"Unleashing the Potential: Exploring the Global Electronic Health Records Market"

July 28, 2023

July 28^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Electronic Health Records Market.

Electronic Health Records Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Electronic Health Records Market is likely to witness an impressive CAGR of 5.05% during the forecast period. In recent years, the EHR market has benefited from new expansion activities, product approvals, product launches, collaborations, and acquisitions. Additionally, the market expansion is being fueled by a considerable rise in demand for electronic health records as a result of expanding digitalization. The market for electronic health records is also predicted to be driven by rising consumer demand for the centralization and simplification of healthcare administration. A value-based strategy, which aims to streamline operations, standardize processes, cut costs, and improve the quality of care so that patients are satisfied, is what motivates the centralization of health information management.

Segment Analysis

By Product Type

The market is further segmented into client-server-based EHR and web-based EHR. The web-based EHR sector dominated the market for electronic health records in 2021. Their popularity among doctors and other healthcare professionals, who work on a smaller scale, is responsible for this significant market share. This is due to the fact that web-based EHRs may be installed without the need for internal servers and also provide considerable modification and improvement options, depending on the situation.

By Business Models Type

The market is divided into licensed software, technology resale, subscriptions, professional services, and others. The market for electronic health records was dominated by the professional services sector in 2021, which also had the biggest revenue share. Healthcare systems use expert services to implement information systems within their companies. In order to create and execute electronic health record systems, they typically take the form of project management, technical and application knowledge, clinical process optimization, regulatory advice, and end-user training. Due to its extensive range of applications for the installation of information systems in businesses, it is also anticipated to acquire the biggest market share. Additionally, time-based subscription models for electronic health records are available; these models have a regular usage fee. This is one of the main ways that medical information is presented and distributed.

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By Type

The market is segmented into acute, ambulatory, and post-acute. The market for electronic health records was dominated by the acute EHR sector in 2021, which also had the biggest revenue share. Government attempts to encourage the use of electronic health records in small-scale clinics are responsible for the growth. For instance, the Medicare Incentive Payment System is available to acute care hospitals in the United States that are part of the Inpatient Prospective Payment System (IPPS). Electronic health records for acute care patients produce patient data that might include all clinical specifics. These specifics can also be employed in the operating room, emergency room, inpatient unit, and ICU.

By End-User Type

The market is segmented into hospitals, ambulatory, and others. The electronic health records (EHR) market was led by the hospital sector in 2021. The rise is explained by the abundance of medical data produced by hospitals. Additionally, installing electronic health records in hospitals is less expensive than installing them in ambulatory care facilities, which helps the market flourish. They also assist large hospitals in saving time, which further stimulates the industry. Furthermore, the category is anticipated to be driven by the rising adoption of electronic health records in small and midsized hospitals due to factors like ease of deployment.

Regional Analysis

The electronic health records market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America dominated the market for electronic health records. The rules that encourage the use of electronic health records and the availability of infrastructure with high levels of digital literacy are the main drivers of this region's growth. The Federal Health IT Strategic Plan 2020–2025, which was presented by the federal government in May 2020, requires healthcare providers to use electronic health records in a meaningful way. The European Commission's Digital Single Market Strategy gives consumers and businesses access to online services and goods across Europe, creating the conditions for the development of the digital network and related services, which is expected to maximize the potential for growth of the European economy.

During the projection period, it is anticipated that the market for electronic health records in the Asia Pacific will expand profitably. The region's healthcare system is becoming more digital as a result of the rising demand for high-quality standards and services, which is responsible for this expansion. China's Ministry of Health has established an action plan for the country's use of e-health services, which covers a wide range of medical services, and insurance policies, and places a significant emphasis on the adoption of electronic record-keeping systems that permit data sharing across the national healthcare system.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Electronic Health Records Market  analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

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Author : Emily