Electronic Health Record (EHR) Market - By Product (Web/Cloud Based EHR Software, On-premises EHR Software), By Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), By End-use (Hospitals

Electronic Health Record (EHR) Market - By Product (Web/Cloud Based EHR Software, On-premises EHR Software), By Application (E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management), By End-use (Hospitals, Specialty Centers, Clinics) & Forecast, 2023 - 2032

Electronic health record (EHR) industry is set to witness steady growth between 2023 and 2032, led by the rapid digitization of the healthcare sector worldwide.

Several government bodies and health agencies worldwide have implemented EHRs as a means for streamlined, cost-effective, time-effective, and efficient workflows. Developed and developing economies, in particular, are focusing on advancing their healthcare infrastructures by incorporating sophisticated technologies. For instance, in June 2022, the UK’s National Health Service (NHS) earmarked USD 2.4 billion worth of funding to implement EHRs for all hospitals & community practices by 2025.

Additionally, several other economies are working towards ensuring the widespread use of EHRs for better healthcare performance. To that end, Northern Ireland emerged as the first UK country to have a comprehensive EHR across all care settings. The Health & Social Care Northern Ireland (HSCNI) collaborated with a healthcare technology expert, Tegria, and Cloud21 a digital health consultancy firm to enable the implementation of electronic patient records (EPRs).

The electronic health record (EHR) market is segregated based on product, technology, type, end-use, application, and region.

Based on product, the market is classified into on-premise EHR software and web/cloud-based EHR software. The demand for on-premise EHR software will increase substantially over 2032 due to advantages such as higher safety. On-premise EHR offerings ensure improved data security and protection from external breaches. They also offer myriad benefits, including better control over stored data and offline access.

In terms of application, the industry is segregated into population health management, e-prescription, referral management, practice management, patient management, and others. Among these, the e-prescription segment was valued at over USD 15 billion in 2022. Unlike conventional prescriptions, electronic formats eliminate prescribing errors, provide huge savings, and enhance efficiency.

With regards to end-use, hospitals held more than 43% share of the EHR industry in 2022. The adoption of EHR across hospitals is set to increase rapidly over the forthcoming period due to the growing need across large-scale operations & and multi-specialty facilities. The increasing hospitalization rates have contributed to massive volumes of data that need to be managed efficiently and cost-effectively, driving the implementation of EHR solutions.

Regionally, the North America EHR market share stood at over 40% in 2022 and will grow steadily through 2032, driven by multiple government initiatives. Various government-backed programs and funding are encouraging the nationwide implementation of EHRs in the U.S. and Canada. For instance, in April 2023, the Department of Veterans Affairs announced the reset of the EHR project to make improvements at the five sites that have deployed new EHR systems.