Electronic Health Records Industry Overview
The global electronic health records market size was estimated at USD 27.2 billion in 2021 and it is anticipated to expand at a CAGR of 4.0% from 2022 to 2030.
Government initiatives to encourage healthcare IT usage is the key driver to this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction to technologically advanced healthcare services is also expected to drive electronic health record (EHR) market growth.
Gather more insights about the market drivers, restrains and growth of the Global Electronic Health Records Market
The spread of COVID-19 has put a lot of pressure on healthcare organizations since the beginning of 2020. The pandemic has negatively impacted the revenue of major market players due to a decline in new business bookings as certain client purchasing decisions and projects are delayed to focus on treating patients, procuring necessary medical supplies, and managing their organizations through this crisis. Also, companies such as Allscripts experienced delays in deals with upfront software revenue and professional services implementations across their outpatient and inpatient bases.
New expansion activities, product approvals, product launches, partnerships, and acquisitions have positively impacted the EHR market in recent years. Furthermore, there has been a significant increase in the demand for electronic health records due to the growing digitalization which in turn is fueling the market growth. Rising demand for centralization and streamlining of healthcare administration is also anticipated to drive the market for electronic health records. Centralization of health information management is driven by a value-based model which aims towards streamlining operations, standardizing processes, reduction of costs, and improving the quality of care that results in patient satisfaction.
Additionally, an increasing number of mergers and acquisitions by market players are also boosting the market growth. For instance, in January 2021, Allscripts Healthcare Solutions announced a strategic partnership with the U.S. Orthopedic Alliance (USOA). This partnership is aimed at bringing to market efficient infrastructure designed to assist orthopedic practices scale with agility, improving electronic health records implementation timelines, providing evidence-based guidelines to support evolving clinical protocols, and creating community-wide connectivity with value-based care analytics.
Browse through Grand View Research’s Healthcare IT Industry Research Reports.
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Market Share Insights
- December 2021: Oracle acquired Cerner Corporation for a value of USD 28.3 billion. This acquisition strengthened Oracle’s position in the EHR Market, as Cerner was a leading player in the space.
- April 2021: Cerner Corporation acquired Kantar Health, for approximately USD 375 million. This acquisition combined Cerner’s collection of real-world data and technology and Kantar’s life sciences expertise and accelerated innovation in life sciences research and improved worldwide patient outcomes.
Key Companies profiled:
Some prominent players in the global electronic health records market include
- Cerner Corporation (Oracle)
- GE Healthcare
- Allscripts Healthcare, LLC
- McKesson Corporation
- Epic Systems Corporation
- NextGen Healthcare, Inc.
- Medical Information Technology, Inc.
- Health Information Management Systems
- AdvancedMD, Inc.
- CureMD Healthcare
- Greenway Health, LLC
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