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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