Technology

Surging Advances: The Electronic Health Records Market Forecasted to Grow Exponentially

NEW YORK, March 27, 2024 /PRNewswire/ -- According to a comprehensive study published by Technavio, the Electronic Health Records (EHR) Market is set to undergo a considerable expansion, with projections indicating a growth of USD 32.27 billion. The market is expected to flourish at a compound annual growth rate (CAGR) of 12.91% over the period from 2022 to 2027. North America emerges as a significant contributor, expected to account for 41% of the global market growth. The region's progress can be attributed to its robust healthcare IT infrastructure and the swift uptake of EHR systems, mainly in the United States and Canada. Strict regulatory frameworks coupled with policies that incentivize the deployment of cutting-edge healthcare IT solutions, such as EHR, further stimulate the market's vigorous surge in this region.

Technavio has announced its latest market research report titled Global Electronic Health Records Market

To delve into the report's specifics encompassing market size, historic data from 2017 to 2021, and future prospects from 2023 to 2027, potential stakeholders and interested parties can request a sample report before purchasing the full analysis.

Report Insights and Key Data

The report, encompassing 166 pages, is buttressed by in-depth analysis of various market dynamics. The base year for the study is 2022, offering a clear depiction of the market trajectory over the forecast period. Intriguing amongst the data are the figures showcasing growth momentum and CAGR – indicating a deceleration at a CAGR of 12.91%. An impressive market growth is anticipated through 2027, culminating to a staggering USD 32.27 billion increase. As highlighted within the report, the market structure appears fragmented, with a substantial year-over-year growth of 13.53% from 2022 to 2023.

The regional analysis uncovers North America, Europe, Asia, and the Rest of the World (ROW) as the primary segments. North America's market performance is particularly noteworthy, contributing a lion's share of 41%. Leading countries in the global landscape include the US, Canada, UK, Germany, and China.

Growth Drivers and Industry Trends

Underpinning the market growth is an array of drivers, most notably, government initiatives fostering the adoption of EHR systems. These measures ease the implementation through financial aid and other forms of support. The UK's NHS Long Term Plan and initiative across different regions have catalyzed the upscaling of digital healthcare services, thereby propelling the market's expansion.

The industry is also witnessing a trend toward increased use of interconnected devices and cutting-edge technologies. However, this progression is not devoid of challenges. The market's growth is inhibited by rising concerns about data security and privacy.

To gain a comprehensive understanding of market dynamics, interested readers can further explore the full report.

Vendor Analysis and Market Competitiveness

The global EHR market's competitive landscape is described as fragmented, with a vast array of international and regional vendors. Companies such as Allscripts Healthcare Solutions Inc., CareCloud Inc., and Epic Systems Corp. are some of the industry's prominent faces. Technavio sheds light on these vendors, including insight on their strategies, market positions, and regional presence.

The Emergence of New Trends

Noteworthy are the special coverages on geopolitical events like the Russia-Ukraine war and the potential risks associated with the global recession. Moreover, the report outlines the global competitiveness and positional strategies of key players, emphasizing their geographical reach and market strength.

Individual vendors are also getting a spotlight for their unique offerings. One such example includes KareXpert Technologies, which provides electronic health records through its subsidiary AdvancedMD, featuring AI-infused digital healthcare platforms. To find details on vendor offerings, readers and prospective investors can request more information.

Segment Overview by Deployment and Geography

Technavio's market segmentation analysis provides insights based on deployment type—On-premise and Cloud-based, components such as services, software, and hardware, and geography, including North America, Europe, Asia, and Rest of World (ROW). The on-premise segment is touted for substantial growth owing to its inherent control and data security advantages. With the ever-increasing focus on data privacy, many organizations opt for on-premise solutions, thereby fueling the segment's growth.

Geographic Expectations

Analysis by geography reveals that North America is predicted to be the substantial contributor to global market growth during the forecast period. Advanced healthcare infrastructures and stringent regulations are fundamental to this development. The US and Canada are frontrunners in adopting EHR and advanced healthcare IT solutions, asserting North America's preeminence in the market.

For detailed insights spanning global, regional, and country-level projections along with growth opportunities from 2017 to 2027, stakeholders can request a comprehensive sample report.

What the Future Holds: Key Takeaways from the Report

This report paints a picture of a market on the rise, with a forecasted CAGR placing emphasis on the accelerated growth patterns expected in the forthcoming years. Readers will find in-depth data on market drivers, potential growth avenues, and the challenges vendors may encounter. Offering a bird's eye view, the analysis encapsulates the growth across diverse geographic landscapes, including North America, Europe, Asia, and the Rest of the World.