The North America Electronic Health Record (EHR) market size was valued at $11.88 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 2% from 2022 to 2030 and will reach $13.92 Bn in 2030. This growth can be attributed to the increasing adoption of EHR in healthcare facilities. The market is segmented by product, application, and end North America. Some of the major players are Epic Systems, Allscripts, McKesson, Meditech, and others.
The North America Electronic Health Record (EHR) market size was valued at $14.14 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 3% from 2022 to 2030 and will reach $17.91 Bn in 2030. According to the World Health Organization (WHO), the total health expenditure in North America as a percentage of gross domestic product (GDP) is around 11%. The United States, which makes up a large portion of the North American market, has among the highest health care expenditure in the world, with a total expenditure of around 17% of GDP. Canada's healthcare expenditure is around 11% of the GDP.
The systematic electronic gathering and storage of patient medical data is the primary function of an electronic health record, or EHR, system. EHR systems encourage patient data accessibility, which improves the overall effectiveness and efficiency of patient treatment. The broad features, useful applications, and interoperability of electronic health records in a range of healthcare settings are expected to lead to a rise in their use in the future.
The primary factors driving the market are expanding government programs to entice healthcare organizations to invest in North American healthcare IT and raise awareness among mental health practitioners of the benefits of electronic health records (EHR). Since technology has advanced, doctors can now use the same EHR software for clinical evaluation documentation, telemedicine, e-prescribing, and other clinical and administrative functions in addition to storing patient data.
Market Growth Drivers
Government regulations and incentives for the use of EHR systems, the demand for better patient care and safety, and the advantages of data analytics and population health management are some of the drivers driving the North American EHR industry. The federal government set aside $27 billion in 2009 as part of the Health Information Technology for Economic and Clinical Health (HITECH) Act for an incentive programme to encourage hospitals and providers to use North American electronic health records systems, which is one of the main factors driving the EHR market (EHR). The need for EHR systems that can support data analytics and population health management is also being driven by the trend toward value-based care and population health management.
The market is expanding as a result of an increase in market participants' mergers and acquisitions. For instance, in January 2021, the U.S. Orthopedic Alliance and Allscripts Healthcare Solutions established a strategic partnership. (USOA). Orthopaedic practises will be able to scale more quickly thanks to this relationship, as will the use of electronic health records, the provision of evidence-based guidelines to support evolving clinical protocols, and the use of value-based care analytics to link the entire community.
Market Restraints
One of the main challenges facing the EHR industry is the high cost of adoption and maintenance, the lack of system compatibility, and concerns about data security and privacy. The inconsistency of EHR systems might also limit their potential benefits by making it difficult for healthcare professionals to interact and share information with other professionals.
Key Players
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 North America EHR systems. The HITECH Act also established the meaningful North America program, which establishes standards for the North America EHR systems in order to qualify for these incentives.
In Canada, electronic health records (EHRs) are regulated by the provinces and territories. Each jurisdiction has its own legislation and regulations regarding the use and management of EHRs. The federal government also has laws and guidelines that apply to EHRs, such as the Personal Information Protection and Electronic Documents Act (PIPEDA), which sets out rules for the collection, use, and disclosure of personal information in the private sector, including health information. Additionally, the Canadian Medical Association has developed guidelines for the use and management of EHRs in the healthcare sector.
1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
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.
Insights10 will provide you with the reports within 10 key parameters which are:
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses
Need more?