Electronic Health Records Market Size Worth $35.1 Billion By 2028: Grand View Research, Inc.

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18 May, 2021, 08:05 GMT

SAN FRANCISCO, May 18, 2021 /PRNewswire/ -- The global electronic health records market size is expected to reach USD 35.1 billion by 2028, registering a CAGR of 3.7% over the forecast period, according to a new report by Grand View Research, Inc. The web-based EHRs are anticipated to witness the fastest growth over the forecast period. These systems are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation. Electronic Health Records (EHR) vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop Covid-19 dashboards in detail.

Key suggestions from the report:

The web-based product segment dominated the global market in 2020 and is projected to expand further at a steady CAGR from 2021 to 2028 due to the high usage of these systems by physicians
North America held the highest revenue share in 2020 due to the presence of well-established healthcare infrastructure and favorable government initiatives regarding population health management
The industry participants are focusing on product launches, partnerships, collaborations, mergers, and acquisitions to sustain the competition
The ambulatory care segment, which includes physician clinics, laboratories, and pharmacies, is expected to exhibit the fastest CAGR over the forecast period owing to the increasing number of ambulatory care centers globally
The acute type segment held the maximum market share of over 47% in 2020 due to the government initiatives promoting the usage of EHRs
Asia Pacific is anticipated to be the fastest-growing regional market from 2021 to 2028 owing to the developing healthcare infrastructure in countries, such as Indonesia, China, and India

Read 154 page research report with ToC on "Electronic Health Records Market Size, Share & Trends Analysis Report By Type (Post-acute, Acute), By End-use (Ambulatory Care, Hospitals), By Product (Web-, Client-server-based), By Business Models, And Segment Forecasts, 2021 - 2028'' at: https://www.grandviewresearch.com/industry-analysis/electronic-health-records-ehr-market

The introduction of electronic health records for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. These systems also minimize the risk of errors in patient data as well as financial details. As per an independent study at the University of Michigan, the cost of outpatient care reduced by 3.0% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month. In addition, M&A activities by key companies are also boosting the market growth.

For instance, in February 2021, Evident, LLC, a subsidiary of CPSI announced that Texas-based Curahealth Hospitals and Cobalt Rehabilitation, have selected the Evident EHR along with the collection services TruBridge, for three new rehabilitation facilities located in Denver, Colorado; West Houston, Texas; and San Antonio, Texas. Key players are investing in new product launches and collaborations for sustaining in the market. For instance, in August 2020, Cerner Corp. collaborated with Amazon to integrate its EHR solutions with the latter's wearables, such as Amazon Halo. This would provide greater interoperability to its customers and strengthen its service portfolio.

Grand View Research has segmented the global electronic health records market on the basis of product, type, end-use, business models, and region:

EHR Product Outlook (Revenue, USD Million, 2016 - 2028)

Client-server-based
Web-based

EHR Type Outlook (Revenue, USD Million, 2016 - 2028)

Acute
Ambulatory
Post-acute

EHR End-use Outlook (Revenue, USD Million, 2016 - 2028)

Hospitals
Ambulatory Care

Physician's Clinic
Laboratories
Pharmacies

EHR Business Models Outlook (Revenue, USD Million, 2016 - 2028)

Licensed Software
Technology Resale
Subscriptions
Professional Services
Others

EHR Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
The Netherlands
Sweden
Russia

Asia Pacific

China
Japan
India
Australia
Singapore

Latin America

Brazil

Middle East & Africa

South Africa
Saudi Arabia

List of Key Players of Electronic Health Records (EHR) Market

Cerner Corp.
GE Healthcare
Allscripts Healthcare, LLC
McKesson Corp.
Epic Systems Corp.
NextGen Healthcare, Inc.
eClinicalWorks
Medical Information Technology, Inc.
HMS
CPSI
AdvancedMD, Inc.
DXC Technology Company
CureMD Healthcare
Greenway Health, LLC

Find more research reports on Healthcare IT Industry, by Grand View Research:

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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