EHR Market To Generate $40,435 Million Revenue by 2030
- Published: January 2023
The EHR market size is expected to advance at a CAGR of 4.40% during 2022–2030, to reach USD 40,435 million by 2030. This is ascribed to advanced healthcare facilities and enhancements in software technology.
Surging Demand for Centralization and Streamlining of Healthcare Administration
Due to the availability of vast patient healthcare data, it is necessary to collect this data in one single software and make it easily available for healthcare providers, regardless of their location. Streamlining medical data has become necessary to reduce errors in medical documentation and decrease the time in generating medical claims. Patients residing in remote locations are unable to visit doctors frequently, thus centralizing the healthcare data helps them to connect with healthcare providers. Furthermore, EHR makes it easy for collating data in one place and helps in reducing claim denials and streamlines the whole medical claims management process for both payers and providers. Therefore, the growing demand to centralize the health-related data of patients will lead to high demand for EHRs in the coming years.
APAC Is Expected To Show Fastest Growth
APAC is expected to show the fastest growth, at a CAGR of 4.7%, during the forecast period. This is due to the growing investments by the government, non-profit entities, and private sector companies in EHR solutions; increasing geriatric population, and surging cases of chronic diseases in countries, such as India and China.
According to a government report, out of the 1344 hospitals that responded from 30 provinces countrywide, an estimated 41.37% had already made their EHR data available to patients, and 97.12% of them did so using mobile apps. In all, 54.63% of the EHR data were made available to both inpatients and outpatients, and it is estimated that doing so might end up saving the hospital 15.9 million RMB annually and the patients a total of 9.4 million RMB.
Thus, government regulations and incentives are contributing to the increasing adoption of EHR systems in various APAC countries as the region's healthcare industry moves toward digitization.
Moreover, Brazil spends a major portion of its GDP on healthcare expenditure and the health insurance system. The healthcare infrastructure is also expected to grow at a considerable rate in Mexico in the coming years. Thus, developing healthcare in these emerging economies is creating ample growth opportunities for the players operating in the LATAM EHR market.
The fragmented healthcare industry and high operating margins in these economies make them lucrative markets for EHR developers. Moreover, African countries have a large population base and improving healthcare infrastructure, which indicates a huge market potential for EHR solutions. Also, the healthcare expenditure by private and public companies as well as governments are rapidly increasing in the region.
Growth Opportunities in Emerging Markets
The acceptance of EHR systems in emerging economies is expected to provide enormous growth opportunities to the market players. This is expected to be led by the increasing emphasis of HIT players on quality healthcare and growing investments in healthcare by both public and private enterprises. Furthermore, countries such as China and India have a large population base; however, they lack primary healthcare facilities. The rising prevalence of chronic diseases, such as cancer, diabetes, and cardiovascular diseases, in these countries, is expected to generate the demand for EHR solutions for the efficient management of patient information. Besides, the implementation of EHR solutions will facilitate better patient care and reduce costs in healthcare settings.
The most-significant electronic health record market players are Cerner Corporation, Allscripts Healthcare LLC, General Electric Company, McKesson Corporation, Epic Systems Corporation, NextGen Healthcare Inc., Medical Information Technology Inc., Health Information Management Systems, CureMD Healthcare, and Greenway Health LLC.