Electronic Health Records Market Analysis
The global Electronic Health Records Market is estimated to be valued at US$ 29.06 Bn in 2023 and is expected to
exhibit a CAGR of 2.8% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
The electronic health records (EHR) market comprises systems and software that
store and provide access to patient health records through computer systems
rather than using paper files. EHRs offer various advantages such as remote
access to healthcare information from anywhere, better data sharing between
healthcare providers, reducing medical errors and duplication of tests, and
lowering overall healthcare costs. EHRs contain patient medical histories,
diagnoses, medication lists, allergy information, immunization dates, radiology
images, and laboratory and test results, among other critical health
information. They make healthcare more efficient and enable better treatment
decisions by healthcare providers.
Market key trends:
One of the major trends in the Electronic
Health Records Market Analysis is the growing adoption of cloud-based
EHR systems. Cloud computing offers various benefits like cost savings,
flexibility, scalability, and mobility. Cloud deployment removes the costs
associated with on-premise hardware, regular software updates, IT staff for
maintenance and support. It allows remote access to EHRs from any device which
is driving its adoption. Furthermore, technological advancements in AI and
machine learning are likely to transform EHR systems. AI can help improve
clinical decision making, diagnostic accuracy, automated report generation from
medical imaging and precision medicine. It can analyze huge amounts of patient
data to identify patterns and proactively predict diseases. This will make EHR
systems more intelligent and help improve patient outcomes.
Porter's Analysis
Threat of new entrants: The electronic health records market requires large
investments to enter which creates entry barriers for new players.
Bargaining power of buyers: Individual buyers have low bargaining power due to
the highly fragmented demand. However, large healthcare providers have
significant bargaining power.
Bargaining power of suppliers: A few major players dominate the market, giving
them significant bargaining power over buyers.
Threat of new substitutes: No close substitutes exist for electronic health
records currently.
Competitive rivalry: The global electronic health records market is highly
competitive due to the presence of numerous international and domestic players.
Key Takeaways
The global electronic health records market is expected to witness high growth,
exhibiting CAGR of 2.8% over the
forecast period, due to increasing government support and initiatives. The
market size for 2023 is US$ 29.06 Bn.
Regional analysis: North America dominated the market in 2023. Increasing
healthcare expenditure and favourable government support are driving the market
in the region. Asia Pacific is expected to witness the fastest growth over the
forecast period owing to rising healthcare infrastructure and growing medical
tourism.
Key players: Key players operating in the electronic health records market are
eClinicalWorks, Cerner Corporation, GE Healthcare, Allscripts Healthcare, LLC,
and Epic Systems Corporation. eClinicalWorks and Cerner Corporation
collectively accounted for the largest market share in 2023.
Read More: https://www.ukwebwire.com/electronic-health-records-market-is-estimated-to-witness-high-growth/