U.S Electronic Health Record (EHR) Market - Focused Insights 2023-2028

The US Electronic Health Records (EHR) market was valued at USD 9.12 billion in 2022 and is expected to reach USD 12.88 billion by 2028, growing at a CAGR of 5.92% from 2022 to 2028. The healthcare sector is undergoing significant transformation, driven by the integration of advanced technologies like blockchain and AI into Electronic Health Records (EHR). These innovations are leading to increased automation, enhanced security, and greater patient privacy. Cloud-based EHR platforms, valued at $5.31 billion in 2022, are seeing a surge in demand due to their affordability, user-friendliness, and improved data operability, projected to reach $7.74 billion by 2028 with a CAGR of 6.48%. These platforms are particularly favored by rural, community, and critical access hospitals, with smaller institutions also leaning toward them to bolster patient engagement.

Cloud-based EHRs address several healthcare concerns, offering benefits like reduced initial and maintenance costs, high availability of IT services, and minimized system failures. Market leaders in this domain include Athenahealth, eClinical Works, and Allscripts, with Allscripts leading in cloud-based EHR offerings. EHR systems not only streamline clinical functions but also support administrative tasks, enhancing the efficiency of healthcare delivery. Their adaptability in finance and resource planning within healthcare organizations aids decision-making and resource allocation.

EHR's potential isn't just limited to clinical and administrative tasks; they also play a pivotal role in clinical research. They support trial execution patient recruitment and leverage routinely collected data to optimize the trial process. With the rise of telehealth post-COVID-19, EHRs have been instrumental in accommodating new reimbursement methods and facilitating virtual consultations.

The US market, already mature with high penetration, continues to see growth. Prominent players include Epic, Oracle, and Meditech, leading to a fragmented market landscape marked by stiff competition. Despite rapid growth, the EHR market remains dynamic, with new entrants, even major corporations, on par with smaller startups in terms of market impact. Trends like the shift towards value-based healthcare and inorganic growth strategies adopted by top companies underline the market's trajectory and underscore the crucial role of EHRs in modern healthcare.

KEY HIGHLIGHTS:

• The success of value-based treatments completely depends on the integration between doctors, patients, caregivers, IT professionals, and EHR vendors in the market. Value-based healthcare includes the treatments that are provided at a reasonable cost with high quality. There is a constant change in the reimbursement model for various treatments under value-based solutions.
• Cloud-based EHR systems are largely preferred in the market due to their ease of use and low maintenance. This segment is expected to grow at an absolute growth rate of 45% or more.
• EHR provides clinical functions, including health information and data, results management, order entry and support, and decision support. The main objective of the EHR in the healthcare system is to manage the information that health personnel require to do their work efficiently and effectively.
• Clinical research is one of the growing markets in healthcare. The introduction of remote clinical trials and increased adoption of digital equipment is increasing the usage of EHR in the market. EHR helps the user to handle large volumes and to track the research with real-time data.
• Healthcare administrative databases are rich sources of information that may be leveraged for research purposes. However, it is important to understand the limitations, such as data duplication, which may be associated with their use for research. The duplication issues are overcome using the EHR software in the market.
• The increasing number of healthcare settings, constant increase in patient population, and digitalization are driving the market to the next level of innovation.