Hospital Electronic Health Records Market Size, Share, & Trends Analysis Report By Deployment, By Type, By Business Model, By Product, By Hospital Size, By Application, By Region, And Segment Forecasts, 2024 - 2030

Hospital Electronic Health Records Market Size, Share, & Trends Analysis Report By Deployment, By Type, By Business Model, By Product, By Hospital Size, By Application, By Region, And Segment Forecasts, 2024 - 2030

Hospital Electronic Health Records Market Growth & Trends

The global hospital Electronic Health Records market size is anticipated to reach USD 22.87 billion by 2030, growing at a CAGR of 3.84% from 2024 to 2030, according to a new report by Grand View Research, Inc. This is due to the increasing adoption of Electronic Health Records (EHRs) for the data collection. This data is used to improve patient care by enabling clinicians to identify specific patterns in populations suffering from particular diseases and make better clinical decisions. Additionally, the use of analytical tools on this data helps predict risk for hospitalizations or readmissions boosting the demand for advanced EHR solutions.

Furthermore, the increasing use of cloud-based EHR systems is expected to drive market growth. Cloud-based EHRs offer numerous advantages over traditional web-based systems, making them highly appealing to healthcare providers. These benefits include easy implementation, cost savings, reduced IT resource requirements, improved accessibility and collaboration, and simplified scalability.

Moreover, cloud-based EHRs enhance data security and tackle interoperability and data exchange challenges, further increasing their adoption. For instance, in August 2023, Microsoft Corp announced a new partnership that allows Epic Systems Corporation clients, first with Mount Sinai Health System, to use Microsoft Azure Large Instances. This would precisely benefit larger Epic electronic health record (EHR) databases, offering support for over 50 million database entries per second with dedicated resources. This new solution enables Mount Sinai and other Epic clients to overcome the restrictions of previously used shared public cloud infrastructures.

Hospital Electronic Health Records Market Report Highlights

• Based on deployment, the cloud-based EHR segment held the largest revenue share in 2023. This is attributed to the rising preference for cloud-based EHR solutions in hospitals owing to their scalability, flexibility, and cost-effectiveness.
• Based on type, the acute segment dominated the market with the largest revenue share in 2023 owing to the rise in government initiatives and funding to promote EHR adoption in acute care hospitals.
• Based on business model, the professional services segment dominated the market in 2023. The growth of the segment is driven by the complex nature of implementing and managing EHR systems, requiring expert help in deployment, customization, integration, and compliance with healthcare regulations.
• Based on product, the integrated segment dominated the market in 2023. The growth of the segment is driven by the increasing need for streamlined operations and improved patient care.
• Based on hospital size, the large hospital segment is expected to witness the fastest CAGR from 2024 to 2030. This is due to high growth in government initiatives and incentives offered to small hospitals for healthcare IT integration.
• Based on application, the cardiology segment dominated the market in 2023 owing to the rising incidence of hospitalization of patients diagnosed with cardiovascular diseases such as coronary heart disease and stroke.
• The North America region held the largest market share in 2023. This can be attributed to the growing government policies that support the adoption of electronic health records and the availability of infrastructure with high digital knowledge.
• In December 2023, Fraser Health Authority (Surrey, B.C.), a prominent regional health authority, announced plans to implement generative AI for clinical documentation in MEDITECH’s Expanse EHR. The effort would utilize Google Cloud’s Vertex AI and large language models as part of a pilot program targeting the hospital course narrative during discharge.

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