Westford USA, Aug. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that electronic health records market will attain the value of USD 38.75 billion by 2031, with a CAGR of 4.15% during the forecast period (2024-2031). Government policies that encourage the use of healthcare IT are a major driver of this market. For example, My Health Record is Australia’s national digital health record system. Every Australian has a “My Health Record” unless they don’t want it. The agency projects that by the end of 2022, healthcare providers across the country will be able to contribute and use healthcare information on the platform.
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Browse in-depth TOC on " Electronic Health Records Market "
- Pages – 275
- Tables - 116
- Figures – 77
Electronic Health Records Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 29.06 Billion |
| Estimated Value by 2031 | USD 41.33 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Business Model, Product, End User, Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Integration with Emerging Technologies |
| Key Market Drivers | Increasing Popularity of Digital Health Applications |
Cloud-based Software Segment to Dominate Due to Rise in Innovations
The cloud-based software segment is one of the main reasons for innovation and growth in all technology industries, including global markets. It’s considered a game-changer in electronic health records. For example, web and cloud based EHRs make it easier to use in smaller medical settings by avoiding the installation of additional software and hardware. Additionally, it helps physicians to prevent interruption in cash flow with faster scheduling as compared to other client server systems.
Clinical Segment to Drive Market Due to Increasing the Number of Clinical Trials
The clinical applications segment holds the largest share of the global electronic health records market owing to the wide range of advantages. It offers in the electronic health records market to set up a clinical database. Increasing the number of clinical trials to enhance the safety and efficacy of drugs and devices has been recognized worldwide. Furthermore, the administrative services segment is expected to witness a steady growth over the forecast period. This growth is driven by the increasing use of EHRs to store administrative data.
North America is Dominating Due to Increasing Government Regulations
North America dominated the market, accounting for about 43.76% of the global sales with the aid of 2023. For instance, in May 2020, the federal authorities proposed the Federal Health IT Strategic Plan 2020-2025, which outlines the meaningful use of EHRs by using the health care providers. Furthermore, favorable government regulations and practices to ensure the security of healthcare IT solutions made the electronic health records market.
Asia-Pacific is expected to witness profitable growth during the forecast period. This increase can be attributed to the ever-increasing demand for standard and quality services that is fueling the digitization of healthcare in the region. China's Ministry of Health has defined an action plan for e-health services in the country that includes medical services, insurance systems, and broader policies to provide data with a greater focus on adoption of electronic records.
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Drivers
- Increasing Government Initiatives
- Growing Demand for Streamlined Healthcare Services
- Rising Prevalence of Chronic Diseases
Restraints
- High Implementation and Maintenance Costs
- Data Privacy and Security Concerns
Prominent Players in Electronic Health Records Market
The following are the Top Electronic Health Records Companies:
- GE Healthcare
- athenahealth, Inc.
- Greenway Health, LLC
- eClinicalWorks LLC
- Practice Fusion, Inc.
- CureMD Healthcare
- DrChrono Inc.
- CompuGroup Medical SE & Co. KGaA
- AdvancedMD, Inc.
- AmazingCharts, LLC
- ChartLogic, Inc.
- Kareo, Inc.
- Virence Health Technologies
- Aprima Medical Software, Inc.
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Key Questions Answered in Electronic Health Records Market Report
- How big is the Global Electronic Health Records Market?
- What are the key drivers of Global Electronic Health Records Market size?
- Who are the key players in the Global Electronic Health Records Market?
- Which is the fastest growing region in the Global Electronic Health Records Market?
This report provides the following insights:
- Analysis of key drivers (increasing government initiatives, growing demand for streamlined healthcare services, rising prevalence of chronic diseases), restraints (high implementation and maintenance costs, data privacy and security concerns), opportunities (integration with emerging technologies), influencing the growth of Electronic Health Records Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Electronic Health Records Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Electronic Health Records Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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