June 21, 2024

Electronic Health Records are Revolutionizing Healthcare Delivery Systems

The electronic health records (EHR) market is in trends by increasing adoption of digital healthcare services. EHRs are digital versions of paper-based medical charts that contain a patient’s medical history, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results among other critical information. EHRs help improve health outcomes by allowing quick and secure access to a patient’s medical records by authorized healthcare professionals and providing tools to support clinical decision making. EHRs reduce paperwork and enhance data sharing across healthcare facilities. The use of EHRs has the potential to boost care coordination, reduce medical errors and healthcare costs, increase administrative efficiencies and support public health surveillance and reporting.

The Global electronic health records (EHR) Market is estimated to be valued at US$ 29.06 Billion in 2024 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023 to 2030. Key players operating in the electronic health records (EHR) market are eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation.

Key Takeaways
Key players: eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation are some major players in the EHR market. eClinicalWorks and Cerner Corporation together hold over 40% market share.

Growing demand: Increasing focus on curbing healthcare costs, minimizing medical errors, and enhancing patient outcomes is driving greater demand for EHR systems globally. Government support and incentives are encouraging healthcare providers to adopt digital health records.

Global expansion: Leading EHR vendors are focusing on expanding their geographical footprint by entering emerging markets in the Middle East, Africa, Asia Pacific and Latin America regions through partnerships and acquisitions. Countries are launching national EHR programmes to modernize their healthcare delivery systems.

Market key trends
One of the key trends gaining traction in the electronic health records market is the shift towards cloud-based models. Healthcare institutions are increasingly adopting Software-as-a-Service based electronic medical record solutions due to advantages such as lower upfront costs, scalability, remote access capabilities and easier integration. The transition from on-premise models to cloud-based EHRs will continue to reshape the market dynamics over the forecast period.

Porter’s Analysis
Threat of new entrants: Low setup costs and requirements for EHR systems lower barriers to entry. However, established players have significant resources and customer loyalty.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various EHR vendors. However, switching costs are high once implemented.

Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of many software developers and service providers.

Threat of new substitutes: Alternate services like telehealth and remote patient monitoring pose challenges but no direct substitutes exist for comprehensive EHR systems.

Competitive rivalry: Intense competition between major players to capture market share through product innovation, partnerships, and acquisitions.

Geographical Regions
North America dominates the global electronic health records market with the largest market share in terms of value. Major factors driving market growth include regulatory mandates, increasing healthcare costs, and greater adoption of digital technologies in the region.

Asia Pacific is projected to be the fastest growing regional market during the forecast period due to rising medical tourism, increasing healthcare expenditure, growing awareness, and government support through various initiatives. Rapid digitization of the healthcare industry in countries such as India, China, and Japan will further propel the EHR market in Asia Pacific.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it