Electronic Health Records Market Size to grow by USD 54.7 billion between 2024-2028
According to a research report “ Electronic Health Records Market” by Deployment (On-premises, Cloud-based) Component (Services, Software, Hardware) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 54.7 billion, at a CAGR of over 17.57% during the forecast period. In today's healthcare landscape, the growing population and the increasing prevalence of chronic diseases necessitate affordable and accessible healthcare services for all. To address this need, hospitals and industry players are embracing advanced solutions, such as Electronic Health Records (EHR), to enhance the efficiency and effectiveness of healthcare delivery. EHR systems offer several benefits, including centralization of patient medical histories, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and laboratory and test results. These digital records enable authorized providers to access evidence-based tools for informed decision-making, automate and streamline workflows, and share vital health data seamlessly with other healthcare organizations, such as laboratories, specialists, medical imaging facilities, pharmacies, emergency facilities, and school and workplace clinics. By digitizing and automating healthcare data management, EHR systems contribute significantly to overall productivity and efficiency.
Browse market data tables, figures, and in-depth TOC on “Electronic Health Records Market” by Deployment (On-premises, Cloud-based) Component (Services, Software, Hardware) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By Deployment, the On-premises segment is projected to dominate the market size in 2024
In the Electronic Health Records (EHR) market, the services segment plays a pivotal role in ensuring the successful implementation and optimal functioning of EHR solutions. This segment encompasses implementation and deployment, maintenance and repair, and consulting services provided by vendors. These offerings are essential for aligning technology with business objectives and addressing unique IT complexities among end-users. Audit services, a key component of the services segment, aim to identify inefficiencies in existing systems and infrastructure. Through detailed analysis, these services help healthcare organizations determine any missing technologies necessary for seamless EHR functioning. By addressing these gaps, healthcare providers can improve system performance and reap long-term benefits.
By Component, Services segment is expected to hold the largest market size for the year 2024
On-premises Electronic Health Records (EHR) systems are self-hosted solutions deployed on a business's native IT infrastructure. These systems offer organizations greater control over their data and resources, as they are not reliant on third-party providers. However, the integration of standalone EHR packages with existing business management software, such as Enterprise Resource Planning (ERP), can present challenges. These include duplicate data entry, information delays, interface issues, and customization expenses. Despite these challenges, on-premises EHR solutions offer long-term cost savings and provide businesses with complete control over their systems.
North America is forecasted to hold the largest market size by region in 2024
The Electronic Health Records (EHR) market represents a significant growth opportunity for businesses in the healthcare sector. This market is driven by the increasing adoption of digital technologies in healthcare, regulatory mandates, and the need for efficient patient care. EHR systems enable healthcare providers to manage patient data digitally, improving data accessibility, accuracy, and security. The global EHR market is projected to expand at a robust CAGR, driven by factors such as government initiatives, cost savings, and the integration of telehealth services.
The Electronic Health Records Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Electronic Health Records (EHR) market is experiencing significant growth due to the increasing adoption of digitalization in healthcare. This market includes various segments such as acute care hospitals, rehabilitation centers, ambulatory surgical centers, and post-acute care facilities. The market caters to the needs of healthcare providers by offering advanced solutions for clinical documentation, pharmacy systems, radiology systems, and lab systems. Patients' healthcare records, including allergies, medicines, and health history, are the core components of EHR systems. These records enable healthcare units to provide efficient and effective care, reducing paperwork and minimizing errors. The market comprises three major segments: acute (hospitals), professional services (physician practices), and post-acute (rehabilitation centers, long-term care facilities, and home health agencies). The post-acute segment, including post-acute EHR and ambulatory EHR, is expected to witness substantial growth due to the increasing demand for coordinated care. Client server-based and web-based EHR systems cater to different requirements based on the size and complexity of healthcare facilities. The integration of big data analytics in EHR systems is revolutionizing the management of chronic diseases and improving patient outcomes. The market is continually evolving, with continuous advancements in technology and changing healthcare needs.
Market Research Overview
The Electronic Health Records (EHR) market is a significant segment of the healthcare industry, encompassing various administrative and clinical applications. These records include essential data such as billing information, hospital discharge instructions, lab test results, immunization status, allergies, medicines, health history, clinical documentation, and more. EHRs are available in different forms, including cloud-based software and on-premise software, catering to the needs of specialty centers, healthcare financing, and advanced healthcare facilities. Devices like tablets and laptops enable physicians to access EHRs anywhere, reducing paperwork and enhancing efficiency. EHRs play a crucial role in clinical trials, drug development, and disease management, particularly for the geriatric population. EHR service providers leverage cloud storage technology and artificial intelligence to ensure data security and facilitate big data analysis. The market is segmented into hospitals, ambulatory care, rehabilitation centers, and professional services. The ambulatory services segment, including clinics, laboratories, pharmacies, and ambulatory surgical centers, is expected to grow significantly due to the increasing trend towards outpatient care. The acute segment, including acute care hospitals, and the post-acute segment, including long-term care facilities, also contribute significantly to the market. EHRs integrate with pharmacy systems, radiology systems, and lab systems, streamlining healthcare operations and improving patient care. As the healthcare industry continues to digitalize, the role of EHRs in managing administrative data and clinical applications will become increasingly important, reducing paperwork and improving the overall efficiency of healthcare units.
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