The global electronic health records market size is expected to reach USD 40.50 billion by 2027 registering a CAGR of 4.8%, according to a new report by Grand View Research, Inc. Web-based EHRs are anticipated to lead the market over the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation, thereby enabling speedy adoption. EHR vendors and organizations 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.
The introduction of EHRs for medical coding and billing has eased the process, as computerized data entry systems are more convenient & efficient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care reduced by 3% upon shifting to EHRs from paper-based records.
In addition, M&A activities and new product launches by the key players are boosting the market growth. For instance, in December 2018, Meditech U.K. acquired Centennial Computer Corporation, its long-time business affiliate in the U.K. This acquisition was part of the formation of Medical Information Technology U.K. Ltd. and would allow the company to strengthen its geographic footprint in the country. 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.
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The web-based product segment led the market in 2019 and is projected to expand at the fastest CAGR of 5.5% from 2020 to 2027 due to the rapid adoption of these products by physicians
North America held the highest revenue share of the global market in 2019 due to the presence of well-established healthcare infrastructure and favorable government initiatives regarding population health management
The industry participants are focusing on key business strategies, such as product launch, partnerships, collaborations, mergers, and acquisitions, to sustain the competition
The ambulatory use segment, which includes physician clinics, laboratories, and pharmacies, is expected to exhibit the fastest growth rate over the forecast period owing to the increasing number of ambulatory care centers globally
The acute care segment held the largest market share of over 47% in 2019 due to the government initiatives for the adoption of EHRs
Asia Pacific is anticipated to be the fastest-growing regional market from 2020 to 2027 owing to the developing healthcare infrastructure in countries, such as Indonesia, China, and India
Grand View Research has segmented the global electronic health records market on the basis of product, type, end use, and region:
Electronic Health Records Product Outlook (Revenue, USD Million, 2016 - 2027)
Client Server-based EHR
Electronic Health Records Type Outlook (Revenue, USD Million, 2016 - 2027)
Electronic Health Records End-use Outlook (Revenue, USD Million, 2016 - 2027)
Electronic Health Records Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of Electronic Health Records Market
Allscripts Healthcare, LLC
Epic Systems Corp.
NextGen Healthcare, Inc.
Medical Information Technology, Inc.
DXC Technology Company
Greenway Health, LLC
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