The U.S. electronic health records market stands at a current valuation of US$ 8.1 billion and is estimated to surpass US$ 12.4 billion by the end of 2032. The market is projected to expand at a CAGR of 4.3% during the forecast years of 2022-2032. As such, the market is poised to generate an absolute dollar opportunity worth US$ 4.3 Billion by the end of 2032.
Application of electronic health record (EHR) software and solutions in the U.S. is likely to grow on the back of advanced technologies being introduced by market players in the country.
What Is the U.S. Market for Electronic Health Record Solutions?
“EHRs Play a Significant Role in Reducing Administrative and Regulatory Burden”
While the government has increased its efforts to develop policies that support a reduction in administrative and regulatory burdens with the use of EHRs by medical practitioners, the adoption of electronic health records has increased over time.
For instance, the Cures Act’s implementation aims to hasten the creation of medical products and incorporate improvements and innovations for patients.
Real-World Data (RWD) and Real-World Evidence (RWE) can be used to modernise clinical trial designs, which can assist reduce paperwork requirements and increase regulatory flexibility. It is projected that such initiatives would increase demand for electronic health record software and solutions.
Healthcare Information Systems: Enhanced Function & Application of EHR
Strong Health Information Technology (HIT) is increasingly needed to deliver care of the highest calibre at a lower cost. EHRs are currently regarded as a useful component of healthcare information systems. Clinical applications and healthcare systems are increasingly utilising electronic health records (EHR) to collect important health information and data as well as for administration, decision support, order input, etc.
Also, the usage of EHR in administrative and financing applications for healthcare is projected to enable a 17% increase in market demand for electronic health records over the next ten years.
Prominent players in the United States electronic health records market are focusing on advancements in software technology. They are also incorporating artificial intelligence in the development of electronic health record software and solutions to gain an edge over competitors in the market.
Increasing research & developmental activities along with constant technological innovations by prominent companies will support their growth in the market in the long run.
- Oracle Corporation agreed to acquire Cerner Corporation in 2021. The company is a leading provider of digital information systems that are used in hospitals, enabling medical professionals to deliver better healthcare.
- Constellation Software Inc. agreed to acquire Allscripts Healthcare Solutions in 2022. This acquisition is likely to be a cornerstone for the company providing key strategic components to become a digital health leader, benefitting customers over the coming years.
Key Companies Profiled
- Cerner Corporation
- Allscripts Healthcare, LLC
- NextGen Healthcare, Inc.
- HMS Networks
- CPSI Corporation
- AdvancedMD, Inc.
- CureMD Healthcare
- Greenway Health, LLC