The global electronic health records (EHR) market is anticipated to grow at a CAGR of 4.7% during the forecast period. An EHR is a digitalized edition of storing patient's medical records. The aim of an EHR is to preserve reliable data on a patient's health status over time. Health information can be conveniently produced and handled in a digital format by the authorized user, which is one of the main advantages of the electronic health records industry. These data and reports are capable of being shared with other providers across healthcare organizations. 

Government initiatives to encourage healthcare IT usage, digitization of healthcare delivery processes, and the demand for healthcare services are all driving factors of the electronic health records (EHR) market. For instance, in Australia, My Health Record is a national digital health record site. Unless they want not to have it, every Australian citizen has a "My Health Record." According to the Australian Digital Health Agency has been established by the governments of Australia, by the end of 2022, all healthcare professionals in the country will be required to contribute to and use the healthcare information available on the platform. 

Furthermore, the increase in demand for EHR due to growing digitization, and rising demand for centralization and streamlining of healthcare administration is also anticipated to drive market growth during the forecast period. For instance, A value-based approach drives the centralization of health information management, which supports streamline procedures, standardize systems, reduce costs, and improve the quality of treatment that leads to patient satisfaction. The growth of the EHR market may be hampered by the high initial cost and complicated technical guidelines of EHR applications. However, EHR allows for the integration of patient information from different sources, which allows making a better clinical decision. Clinical care functions, financial functions, clinical research functions, reporting, and administrative function are the roles and implementations of EHR in the healthcare system have provided new opportunities to this market

Impact of COVID-19 Pandemic on Global EHR Market

The global EHR market is hardly hit by the outbreak of COVID-19. Since the beginning of 2020, the COVID-19 pandemic has placed a lot of pressure on healthcare organizations. The pandemic has harmed the revenue of major industry players due to a decline in new business bookings, and transactions as many players buying decisions and programs are postponed to concentrate on treating patients, procuring required medical resources, and handling their companies during this difficult time. Furthermore, firms like Allscripts saw delays in upfront software revenue and professional care implementations across their outpatient and inpatient bases. The market will witness “V” shape recovery in near future owing to the restart of key industries in major economies. 

Segmental Outlook 

The global EHR market is segmented based on Installation and end-user. Based on the end-user, the market is segmented into web-based, and client-based. Based on the end-user, the market is segmented into hospitals, physician offices, ambulatory services, and laboratory and diagnosis centres. 

Global EHR Market Share by Installation, 2020 (%)

Web-based Segment projected to hold the significant share in the Market

Among the installation, the web-based segment estimated to hold the major share in 2020 and are also anticipated to grow significantly during the forecast period. The factors that are attributed to the popularity of web-based EHRs among the doctors and healthcare professionals that work on a smaller scale, since these platforms can be deployed without the need for in-house servers and can also include comprehensive customizations and enhancements if required.

Regional Outlooks

The global EHR market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, France, Spain, Germany, and Rest of Europe), Asia-Pacific (India, Japan, China, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America).  North America holds a dominant position in the global EHR market in 2020. The factors that are driving the growth of EHR in the region during the forecast period include the policies that support the EHR adoption and the availability of well-established infrastructure with high digital literacy. For instance, in May 2020, the federal government proposed the Federal Health IT Strategic Plan 2020-2025, which mandates the meaningful usage of EHR by healthcare providers. Developing countries like India, China, Brazil, Mexico, and South Africa, which have seen impressive economic growth in recent years in the EHR industry. If these markets are regulated by the government, healthcare providers may be encouraged to use technologically advanced EHR programs.

Global EHR Market Growth, by Region 2021-2027

Asia-Pacific is projected to have considerable growth in the global EHR market

 The Asia-Pacific is expected to be the fastest-growing during the forecast period. The rising demand for high-quality standards and facilities and the increasing digitalization of healthcare are driving the growth of EHR in the region. The Ministry of Health in China has developed an action plan for the use of e-health facilities across the region, which covers a wide range of medical services, insurance policies, and the introduction of electronic record systems to enable data share across the national healthcare system. Apart from it, Europe is expected to have lucrative growth in this market. In England, patients are granted online access through the IT system of their general practitioner (GP). As per National health services (England), more than 96% of GP practices now offer patients the chance to book appointments, order repeat prescriptions, and access their records in a summary form online. 

Market Players Outlook

The key players of the EHR market include Cerner Corp., Epic system corp., Allscripts, Nextgen healthcare information system, Athenahealth., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, geographical expansion, collaborations, and new product launches, to stay competitive in the market. For instance, in January 2021, Allscripts Healthcare Solutions announced a partnership with the US Orthopedic Alliance (USOA). This collaboration was aimed to introduce a cost-effective infrastructure that will assist orthopedic practices to expand more quickly, boost EHR delivery schedules, provide evidence-based guidelines to support evolving clinical protocols, and provide community-wide integration through value-based treatment analytics.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global electronic health records (EHR) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.