An EHR system makes patient data more accessible, hence improving the overall productivity and efficiency of patient care.
By 2026, the EHR Software market is estimated to be worth approximately USD 42.64 billion, with a CAGR of roughly 5.57 percent over the forecast period. Providers can use EHR systems to create customizable templates for taking notes during patient encounters, generate reports on practice efficiency and compliance with government programs, communicate with patients and staff to meet patients remotely, dispense drugs electronically, and sync information with practice management and invoicing systems. Electronic health records' usage is expected to increase in the future due to its various features, applications, and interoperability across a variety of healthcare settings. EHRs are physician, real-time digital records that make patient data available to authorized healthcare practitioners promptly and securely.
Factors such as the federal government's increased incentives and the rising incidence of prescription errors are also fueling the growth of the electronic health record (EHR) software business. However, the high cost of EHR and growing concerns about patient data safety and security as a result of escalating cyber-crime are limiting market growth. However, huge market potential in emerging countries is predicted to give additional opportunities for market expansion throughout the forecast period. The medical history, medicines, allergies, treatment plans, diagnoses, vaccination dates, radiographic pictures, and laboratory test results are all included in the record. The market for electronic health records software is expanding due to rising EHR adoption, increased use of cloud-based EHR software, a rapidly ageing population, and an increase in the number of chronic illnesses. Artificial intelligence (AI) has a history of transforming the healthcare industry by supporting physicians in identifying prior trends in a patient's condition and making diagnoses. As a result, several companies are aiming to integrate AI into EHR by employing voice recognition technology.
The increasing adoption rate of EHR systems throughout the world is one of the primary factors driving market progress. This is mostly due to the government's growing efforts to establish strategies to lower administrative and regulatory expenses associated with the use of medical records for health care providers. The Cures Act, for example, was presented in December 2016 with the purpose of improving medical product development and supporting medical technology discoveries and developments. The passing of the Cures Act encouraged healthcare IT players in generating proposals and strategies to address major difficulties associated with the deployment of electronic health records. To achieve this aim, the Medicare program's documentation requirements have been reduced, and regulatory flexibility has been increased. As a result, the operations will have a major influence on the EHR Software market.
Another factor likely to boost market growth in the near future is major companies operating in the target sector concentrating on the development of important strategies in order to get a competitive advantage in the global market. CompuGroup Medical, for example, bought eMDs, an EHR provider, in December 2020. The acquisition sought to strengthen the firm's portfolio while also increasing and consolidating its footprint in the ambulatory segment in the United States. Cerner Corporation will launch a cloud-based EHR solution in July 2020. The launch is targeted at supporting rural and critical access hospitals by making cost-effective EHR systems available, allowing them to expand their client base. In October 2019, Northwell Health and Allscripts announced signed an agreement to develop the next-generation EHR that would be AI-based, voice-enabled, and cloud-based. Northwell Health and Allscripts announced in October 2019 that they had reached an agreement to build the next-generation EHR, which will be AI-based, voice-enabled, and cloud-based.
Key Segments of the Global EHR Software Market
- Global EHR Software Market by Type
- Global EHR Software Market by End-User
- Diagnostic and Imaging Centers
- Ambulatory Care Centers
- Other End Users
- Global EHR Software Market by Region
- North America
§ United Kingdom
- Rest of Europe
- Asia Pacific
§ South Korea
§ Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
§ Gulf Countries
§ Rest of MEA