Published Date : 16 Aug 2023
The global electronic health record software market size is expected to rise with an impressive CAGR and generate the highest revenue by 2032.
The electronic health record software helps to increase access to patient data and thus improves the overall productivity and efficiency of patient care. With various features, operability, and applications of EHR in many healthcare setting, its increasing utilization is expected to grow in the forecast period. The essential components of electronic health record software include lab systems, clinical documentation, administrative functions, and pharmacy systems.
In addition, it stores information such as gender, age, health history, ethnicity, allergies, medicines, test results, instructions, and billing information. The growth of the electronic health record software market is due to the growing adoption of innovative technologies to meet the growing needs of end users. North America is expected to hold a significant revenue share for the electronic health record software market during the forecast period.
North America dominated the global electronic health record software market and accounted for the largest revenue share in 2022. The growth is credited to the government policies that helped to adopt electronic health record software and the availability of developed healthcare infrastructure with high digital literacy.
Europe holds the second position in the electronic health record market following North America. There are increasing research and development events in the healthcare sector and increasing demand for the EHR market. The European Commission's Digital Single Market policy gives consumers and businesses access to online goods and services throughout Europe, creating crucial conditions for the development of the digital network and related services, which are anticipated to accelerate the expansion of the European economy.
Electronic health record software in Asia Pacific is predicted to have lucrative growth over the forecast period due to rising demand for quality services and standards which helps to boost the digitalization of healthcare in this region.
Electronic Health Record Software Market Report Scope:
|Largest Market||North America|
|Second Largest Market||Europe|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
AI integration in electronic health record market
The AI-sourced electronic health software integrates flawlessly and provides solutions with a diversity of features. Machine learning and natural language processing can help document a patient's medical experience, organize large EHR databases to find important documents and assess patient satisfaction. Machine learning models combined with NLP can help healthcare providers translate speech from speech-to-text recognition systems. Algorithms can be well-trained on large volumes of patient data about the patient's course of treatment, the device used for the treatment, and the respective physician, and neatly segmented based on an individual patient, disease, or disease treatment. This will improve the search for documents and information in large databases.
The high cost of electronic health record software hinders the growth of the market
The high cost of electronic health record software’s hampering the market growth. The high cost associated with the implementation, development, and maintenance of electronic health record software is expensive. Various emerging economies are facing problems in the adoption of EHR due to its high price. Also, the cost of AI to develop algorithms and programs is expensive for underdeveloped regions which slightly restrains the market.
Increasing government initiatives and collaborations create ample opportunities for electronic health record software market
There are increasing initiatives by the government to implement plans for reducing administrative burdens on healthcare providers relating to the use of electronic health record software market. For instance, my health record is a national digital health record platform in Australia region. Every Australian resident has a “My Health Record” application. The Australian Digital Health Agency (ADHA) claims that by the end of 2022, all healthcare providers in Australia will be able to contribute to and use healthcare information available on the platform. Such initiatives by governments boost the market growth of the electronic health record software market.
Limited skilled professionals in developing countries is a challenging factor for electronic health record software market
The Physicians and hospital staff could experience challenges in implementation and training with new electronic health record software, the hospitals need to train the staff properly as per system requirements, occasionally with a considerably vertical learning curve, requiring significant distribution of employment time before the EHR is fully operational for the office's needs. These are the challenging factors for the electronic health record market.
The Covid-19 outbreak had a positive effect on the healthcare industry. The urgency to stop the outbreak of COVID-19 and the growing dependence on healthcare workers is on the rise. The covid-19 pandemic has changed insights about technology adoption and increased demand for digital tools in a wide range of non-tech industries. Due to the pandemic, medical records must now be stored digitally and accessible to clinicians globally for emergency use.
The COVID-19 pandemic positively impacted the electronic health record market. Increasing adoption of advanced technology solutions for software development and recruited patient data study are the key factors for the rise in the infiltration of EHR. The COVID-19 pandemic has increased the opportunities for the electronic health record market. Because the pandemic has additionally initiated an increase in the deployment of analytical software technologies. However, the growing demand for software services from the healthcare sector is driving the growth of the EHR market.
Major Key Players:
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