreak of pandemics.
Market Growth Drivers Analysis
EHRs offer a range of advantages to healthcare providers and patients, which ultimately increases productivity and patient satisfaction. The increasing adoption of software solutions such as data mining, clinical decision support system, and clinical trial management systems will propel the demand for EHR systems. A growing number of medical professionals opt for technologically advanced data management systems to save time and resources.
About 6 in 10 adults in the US have a chronic disease, according to the National Center for Chronic Disease Prevention and Health Promotion 2019. An increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, pandemic such as COVID-19, high awareness regarding the benefits of electronic health records are likely to fuel the growth of the market in the US.
Despite the increasing usage of EHR in clinical, as well as administrative applications, there are certain factors that are limiting the adoption of these devices. One of the major factors restraining the growth of the market is high cost associated with the implementation and maintenance of EHR. Economies are facing difficulties in the adoption of electronic health records pertaining to its high price. Also dearth of health care IT support, and safety & Security is another important factor restricting the market growth.
COVID-19 impact on “US Electronic Health Records Market Analysis”
COVID-19 has a moderately beneficial impact on healthcare systems’ acceptance of EHR. The electronic health record is also utilized to help clinical research activities by allowing researchers to share and access precise clinical data that has aided them in COVID-19 trend analysis and drug development. This has also aided in the management of large patient databases in hospitals with integrated EHR systems. Furthermore, industry sources are assisting the government with pandemic preparedness.
The electronic health record (EHR) giant Epic continued to amass a greater share of the US hospital market in 2019. The presence of major companies, continuous progress in healthcare settings, and the expansion of healthcare IT infrastructure drive the U.S. electronic health records market. The electronic healthcare record market is in a growth stage, and it has achieved popularity and high penetration in developed countries such as the US. Allscripts, Cerner, E-clinical Works, and EPIC are the major vendors in the US market.
Products in Pipeline
Since the past few years, in many countries, the adoption of electronic medical record is upsurging at a fast pace. It is occurring because of the realization of the masses that to gain top-quality care at lower costs, implementation of a robust health information technology (HIT) is extremely vital. EHR is used extensively in clinical applications, such as decision supports, results management, order entry and support, and health information and data. It is also used in healthcare financing, as well as administrative applications. However, deployment of EHR involves a lot of money spending. It may hinder the electronic health records market growth during the forthcoming period.
Notable Recent Deals
- October 2019: Northwell Health and Allscripts announced signed an agreement to develop the next-generation EHR that would be AI-based, voice-enabled, and cloud-based.
- September 2015: Meditab Software, Inc. joined hands with CoverMyMeds to broaden its unique range of EHR solutions. It would also aid the companies in integrating electronic prior authorization (ePA) feature to the e-prescribing workflow of all the users of the intelligent medical software (IMS) platform.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
In 2009, the US government granted $1.2 billion to help hospitals and health care providers to establish and use electronic health records. These funds are basically aimed at helping physicians and hospitals to adopt electronic medical records and at building an exchange to move health information among various healthcare agencies. Moreover, the US government is consistently focusing on improving patient engagement. The financial incentives by the government are driving the electronic healthcare record market during the forecast period. The government is offering incentives to physicians, hospitals, and other healthcare facilities for the meaningful use of certified electronics in the US. Further, technological advancements, governmental and private organizations’ initiatives to ensure EHR implementation across health care settings in North America is another factor that is expected to drive the electronic health records market during the forecast period.