Electronic Health Record Market Share Business Strategies To 2030

According to the Market Statsville Group (MSG), the global electronic health record market size is expected to grow from USD 28.6 billion in 2022 to USD 44.5 billion by 2033, at a CAGR of 4.10% from 2023 to 2033.

An electronic health record (EHR) is a systematic and easy way of storing or collecting patient and population health information, such as diagnoses, medicines, tests, allergies, immunizations, and treatment plans, in a digital format. All healthcare providers can later use electronic health records for taking care to make recommendations about the patient’s care. Medical professionals can provide patients with better, safer care by using electronic health records and the ability to exchange health information electronically. Electronic health records can also improve quality care by using data and analytics to prevent hospitalizations among high-risk patients.

 The EHR market has recently benefited from new expansion activities, product approvals, product launches, partnerships, and acquisitions. Furthermore, due to increasing digitalization, there has been a significant increase in demand for electronic health records, fueling the market growth. Rising demand for healthcare administration centralization and streamlining is also expected to propel the market for electronic health records.

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Scope of the Global Electronic Health Record Market

The study categorizes the electronic health record market based on product, type and end-user at the regional and global levels.

By Product Outlook (Sales, USD Billion, 2019-2033)

On-premise Software

Cloud-based EHR Software

By Type Outlook (Sales, USD Billion, 2019-2033)

Inpatient EHR

Ambulatory EHR

By End-User Outlook (Sales, USD Billion, 2019-2033)

Hospital

Clinics

Specialty Centers

Other End Users

By Region Outlook (Sales, USD Billion, 2019-2033)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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On-premise segment accounts for the largest market share during the period by Product in 2022

Based on product, the electronic health record market is segmented into on-premises and cloud-based. On-premise Software held the major market share in 2022. With on-premise electronic health record software, the end-user purchase the software product from an electronic health record vendor and install it on servers in their office. On-premise electronic health record software requires an upfront investment in software, servers, and local network connectivity. But on-premise electronic health record solutions generally do not require a subscription fee, saving money in the long run compared to Software as a Service (SaaS) approaches.

However, the cloud-based segment is expected to grow at the highest CAGR over the forecst period. Cloud-based EHR Software- Enterprise and custom electronic health record solutions also include cloud-based storage. Storing patient's electronic health record data in the cloud can be cheaper than local or dedicated remote servers, and electronic health record vendor will help maintain privacy and security. Cloud-based storage also allows providers and patients to access data from anywhere using an internet connection. While cloud-based storage typically has lower upfront costs, making it useful for small practices, one will pay a monthly or annual fee for this approach.

Key Market Players in the Global Electronic Health Record Market

The electronic health record market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global electronic health record market are:

Cerner Corporation (Oracle)

GE Healthcare

Allscripts Healthcare, LLC

McKesson Corporation

Epic Systems Corporation

NextGen Healthcare, Inc.

eClinicalWorks

Medical Information Technology, Inc.

Health Information Management Systems

CPSI

AdvancedMD, Inc.

CureMD Healthcare

Greenway Health, LLC

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Recent Developments

In May 2022, McKesson Corporation healthcare services and information technology company, acquired Vantage Oncology, LLC, a supplier of medical oncology, integrated cancer care, radiation oncology, and Biologics.

In December 2019, NextGen Healthcare, a provider of ambulatory-focused technology solutions, acquired OTTO Health (“OTTO”). OTTO Health is a telehealth platform that enables providers to have video visits with their patients as part of their regular processes by effortlessly integrating into Electronic Health Records platforms.

In September 2021, GE Healthcare completed its previously announced acquisition of BK Medical. With this acquisition, GE Healthcare provides an end-to-end offering through the full continuity of care—from diagnosis to therapy and beyond—by integrating GE's pre- and post-operative ultrasound capabilities with the rapidly expanding and relatively new field of real-time surgical visualization.

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