US Electronic Health Records Market Analysis

US Electronic Health Records Market Analysis


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US's Electronic Health Record 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 2022-30 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 type, application type, and end user. Some of the major players are Epic Systems, Allscripts, McKesson, Meditech, and others.

ID: IN10USDH008 CATEGORY: Digital Health GEOGRAPHY: US AUTHOR: Chandani Patel

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US Electronic Health Record Market Executive Summary

US's Electronic Health Record 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 2022-30 and will reach $13.92 Bn in 2030. Healthcare spending in the US increased by 2.7 % in 2021, reaching $4.3 trillion, or $12,914 per person. The cost of healthcare represented 18.3% of the country's GDP.

An electronic health record, or EHR, system's core purpose is the structured electronic collection and storage of patient medical data. EHR systems promote patient data accessibility, which boosts patient care's overall efficacy and efficiency. Electronic health records are anticipated to be utilized more frequently in the future due to their extensive features, practical applications, and interoperability in a variety of healthcare settings.

The market is primarily driven by growing government initiatives to encourage healthcare institutions to use healthcare IT and expanding awareness among mental health professionals of the advantages of electronic health records (EHR). With the development of technology, doctors can now utilize the same EHR software for telemedicine, e-prescribing, clinical evaluation documentation, and other clinical and administrative tasks in addition to storing patient data. This is accelerating the US EHR market in the coming years.

us electronic health records market analysis

Market Dynamics

Market Growth Drivers

The US EHR market is driven by factors such as government incentives and mandates for the adoption of EHR systems, the need for improved patient care and safety, and the benefits of data analytics and population health management. Some of the major drivers of the EHR market include the federal government setting aside $27 billion in 2009 as part of the Health Information Technology for Economic and Clinical Health (HITECH) Act for an incentive program to encourage hospitals and providers to use electronic health records systems (EHR). Additionally, the shift towards value-based care and population health management is driving the need for EHR systems that can support data analytics and population health management.

Market Restraints

Some of the major restraints on the EHR market include the high cost of implementation and maintenance, the lack of interoperability between systems, and concerns about data security and privacy. Additionally, the lack of standardization in EHR systems can make it difficult for healthcare providers to share and exchange data with other providers, which can limit the potential benefits of EHR systems.

Competitive Landscape

Key Players

  • Epic Systems
  • Allscripts
  • McKesson
  • Meditech
  • Athenahealth
  • NextGen Healthcare
  • eClinicalWorks
  • Greenway Health
  • Modernizing Medicine
  • GE Healthcare
  • Practice Fusion (acquired by Allscripts)
  • Drchrono

Healthcare Policies and Regulatory Landscape

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.

In addition, the ONC also released the Interoperability and Patient Access final rule in 2020, which aims to improve the interoperability of EHR systems and give patients more control over their health information. This rule also requires healthcare providers to make patients' health information available through APIs (Application Programming Interface) and establish a common data structure called FHIR (Fast Healthcare Interoperability Resources) to enable the movement of data between EHRs.

The CMS also has regulations related to EHRs, including the Quality Payment Program (QPP), which is part of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). Under the QPP, healthcare providers are required to use certified EHR systems to participate in the program and to report on quality measures.

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

Electronic Health Records Market Segmentation

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

  • Web/Cloud-based EHR software
  • On-premise EHR software

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.

  • E-prescription
  • Practice management
  • Referral management
  • Patient management
  • Population health management

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.

  • Hospitals
  • Specialty centers
  • Clinics
  • Ambulatory surgical centers
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

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”.

 

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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.

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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.

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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)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 February 2024
Updated by: Vidhi Upadhyay

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