Electronic Health Records Market Assessment, By Product, By Business Model, By Type, By Application By End-user, By Region, Opportunities and Forecast

Reportlinker.com has recently published a report called "Assessment of the Electronic Health Records Market," which provides valuable insights into various aspects of the industry. The report examines the market based on product, business model, type, application, end-user, and region, offering a comprehensive analysis of the opportunities and forecasts for the years 2016 to 2030. To access the full report, please visit the following link: https://www.reportlinker.com/p06486290/?utm_source=GNW.

The worldwide electronic health records (EHR) market is projected to experience substantial growth in the coming years. Currently valued at USD 27.85 billion, it is estimated to reach USD 41.87 billion by 2030, with a steady CAGR of 5.23% from 2023 to 2030F. Various factors are driving this growth, including the increasing adoption of EHR systems, advancements in technology, a rise in digitalization, an uptick in mergers and acquisitions in the healthcare sector, enhanced data security measures, and government initiatives to promote electronic health record usage. EHR refers to the systematic compilation of patient and population health data, securely stored in a digital format. Compared to traditional paper-based methods, EHR offers numerous advantages such as easy access to patient information, reduced risk of misplacing health records, efficient data analytics, and improved accuracy. Currently, North America leads the charge in the global electronic health records market, holding the largest revenue share.

Cloud-based electronic health records (EHR) are set to become the dominant force in the market moving forward.

Cloud-based electronic health record (EHR) systems are poised to become the dominant force in the global market for managing patient health records. This is due to the many advantages they have over traditional systems. The cloud-based approach offers greater flexibility, scalability, and cost-effectiveness, making it an appealing choice for healthcare providers. By using cloud-based EHR, healthcare organizations can securely access patient data from anywhere, at any time, which allows for seamless coordination of care and the provision of telemedicine services. Additionally, these cloud-based systems often include regular updates and maintenance, reducing the need for on-site IT support and lessening operational burdens. This model also ensures improved data security and disaster recovery measures, as data is stored in multiple off-site locations with strong encryption and redundancy. Overall, the shift towards cloud-based EHR solutions is inevitable. Their ability to enhance accessibility, efficiency, and data security in healthcare settings will transform how patient information is managed and utilized.

In April 2023, eClinicalWorks, the top provider of cloud-based EHR services for outpatient care, announced its dedication to improving its advanced cloud technology by incorporating AI. With a focus on user-friendliness, safeguarding information, and ensuring patient well-being, the company has poured $100 million into Microsoft Azure's cloud services. This significant investment gives eClinicalWorks access to cutting-edge innovations found within the Microsoft Cloud. Consequently, eClinicalWorks is now merging its EHR and Practice Management solutions with ChatGPT, cognitive services, and machine learning models from Azure OpenAI Service, thereby enhancing its technological capabilities and offerings.

Collaboration Amongst Key Players in the Industry

Partnerships between various players in the electronic health records industry are gaining momentum on a global scale, fueling the market in multiple ways. These valuable alliances bring together EHR vendors, technology firms, healthcare providers, and research institutions, each contributing their unique strengths and specialized knowledge. The pooling of resources and expertise is resulting in the creation of more inclusive and cutting-edge EHR solutions.

Altera Digital Health, a reputable worldwide pioneer in healthcare IT, has recently revealed that Bergen New Bridge Medical Center, the most prominent hospital in New Jersey and an associated organization of Rutgers New Jersey Medical School, has decided to prolong their cooperation with the Paragon electronic health record system for another five years. In addition to expanding their fruitful alliance, the medical center intends to incorporate Paragon Ambulatory Care EHR, Microsoft Azure hosting, and multiple other Altera solutions in order to enhance their healthcare services even further.

In April 2023, Microsoft Corp. and Epic revealed their new collaboration to integrate generative AI into the healthcare field. They accomplished this by merging the extensive capabilities of Azure OpenAI Service with Epic's exceptional electronic health record (EHR) software. This partnership represents a further extension of their longstanding partnership, which already involves supporting the use of Epic environments on the Microsoft Azure cloud platform.

The worldwide market for electronic health records is going through fast technological progress, driven by inventions like merging artificial intelligence (AI) and machine learning. These clever algorithms allow predictive analysis, data-based perceptions, and clinical decision backing, enriching the precision and effectiveness of healthcare providers. Furthermore, cloud EHR technology is transforming the way data is stored and accessed, allowing instantaneous updates and smooth exchange of patient records among various healthcare institutions.

The rise of electronic health record (EHR) mobile applications extends the influence of healthcare experts. These revolutionary technological developments in the worldwide EHR industry are pushing for increased compatibility, participation from patients, and healthcare decisions based on data. As a result, health outcomes are being enhanced and patient care is being improved.

ALYKA Health introduced a fresh mobile application in October 2022 targeting to serve as a digital aide for people and their loved ones in managing health records. The app can be easily accessed on iOS and Android devices. Through analyzing key factors that contribute to heart disease and linking with patients' medical information, ALYKA offers customized vital health information. Users can personalize their experience within the app by setting objectives, gaining valuable insights, and receiving motivation to enhance heart health and overall wellness.

The business model segment where professional services dominate the market holds the largest share.

The professional services category has been the dominant force in the global market for electronic health records and is predicted to have substantial growth in the future. These services have a vital role in helping healthcare organizations implement information systems. They cover many different areas like managing projects, having technical and application knowledge, improving clinical processes, providing advice on regulations, and training users on how to utilize electronic health records. By understanding and meeting this demand, professional services providers offer all-encompassing solutions specifically tailored to the unique needs of healthcare institutions. Their specialized expertise in implementing, customizing, training, and providing ongoing assistance with electronic health records has played a crucial role in successfully integrating these systems into healthcare facilities.

The global electronic health records market was greatly affected by the COVID-19 pandemic. The pandemic caused a significant and sudden disruption in clinical operations. At first, the amount of time spent on EHR decreased as the pandemic started, but by July 2020, it not only bounced back, but exceeded the levels before the pandemic. This increase was mainly because clinicians spent more time on clinical review and responding to patient messages, receiving 157% more messages than before the pandemic. Managing these messages required an extra average of 2.3 minutes of EHR work per clinician every day. These digital solutions became essential in managing patient information, enabling telemedicine, and ensuring effective communication between healthcare professionals. The pandemic emphasized the need for efficient data management, compatibility, and remote patient care, which led to an increased adoption of EHR systems worldwide.

The Dominant Participant Landscape and Market Perspective

The worldwide market for electronic health records is constantly changing and filled with various major players vying for success. Both well-known EHR companies and new ones are adding to the competition in the industry. The top companies have gained significant market positions by offering strong EHR solutions that make managing data, sharing information between systems, and using the interface easy for users. In general, the global EHR market has great potential for continued growth, and innovation and partnerships will be crucial in determining its future direction.

In June 2022, Oracle purchased Cerner, a global health IT company. The agreement involved offering to buy stocks, with Oracle acquiring 69.2% of Cerner's shares. The acquisition was made in cash and valued Cerner at $95 per share. This announcement in December marked Oracle's biggest acquisition up to that point and was one of the most notable takeovers of 2022. Oracle successfully cleared the final regulatory hurdles for this significant $28.3 billion deal. Find the complete report here: [link]

About Reportlinker ReportLinker is a renowned market research platform that prides itself on its quality services. Reportlinker efficiently gathers and categorizes the most up-to-date data from various industries, ensuring that you receive all the market research you require seamlessly, all in a single location.