by The global Electronic Health Records (EHR) market is estimated to be valued at US$ 28.14 billion in 2022 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Electronic Health Records (EHR) are digital versions of patient medical records that are used to store and access patient information electronically. These records provide numerous advantages such as improved efficiency, accuracy, and accessibility of patient data. The need for EHR systems has been increasing due to the growing demand for healthcare IT solutions in order to streamline healthcare operations, improve patient care, and reduce medical errors. Electronic health records enable healthcare professionals to securely share patient information, resulting in enhanced coordination and continuity of care.
- B) Market Key Trends:
One key trend in the global electronic health records market is the increasing adoption of cloud-based EHR systems. Cloud-based EHRs offer several advantages such as cost-effectiveness, flexibility, scalability, and remote accessibility. These systems eliminate the need for expensive hardware and software installations, as the data is stored securely in the cloud. Cloud-based EHRs also allow for seamless integration with other healthcare IT systems and enable healthcare providers to access patient records from any location with an internet connection. For example, eClinicalWorks offers cloud-based EHR solutions that are widely used in the healthcare industry.
- C) Porter’s Analysis:
The threat of new entrants: Low. The high cost of entry, stringent regulatory requirements, and established market players create barriers for new entrants in the electronic health records market.
Bargaining power of buyers: Moderate. Buyers have the power to choose from a variety of EHR vendors and negotiate prices based on their specific requirements.
Bargaining power of suppliers: Low. There are several suppliers of EHR systems in the market, giving buyers the ability to choose from multiple options.
Threat of new substitutes: Low. Electronic health records have become an essential tool for healthcare providers and there are limited substitutes available that offer similar functionality.
Competitive rivalry: High. The electronic health records market is highly competitive, with several major players vying for market share. Key players compete based on pricing, product features, integration capabilities, and customer support.
- D) Key Takeaways:
- The global Electronic Health Records Market is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period. This growth is driven by the increasing adoption of healthcare IT systems, such as EHRs, to streamline healthcare operations and improve patient care.
- In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the electronic health records market. The region has a well-established healthcare IT infrastructure, supportive government initiatives, and a high adoption rate of EHR systems.
- Key players operating in the global electronic health records market include eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC, and Epic Systems Corporation. These players offer a wide range of EHR solutions and compete based on product differentiation, pricing strategies, and customer support.
The global electronic health records market is poised for significant growth in the coming years. The increasing adoption of healthcare IT systems, particularly cloud-based EHRs, and the presence of key market players contribute to the market’s positive outlook. However, intense competition and regulatory challenges may pose some risks for market players.
