The global electronic health record software market size was valued at USD 30.6 billion in 2021. The market is projected to grow from USD 30.9 billion in 2021 to USD 47.2 billion by 2028, exhibiting a CAGR of 7.50% during the forecast period.
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The global demand for EMR among hospitals and clinics is increasing, boosting the market's overall growth. The market is expanding as a result of the increasing technological developments in EMR software and services. Additionally, the adoption of artificial intelligence (AI) in the creation of EHR software and improvements in software and the healthcare industry are also anticipated to hasten the market's expansion. The leading market participants are putting a lot of effort into several new releases. EMRs' low maintenance requirements and increased accessibility are key factors in the market's increasing demand. Moreover, as people's disposable income has increased in many countries, healthcare costs have increased everywhere. Additionally, government agencies and healthcare organizations are taking the lead in meeting population needs by increasing healthcare spending, which is anticipated to support the expansion of the global electronic medical records (EMR) market.
COVID-19 has a marginally positive effect on the adoption of EHR by healthcare systems. By enabling researchers to communicate and have access to precise clinical data that has benefited them in COVID-19 trend analysis and drug development, the electronic health record software is also used to support clinical research activities. In hospitals with integrated EHR software, this has also helped with the management of enormous patient databases. Industry insiders are also helping the government prepare for a pandemic.
More Government Initiatives and Partnerships are Opening up New Prospects for Market Growth
Growing government initiatives to implement plans for lowering administrative burdens on healthcare providers related to the use of EHR are a major factor creating new opportunities for players, as are company acquisitions, collaborations, and implementation of electronic health record software globally. For instance, My Health Record is Australia's regional national digital health record platform. Every Australian citizen has access to the "My Health Record" program. By the end of 2022, according to the Australian Digital Health Agency (ADHA), all Australian healthcare providers will be able to contribute to and access the platform's database of medical data. Such government actions promote market expansion.
High Prices for Electronic Health Record Software are Impeding Market Expansion
The high cost of electronic health record software is hampering the market's expansion. Implementing, creating, and upkeep software for electronic health records are expensive. The expensive cost of EHR prevents widespread adoption in many emerging economies. Additionally, the cost of developing AI algorithms and programs is high for developing countries, which has slightly hampered the market. The market for electronic health record software is anticipated to be hampered by a lack of IT infrastructure in low-income nations and a shortage of individuals with the necessary skills and knowledge to apply complicated AI and machine learning algorithms. Therefore, the high price of EHR software is limiting market expansion.
LIST OF KEY COMPANIES PROFILED:
Allscripts Healthcare, LLC
Epic Systems Corporation
NextGen Healthcare, Inc.
Medical Information Technology, Inc.
Greenway Health, LLC
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