The U.S. electronic health records (EHR) market size to cross USD 10 billion by 2025, growing at a CAGR of 6% during the forecast period. The U.S. EHR market is expected to be driven by the increasing prevalence of chronic disorders and the outbreak of pandemics. About 6 in 10 adults in the US have a chronic disease, according to the National Center for Chronic Disease Prevention and Health Promotion 2019. An increase in the prevalence of acute and chronic diseases, including several heart diseases, diabetes, cancer, pandemic such as COVID-19, high awareness regarding the benefits of electronic health records are likely to fuel the growth of the market in the US. EHRs offer a range of advantages to healthcare providers and patients, which ultimately increases productivity and patient satisfaction. The increasing adoption of software solutions such as data mining, clinical decision support system, and clinical trial management systems will propel the demand for EHR systems. A growing number of medical professionals opt for technologically advanced data management systems to save time and resources.
The phenomenal spread of COVID-19 in the US has increased the growth of the U.S. telehealth market. Telehealth services inpatient portals have eased overcrowding in hospitals and have allowed remote monitoring of patients, thereby decreasing the spread of the virus.
- The U.S. clinical application segment will reach over USD 3 billion by 2025 because of increased demand for complete, up-to-date, and accurate medical records for effective diagnosis and treatment.
- The specialty centers segment is likely to grow at the highest CAGR during the forecast period due to the higher preference for private hospitals among patients and the increasing aging population in the US.
- The cloud-based software segment will account for incremental growth over USD 1.75 billion by 2025, as this system is a scalable, flexible, intuitive, cost-effective solution for maintaining health records.
U.S. ELECTRONIC HEALTH RECORDS MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY END-USER
In 2019, the hospital segment was the largest end-user segment. It generates tremendous medical data daily. Hence, EHRs have become an integral part of patient data management owing to the convenience and increased productivity. The benefits offered by in-house EHR systems, including cost factor and time saving to large-scaled hospitals, are responsible for the revenue growth. Nearly 90% of hospitals across the country used electronic health record systems in 2018. Computerized prescriber-order-entry (CPOE) systems with clinical decision support are used by 96% of hospitals, according to the ASHP National Survey of Pharmacy Practice in Hospital Settings: Prescribing and Transcribing—2016.
Specialty centers, on the other hand, are expected to display the highest growth over the forecast period. The market share of specialty centers was recorded at close to 20% in 2019, which is expected to reach 21% in 2025. Specialty centers are convenient for both healthcare providers and patients. They rely on these systems for effective data management. The US will lead to the adoption of EHR in specialty hospitals across North America. The patients in the region widely prefer private hospitals as the variety of amenities offered by private hospitals is better.
INSIGHTS BY APPLICATION
In 2019, the clinical application of electronic health records dominated the U.S. electronic health records market share of around 30%. One of the key EHR application areas in the healthcare system is clinical patient care. The use of EHRs as a source of data in clinical investigations could involve additional considerations, planning, and management. The demand for complete, up-to-date, and accurate medical records drives the adoption of EHR in the clinical segment.
The administrative application segment will grow at a CAGR of close to 6% during the forecast period. As healthcare technology offers easy to healthcare organizations to improve their administrative operations, the segment is likely to grow. Although an EHR’s primary function is to collect and manage clinical data, an organization’s administrative processes can realize meaningful gains on several metrics when an EHR is incorporated into administrative operations.
Based on cost-accounting applications, health care cost-accounting systems have been adopted widely. In the US, a high percentage focuses on reducing the cost of healthcare, and the adoption of EHR and health IT systems has a significant role to play in achieving that.
INSIGHTS BY DEPLOYMENT
On-premise deployment involves hosting the EHR software on in-house servers maintained and implemented by an organization’s IT team. Cloud-based is an online software-as-a-service implementation that hosts the software in the cloud where users access it via the internet. Both come with unique pros and cons that can impact decision-making. The cloud-based segment will be the fastest-growing segment during the forecast period. The cloud-based segment dominated the U.S. EHR market share with 56% in 2019. An increasing number of hospitals have shifted their preference for EMR systems from on-premise to cloud-based models, contributing to their market growth. Cloud EHR systems have a lower cost than on-premise products. Since cloud-based EHRs do not require capital investment in hardware, software, and network personnel, they are economical to implement and operate.
INSIGHTS BY VENDORS
The electronic health records giant Epic continued to amass a greater share of the US hospital market in 2019. The presence of major companies, continuous progress in healthcare settings, and the expansion of healthcare IT infrastructure drive the U.S. electronic health records market growth. The electronic medical records market is in a growth stage, and it has achieved popularity and high penetration in developed countries such as the US. Allscripts Healthcare, Cerner, E-clinical Works, and EPIC are the major vendors in the US EHR market.
The U.S. Electronic Health Records market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Segmentation by Deployment
- Cloud-based Software
- On-premise Software
- Reporting in Healthcare Systems
- Healthcare Financing
- Clinical Research
- Specialty Centers