ELECTRONIC HEALTH RECORDS MARKET ANALYSIS

Electronic Health Records MarketSize and Trends

The global electronic health records market was valued at US$ 28.14 Bn in 2022 and is forecast to reach a value of US$ 35.23 Bn by 2030 at a CAGR of 2.8% between 2023 and 2030. The global electronic health records market is experiencing strong growth due to the rise in adoption healthcare IT solutions and growing usage of electronic health record (EHR). Moreover, increasing prevalence of chronic diseases and growing geriatric population is expected to boost the growth of the market. However, factors such as high cost of EHR implementation and reluctance to adopt EHRs are expected to hamper the growth of the market.

Global Electronic Health Records Market Trends:

Increasing adoption of cloud-based EHR is a recent trend

Cloud-based EHRs provide various benefits over web-based EHRs, such as lower installation cost, easy maintenance, accessibility, and scalability. Cloud-based software can promote data security. Moreover, cloud-based HER offers easy remote access to data, real-time data tracking guarantees proper disaster recovery, and business continuity solutions support quality patient care. They also have the potential to overcome interoperability and data exchange challenges in the future, which in turn is expected to increase the use of cloud-based EHR. This trend is expected to continue over the forecast period, driving the growth of the market.

Increasing healthcare expenditure is another trend

Governments of many developing economies are investing in and launching novel initiatives for ensuring better healthcare facilities for their citizens. Several governments worldwide are looking to digitise all medical records to make it easier for individuals to access and share their personal data with medical professionals. EHR implementation can provide a robust system for integrating various patient records within a single system, which in turn helps improve the patient outcomes, increasing the use of cloud-based EHR. This trend is also expected to continue during the forecast period, driving the growth of the market.