U.S. Electronic Health Records Market - Industry Outlook & Forecast 2023-2028

INDUSTRY OUTLOOK

The U.S. electronic health records 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 5.93% during the forecast period. The baby boomer population has continued the EHR trend for several years and is gradually retiring. EHRs help practices run more smoothly and, perhaps consequently, make more money. They also help improve quality and safety. EHRs have built-in checks to ensure no drug/drug interactions occur and can eliminate problems related to poor handwriting. Public and private financial incentives are aligned to encourage physicians to adopt electronic health records. Furthermore, many vendors in the U.S. electronic health records market offer EHR. Vendors in the U.S. majorly focus on software for specific healthcare providers, including acute hospitals or ambulatory care.

WHY THIS REPORT?

This report provides

• A thorough insight into the structure and size of each market segment.
• An analysis of several micro-market indicators considering growth factors, industry prospects, and strategic contribution to the U.S. electronic health records market.
• Overviews of the top manufacturers/marketed products, pipeline analysis, clinical trial analysis,  competitive landscape, vendor profiles, mergers & acquisitions.
• Provide strategic planning, such as comprehensively understanding consumer behavior, competitors, new product development, geographic market expansion, and merger & acquisition pipelines.
• Insights to formulate effective sales and marketing strategies by understanding the competitive landscape and analyzing various competitors' performance.
• Identifies emerging players with potentially strong product portfolios and creates effective counter strategies to gain a competitive advantage.

MARKET TRENDS & DRIVERS

Technological Advancements in the EHR
Web-based EHR systems offer various advantages, such as increased efficiency and better quality of care. The marketplace's most competitive EHR companies are releasing offerings catering to hospitals and doctors’ offices, which require quick, secure, and reliable access to patient records. Healthcare technology is a broad field where innovation is crucial in sustaining health.

Increased Adoption of Cloud-Based EHR
Cloud-based platforms are provided as a service. Only the customers must subscribe to it, and the service will be provided per the client's requirements. This does not require any physical setup or any IT person to maintain the technical parameters. Service providers take care of these factors. This is comparatively more economical than the on-premise setup. This is increasing the number of users, especially the smaller hospitals using cloud platforms.

SEGMENTATION INSIGHTS

INSIGHTS BY DEPLOYMENT
The cloud-based deployment holds the largest share of the U.S. electronic health records market in 2022. Major users of cloud-based electronic healthcare records are in rural, community, and critical access hospitals. In addition, small and midsize hospitals and critical access facilities are adopting cloud-based electronic health record software to enhance patient engagement. Cloud-based EHR systems help healthcare facilities solve several issues that healthcare practices may be worried about when adopting an EHR system. Cloud-computing platforms provide scalable, on-demand access to IT services.

INSIGHTS BY APPLICATION
The U.S. electronic health records market by application is segmented into clinical, administrative, reporting in healthcare systems, healthcare financing, and clinical research. The clinical segment dominated the U.S. industry with a share of over 28% in 2022. EHR provides clinical functions: health information and data, results management, order entry and support, and decision support. 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. Furthermore, the clinical research segment is projected to witness the highest CAGR during the forecast period. The surveillance facility supports the execution of clinical trials by tracking patients via their visits and following the phases of clinical trials defined in the research protocol. Also, Electronic Health Records for Clinical Research aims to improve trial conduct by using existing routinely collected data.

INSIGHTS BY END-USER
The U.S. electronic health records market by end-user is segmented into hospitals, ambulatory/outpatient settings, and others. Hospitals are one of the most important cornerstones of every modern health system. In 2022, the hospital dominated the segmental share. Despite this fact, the total number of hospitals in the U.S. has constantly decreased over the past few decades, as several hospital owners are facing high debts regarding ownership of hospitals. Over 85% of the hospitals use the EHR systems. Furthermore, hospital healthcare professionals have recently been using advanced technologies to record healthcare data for several surgical procedures. The industry is growing constantly and will likely grow simultaneously during the forecast period.

VENDOR LANDSCAPE

The U.S. electronic health records market is growing rapidly. New companies enter the industry yearly with innovative products, especially if customers are waiting for new products. Some large companies are new to this industry and have no better track record than smaller start-ups. The U.S. electronic health records industry is developing and has a high penetration rate and growth potential in the upcoming years, owing to the popularity achieved. The key players in the U.S. industry include Epic, Oracle, and Meditech, making it more fragmented with intense competition as many companies compete, and there is no single or small group of companies that dominate the industry. Epic Systems was one of the first providers of electronic health records since its founding in 1979. The company mainly focuses on medical groups such as community hospitals, academic medical centers, multi-specialty groups, independent practices, and rehab centers.