Electronic Health Records Market is Expected to Reach $63.8 Billion by 2030

According to a new report published by Allied Market Research, titled, “Electronic Health Records Market by Product, Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030", The global electronic health records market size was valued at $30,550.3 million in 2020, and is projected to reach $63,848.6 million by 2030, registering a CAGR of 7.7% from 2021 to 2030.

Electronic health record is used to provide clinical information such as health information & data, results management, order entry & support, and decision supports. The main objective of the electronic health records (EHRs) in the healthcare system is to manage the information that health personnel require to do their work efficiently and effectively. The EHRs are used to store and maintain important data of clinical information of patients, administrative data management, patient report analysis, and clinical studies. In addition, EHRs software are used for the medical billing procedures.

Factors that drive the growth of the electronic health records market include the rise in number of hospitals, increase in prevalence of chronic & infectious disease, and geriatric population. For instance, in 2019,according to the “Age UK” report, around 12 million people aged 65 and above in the UK. Furthermore, increase in adoption of EHRs for data storage and management of patients contribute in the growth of the EHR market. 

The electronic health records market is segmented on the basis of product, type, application, end user, and region.  By product, the market is divided into on-premise software and cloud-based software. The on-premise software segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the developments of on-premise software and advancement in technology in healthcare sector.

By type, the market is divided into inpatient EHR and ambulatory EHR. The inpatient EHR segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in chronic diseases and rise in awareness among healthcare about the advantages of EHRs .

On the basis of application, the EHR market is categorized into clinical application, administrative application, reporting in healthcare system, healthcare financing, and clinical research application. The clinical application segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the increase in geriatric population, rise in number of clinical trial, and advancement in R&D activities in healthcare sectors.

By end user, the EHR market is segmented into hospitals, clinics, specialty centers, and others. The hospitals segment dominated the market in 2020, and this trend is expected to continue during the forecast period due to increase in number of hospitals, development of healthcare infrastructure, and initiatives taken by government of various region to develop advanced software in hospitals.

Region wise, North America accounted for a majority of the global EHRs market share in 2020, and is anticipated to remain dominant during the forecast period due to presence of well-established healthcare infrastructures and key EHR service provider. Asia-Pacific is anticipated to witness lucrative growth, owing to demand for advanced healthcare facilities and increase in healthcare expenditures by patients.

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the electronic health records market.  Most of the hospitals are shut down due to COVID-19 and the ongoing lockdowns. The COVID-19 virus has serious and life-threatening impact on critically ill patients. However, EHRs are employed in data storage and management for COVID-19 vaccination, which contributes in the market growth.`

Key Findings Of Study 

• On the basis of product, the on-premise software segment was the highest contributor to the electronic health records market in 2020.
• On the basis of type, the inpatient EHR segment was the highest contributor to the electronic health records market in 2020.
• By application, the clinical application segment was the highest contributor to the market in 2020
• Depending on end user, hospital segment dominated the market in 2020.
• Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.