Electronic Health Records Market Poised to Register CAGR of 4.5% by 2031, Supported by Rise in Adoption Rate of EHR Solutions

Electronic Health Records Market size was valued at around USD 27.81 billion in 2022 and is projected to grow from USD 29.06 billion in 2023 to USD 41.33 billion by 2031, at a CAGR of 4.5% over the forecast period (2024–2031).

Electronic health records are gaining popularity due to their multiple advantages, which include a complete picture of patients, greater care coordination, information sharing, and speedier processes. It gives data power, improved efficiencies, cost savings, and fewer errors. One of the primary drivers of market expansion is the increase in the global use of EHR systems. This is mostly due to governments’ increasing efforts to implement techniques for lowering administrative and regulatory expenses on health care providers through electronic medical records. The EHR market is predicted to grow significantly during the projection period. This is due to an increase in the use of EHR in clinical applications, such as health information, order entry, results management, and decision support.

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Electronic Health Records Market Top Player’s Company Profiles

• Cerner Corporation (Oracle) (US)
• GE Healthcare (US)
• Allscripts Healthcare, LLC (US)
• McKesson Corporation (US)
• Epic Systems Corporation (US)
• NextGen Healthcare, Inc. (US)
• eClinicalWorks (US)
• Medical Information Technology, Inc. (US)
• Health Information Management Systems (US)
• CPSI (US)
• AdvancedMD, Inc. (US)
• CureMD Healthcare (US)
• Greenway Health, LLC (US)

Enhanced Data Accessibility and Interoperability in EHR Improving Patient Care and Workflow

By improving data accessibility, interoperability, and usability, technological advances in EHR systems have driven market expansion. AI-powered analytics, cloud-based solutions, and mobile accessibility all helped to accelerate workflows, improve patient care, and make more informed clinical decisions. These technologies provide seamless integration with other healthcare systems, allowing for complete and real-time access to patient data, hence driving market growth. For instance, in March 2024, Health Information Management Systems (HiMS) launched AxiomEHR, a groundbreaking AI-powered EHR solution. This revolutionary system has a distinct design that enables data-driven decision-making, flexible care coordination, and improved adherence to quality-based therapy.

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Segments covered in Electronic Health Records Marketare as follows:

• Product
  • Client Server Based and Web Base
• Type
  • Acute EHR, Ambulatory EHR and Post-Acute EHR
• End user
  • Hospitals Use and Ambulatory Use (Physician’s Clinic, Laboratories and Pharmacy)
• Business Model
  • Licensed Software, Technology Resale, Subscriptions, Professional Services and Other

Mergers, Acquisitions, and Collaborations: All Reshaping the Market Trajectory The electronic health records market is differentiated by the existence of several prominent players that prioritize ongoing innovation, wide product portfolios, and strategic partnerships. These market competitors are continually working to develop comprehensive EHR solutions while sustaining customer bases. They are pursuing many tactics, including mergers and acquisitions, collaborations, and product development. This is employed to meet rising healthcare needs and regulatory requirements, leading in greater market expansion and technological innovation.

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Pioneering Innovations to Shape EHR Evolution

• In December 2022, Oracle acquired Cerner for $28 Billion, aiming to strengthen its presence in the healthcare sector. By merging Cerner’s sophisticated electronic health record technology with its own data management and cloud computing expertise, Oracle intends to drive innovation and enhance healthcare services.
• Microsoft Corp acquires Nuance Communications, Inc. In April 2021 to provide healthcare practitioners with ambient clinical intelligence and other Microsoft cloud services.
• February 2021: Capital Health, a regional leader in innovative, high-quality patient care, has adopted a new electronic health record (EGR) system across its two acute care facilities to better serve patients.

Accelerating Growth in the EHR Sector The global market is anticipated to grow significantly during the forecast period due to the benefits it offers, such as a comprehensive patient perspective, increased care coordination, information interchange, and optimized workflows. Electronic health records will make gadgets more useful to users. The industry presents huge opportunities for new entrants due to the high expected pace of growth and demand.

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