United States Electronic Health Records Market Assessment, By Product [On-Premises EHR, Cloud Based EHR, Remotely Hosted EHR], By Business Model [Software License, Monthly/Annual Subscription, Technology Resale, Professional Services, Others], By Type [Tr

United States Electronic Health Records Market Assessment, By Product [On-Premises EHR, Cloud Based EHR, Remotely Hosted EHR], By Business Model [Software License, Monthly/Annual Subscription, Technology Resale, Professional Services, Others], By Type [Traditional EHR, Voice Enabled EHR, Interoperable EHR], By Application [Clinical, Hospital Coding & Billing, Administration, Quality Control, Medical Record, Pharmacy, Research, Others] By End-user [Hospitals, Clinics, Ambulatory Surgical Centres, Speciality Centres, Others], By Region, Opportunities and Forecast, 2016-2030F

United States electronic health records market valued at USD 9.01 billion in 2022, expected to reach USD 14.6 billion in 2030, growing at a CAGR of 6.26% for the forecasted period between 2023 and 2030F. Factors such as the rising adoption of electronic health records (EHR), technological advancements, increased digitization, a growing number of mergers & acquisitions, enhanced data security, and government initiatives are driving the United States electronic health records market (EHR). EHRs refer to securely stored patient and population health data in a digital format, providing several advantages over traditional paper-based record-keeping, including easy accessibility to patient information, minimized misplacement of health records, data analytics, and improved accuracy. EHR systems have facilitated the automation and efficiency improvement of medical workflows, granting access to evidence-based tools that offer improved decision support for a patient's treatment plan. North America accounts for the highest revenue share in electronic health records globally.

Increasing Adoption of Electronic Health Records in the United States

The United States electronic health records market has experienced a significant increase in adopting electronic health records (EHR) over the past few years. Due to financial incentives provided through Medicare and Medicaid, US hospitals have swiftly embraced electronic health records (EHRs). Healthcare providers, hospitals, and clinics have recognized the numerous benefits of EHR systems, leading to a widespread transition from traditional paper-based records to digital platforms. EHR adoption has resulted in streamlined workflows, improved data accuracy, enhanced patient care coordination, and increased accessibility to patient information. Additionally, integrating EHR with advanced technologies, such as data analytics and telemedicine, has further propelled the growth of digital healthcare solutions in the country. However, there were disparities in the adoption rate, with smaller and rural hospitals falling behind in the implementation process.

Interoperable EHRs to Dominate

Interoperable EHR systems have emerged as the dominant force in the United States electronic health records market. As healthcare providers increasingly recognize the importance of seamless data exchange and enhanced patient care coordination, the demand for interoperable EHR solutions has skyrocketed. These systems allow for efficient data sharing and accessibility across different healthcare settings, ensuring that authorized providers can securely access and update patient information when needed. Healthcare facilities can streamline workflows, improve patient outcomes, and avoid duplicative tests or procedures by promoting interoperability. The interoperable EHR trend has been further driven by government initiatives and regulations emphasizing data interoperability and the integration of health information technology. As a result, interoperable EHRs continue to revolutionize the US healthcare landscape, paving the way for more connected and efficient healthcare delivery.

NextGen unveiled Mirth Cloud Connect , a healthcare interoperable cloud EHR tool in March 2023. This cloud-based solution aims to address the obstacles associated with healthcare interoperability by efficiently integrating patient data from various reliable sources, leading to actionable insights at the point of care. Mirth Cloud Connect is poised to assist organizations in overcoming data exchange challenges, including the high costs related to interface development and maintenance and difficulties in accessing health data from multiple servers.

Technological Advancements

The United States electronic health records market is witnessing a surge of technological advancements reshaping the healthcare data management landscape. EHR systems are continually evolving with the integration of cutting-edge technologies. Artificial intelligence and machine learning advances are empowering EHRs to process vast amounts of patient data, offering personalized insights, and predictive analytics for improved patient outcomes. Additionally, telehealth and remote patient monitoring capabilities are being integrated into EHRs, facilitating virtual consultations and enabling continuous healthcare monitoring beyond traditional healthcare settings. Enhanced data security measures, like blockchain technology, are being explored to safeguard patient information from cyber threats.

At the American Association for Cancer Research 2022 conference, a study was presented, showcasing the application of an AI model on sequential health data extracted from EHRs. The purpose was to identify individuals with an elevated risk of developing pancreatic cancer. These AI models can potentially enable earlier detection of pancreatic cancer, ultimately leading to enhanced patient treatment options.

Professional Services are Dominating the Segment

The professional services segment has taken a leading position in the United States electronic health records market and is anticipated to witness lucrative growth in the foreseeable future. These services are vital in helping healthcare systems implement information systems within their organizations. They encompass various aspects such as project management, technical and application expertise, streamlining clinical processes, providing regulatory consulting, and conducting end-user training to design and deploy electronic health record systems. Professional service providers strategically tailor comprehensive solutions to cater to the specific needs of healthcare institutions. Their specialized expertise in EHR implementation, customization, training, and ongoing support has been crucial in facilitating the successful adoption and integration of EHR systems within healthcare facilities and is expected to drive the market growth.

Impact of COVID-19

The COVID-19 pandemic profoundly impacted the United States electronic health records market. The pandemic caused a substantial and abrupt disruption to clinical operations. Initially, the daily time spent on EHR saw a significant decline when the pandemic began, but by July 2020, it rebounded and consistently surpassed the pre-pandemic levels. This increase was primarily attributed to the rise in time spent on clinical review and in-basket messaging, with clinicians receiving 157% more patient messages compared to the pre-pandemic period. Managing such high volume of patient messages demanded additional 2.5 minutes of daily EHR work on average for each clinician. These digital solutions became indispensable in managing patient data, facilitating telemedicine, and ensuring efficient communication among healthcare professionals. The pandemic highlighted the urgency for streamlined data management, interoperability, and remote patient care, accelerating the adoption of EHR systems.

Key Player Landscape and Market Outlook

The United States electronic health records market is dynamic and rapidly evolving. Key players in the market include established EHR vendors such as Epic Systems Corporation, Allscripts Healthcare Solutions, NextGen Healthcare Inc., Athenahealth, and others. These companies have been dominant in providing EHR solutions to healthcare providers, hospitals, and clinics across the nation. Additionally, several emerging players and start-ups focus on niche EHR solutions, interoperability, and user experience improvements.

In 2022, Freenome initiated a multiomics oncology study with Oracle Cerner network aimed at utilizing real-world data sourced from the Learning Health Network for the clinical validation and enhancement of cancer risk prediction models.