Electronic Health Records (EHR) Market Growth and Forecast (2024 – 2034)
The global electronic health records (EHR) market is valued at $28.60 billion in 2024 and is projected to grow to $43.66 billion by 2034. This growth reflects a compound annual growth rate (CAGR) of 4.32% over the forecast period.
Key Highlights of the Electronic Health Records (EHR) Market
- Rapid Growth in Healthcare Reporting: The healthcare reporting segment is expected to grow the fastest, with a projected CAGR of 5.1% by 2033.
- Cloud-Based Systems Dominate: In 2023, cloud-based EHR systems held the largest market share at 48%.
- Clinical Applications Lead: Clinical applications were the leading segment in 2023, accounting for 46% of the market.
Trends Driving the EHR Market
- Increase in Hospitalizations: Rising numbers of patients in hospitals due to severe and chronic conditions highlight the need for efficient EHR systems.
- Improved Patient Care: The adoption of EHR systems streamlines healthcare workflows, leading to better patient care.
- Technological Innovation: New advancements in EHR technology are creating more sophisticated applications, expanding its use and effectiveness.
- Rising Investments: Both government and corporate investments in IT and telecommunications infrastructure are fueling the growth of the EHR market.
WHO’s Report on the Benefits of EHR
- Better Accuracy and Availability: EHR systems ensure that patient information is more accurate and readily available during treatment.
- Cost and Outcome Insights: EHR helps track healthcare costs, usage, and outcomes, improving overall efficiency.
- Improved Healthcare Delivery: EHR supports better, cost-effective healthcare, facilitates patient mobility, and ensures that healthcare providers have access to reliable patient data.
Surge in Adoption of Digital Medical Records
- 2009 (46%): In 2009, only 46% of healthcare providers were using digital medical records, with many still relying on paper-based systems.
- 2016 (80%): By 2016, the adoption rate had grown to 80%, fueled by technological advancements and government incentives.
- 2019 (88%): By 2019, 88% of healthcare providers had switched to digital systems, reflecting the growing reliance on electronic health records.
Recent Developments in the EHR Market
- July 2023: NextGen Healthcare partnered with the American Podiatric Medical Association to enhance their “NextGen Office” platform, focusing on podiatry, diabetes, and injury management.
- June 2023: CPSI expanded its partnership with Mid Coast Health System, implementing EHR and IT services at several Texas hospitals.
- May 2023: MEDITECH partnered with Canada Health Infoway to integrate e-prescribing services, allowing prescribers to send electronic prescriptions directly to pharmacies.
- February 2023: King’s College Hospital in Dubai collaborated with Oracle Cerner to upgrade its electronic medical records system using Oracle Cloud services.
Key Companies in the EHR Market
- Epic Systems Corporation
- Allscripts Healthcare Solutions, Inc.
- McKesson Corporation
- GE Healthcare
- NextGen Healthcare, Inc.
- Athenahealth
- OpenEMR
- Siemens Healthineers AG
- eClinicalWorks
- Medical Information Technology, Inc.
