The Global Electronic Health Record market size was valued at $2.27 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 4% from 2022 to 2030 and will reach $38.71 Bn in 2030. Global EHR market growth can be attributed to the surging need for remote monitoring and chronic disease management. The market is segmented by product type, application type, and end user. The key market players are Cerner Healthcare, GE Healthcare, Allscripts Healthcare, and others.
The Global Electronic Health Record market size was valued at $2.27 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 4% from 2022 to 2030 and will reach $38.71 Bn in 2030. In 2021, health expenditure in Global equaled about 6.7 % of the GDP, down from 7.1 % in the previous year.
EHRs are digital archives of a patient's medical history that are kept for medical use and are always available to qualify medical staff. EMRs are electronic medical records that can be made, gathered, managed, and consulted by authorized doctors and personnel inside a single healthcare organization, according to the U.S. Department of Health and Human Services. These records allow for more precise treatment in urgent situations like a stroke or allergic reaction.
Market Growth Drivers
In recent years, the EHR market has benefited from new expansion activities, product approvals, product launches, collaborations, and acquisitions. Additionally, the market expansion is being fueled by a considerable rise in demand for electronic health records as a result of expanding digitalization. The market for electronic health records is also predicted to be driven by rising consumer demand for the centralization and simplification of healthcare administration. A value-based strategy, which aims to streamline operations, standardize processes, cut costs, and improve the quality of care so that patients are satisfied, is what motivates the centralization of health information management.
The market is also growing as a result of a rising number of mergers and acquisitions by market participants. For instance, the U.S. Orthopedic Alliance and Allscripts Healthcare Solutions formed a strategic alliance in January 2021. With the help of this partnership, orthopedic practices will be able to scale more quickly, electronic health records will be implemented more quickly, evidence-based guidelines will be provided to support changing clinical protocols, and value-based care analytics will be used to connect the entire community.
Besides, Data breaches and a lack of appropriately qualified personnel are the causes that are restraining factors in the market. The high cost of EHR adoption and maintenance, a scarcity of experienced specialists in developing nations, and worries about security and privacy are the market's challenges.
Policy changes and Reimbursement scenario
In the United States, the regulations for electronic health records (EHRs) are primarily set by the Department of Health and Human Services (HHS) through the Office of the National Coordinator for Health Information Technology (ONC) and the Centers for Medicare & Medicaid Services (CMS).
The HITECH Act, which was passed in 2009 as part of the American Recovery and Reinvestment Act, provides financial incentives for healthcare providers to adopt and effectively use EHR systems. The HITECH Act also established the meaningful use program, which establishes standards for the use of EHR systems in order to qualify for these incentives.
The 21st Century Cures Act, passed in 2016, established the certification program for health IT, including EHRs, which is run by the Office of the National Coordinator for Health Information Technology (ONC) and is intended to increase the interoperability and security of EHR systems.
APAC countries have a unique regulatory approach, although there are similarities. APAC has been making investments in healthcare digitalization to improve efficiency, cut costs, and automate/eliminate redundant processes. As a result, IT adoption is igniting a new wave of development in APAC's public and private hospitals.
In Australia scope of regulated software-based products” provides a comprehensive overview of its approach to software qualification. It outlines a risk-based approach to software qualification that excludes or exempts many types of low-risk software products, such as software that serves as electronic patient records and software used for clinical workflow and support.
The government of India has established the State Electronic Health Authority (SeHA) under the auspices of the National Electronic Health Authority (NeHA), which will operate under The Digital Information Security in Healthcare Act (DISHA). NeHA will act as a superior authority, ensuring the security, confidentiality, and privacy of patient data while creating a centralized EMR repository for medical institutions to easily access a patient's health history and situation. The new legislation will improve data privacy, confidentiality, and standardization. The passage of various healthcare-related laws will boost people's trust in EMR, thereby driving market growth.
By Product (Revenue, USD Billion):
Web-based and cloud-based software is more affordable since it saves on additional costs like license fees, regular upgrades, and device upkeep. Additionally, it reduces the need for IT workers because SaaS providers help with software installation, configuration, testing, operation, and upgrades. The cost-effectiveness of cloud-based EHR systems in small healthcare organizations will therefore fuel developments as well as the expansion of the category. MHealth services
By Application Type (Revenue, USD Billion):
Large amounts of patient health data may be stored and processed by EHRs, which aids doctors in automating both financial and operational operations with rapid and simple access. Therefore, integrated EHR and practice management software navigates all tasks, making it easier for front-line healthcare providers to do their jobs, and will therefore drive the segment's revenue during the anticipated time period.
By End User (Revenue, USD Billion):
By 2027, the category of ambulatory surgical centres is expected to rise at a 7.1% annual rate. The acceptance of EHR in these facilities will be fueled by ambulatory surgical centres' growing preference for digital technologies to efficiently manage workflow. These are outpatient facilities offering planned surgeries and same-day surgical services.
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