According to a Fact study, the global market in electronic health records will expand at a rate of 4.5% between 2022 and 2032. It is expected to reach US$ 41.8Bn by the end of the aforementioned assessment period.
In 2015, web-based EHRs saw a 3% increase in demand. This led to a market value of US$26billion. This is the projected highest use of electronic health records, or EHRs, over the internet. Because of their small hardware requirements and low installation costs, EHRs are suitable for use in clinics, pharmacies, and small laboratories.
EHRs are a more convenient way to enter data than using paper-based methods. This has made medical billing and coding easier. EHRs make it easier to correct financial and patient errors. According to the University of Michigan (UMI), switching from paper-based records and electronic health records (EHRs), reduced outpatient care costs by 3%. As a result, each patient was able to save $5.14. M&A activity by market participants also contributes to market expansion.
The market study has some important conclusions
- The market for electronic medical records will reach US$26.78 trillion by 2022.
- The market will see web-based EHRs generate more than half its revenue in 2022, according to the product.
- Hospitals will continue to be the largest users of electronic health records and accounting for 60% of all revenue
- There will be a high demand for electronic health records, which will account for 46.8% of overall deployment
- For professional services, electronic health records will be used in over 3 of 10 cases.
- North America will represent more than half of the electronic health records market.
- Asia Pacific is expected as an opportunity market, with a 5% CAGR from 2032 to 2032.
Marketplace rivalry
Cerner Corporation (Oracle), GE Healthcare, Allscripts Healthcare, LLC, McKesson Corporation, Epic Systems Corporation, NextGen Healthcare, Inc., eClinicalWorks, Medical Information Technology, Inc., Health Information Management Systems, CPSI, AdvancedMD, Inc., CureMD Healthcare, Greenway Health, LLC, and McKesson Corporation are some of the most well-known companies in electronic health records. Leaders in emerging nations are emphasizing the importance of increasing capacity and growing their global footprint in order to capitalize on profitable opportunities. Here are some notable developments:
- Cerner Corporation was purchased by Oracle in December 2021 for USD 28.3 million. Because Cerner held a dominant position, Oracle was able to strengthen its position in EHR Market.
Which market segment will gain the most traction?
Acute EHRs account for approximately 46.8% in total revenue. This growth can be attributed to the government's efforts to encourage electronic medical records in small-scale clinics.
The Medicare Incentive Payment System is offered to all acute care hospitals in the United States, provided they are part of the Inpatient Prospective Payment System. All clinical information may be included in electronic health records. These data can be used in the ICU and in the emergency room.
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