Clinical EHR Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Clinical EHR Market is poised to grow at a CAGR of 11.8% over the forecast period, 2022-2027.

With the onset of COVID-19, several countries embraced digital healthcare to a notable extent to share data regarding infection status. The Electronic Health Record (EHR) platforms witnessed a dramatic increase in their adoption rate during the pandemic. In order to mitigate and contain the spread of COVID-19 infection, government and public healthcare officials are adopting electronic case reporting (ECR) platforms for tracking the infection spread status. This has significantly boosted the revenue generation in the 2020 and 2021 markets. Several market players are engaged in product launches that support the market growth in the country. For instance, in April 2020, Allscripts introduced a package of COVID-19 solutions for hospitals. The package provides a series of COVID-19 workflows that addresses disease-specific needs within SunriseTM EHR, ParagoN EHR, and Allscripts Care Director. Such launches are anticipated to fuel the usage of EMRs in the country. Therefore, the clinical EHR system market has been significantly impacted by the COVID-19 pandemic.

The increasing number of hospitals are found utilizing clinical EHR systems. These systems has number of advantages such as easier access to patient data, improved patient safety via decision support, structure information and better access to patient information are likely to drive growth of global clinical EHR systems market over foreseeable future. The initiatives launched by the government are also contributing to the market growth. For instance, in March 2020, the United States Department of Health and Human Services (HHS) finalized two transformative rules that provide patients unprecedented safe, secure access to their health data. The two rules, issued by the HHS Office of the National Coordinator for Health Information Technology (ONC) and Centers for Medicare & Medicaid Services (CMS), implement interoperability and patient access provisions of the bipartisan 21st Century Cures Act (Cures Act) and support government’s MyHealthEData initiative. These types of initiatives will further contribute to the increasing adoption of EMRs in the country.

Systems for keeping electronic health records are growing in popularity as the healthcare sector digitizes. The growth of the clinical EMR system market is being fueled by numerous government initiatives, including encouraging doctors to use electronic health records, investing in training healthcare IT professionals, and setting up regional extension centres to offer technical and other advice. For Instance, in March 2021, to enable the flow of health data across borders, the European Commission adopted a recommendation on a European electronic health record exchange format. Wherever they are in Europe, this policy enables European citizens to securely access and exchange their health data.

Additionally, the market for clinical EHRs system is expanding due to factors like the growing need for an integrated healthcare system, big data trends in the healthcare sector, and developments in data storage technology. For instance, in 2020, Savana Medical, a Spanish startup, has raised approximately EUR 12.8 million in its Series B fundraising round to transform electronic health information into Big Data to unleash life-saving insights. This is expected to bring innovations in the electronic medical records solutions, thereby expected to drive the growth of electronic health records market.

Scope of the Report

An Electronic Health Rrecord (EHR) is the systematized collection of patient and population electronically-stored health information in a digital format. These records can be shared across different health care settings. EHRs may include a range of data, including demographics, medical history, medication and allergies, immunization status, laboratory test results, radiology images, vital signs, personal statistics like age and weight, and billing information. The market is segmented by Type (Hardware and Software), End-user (Hospital, Clinics, Others), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

EHR Software is Expected to Dominate the Clinical EHR Systems Market

EHR software is a computer system that helps healthcare providers manage patient medical records and automate clinical workflows. EHR systems allow providers to create customizable templates for taking notes during patient encounters, generate reports on practice efficiency and compliance with government programs, communicate with patients and staff, see patients remotely with telemedicine sessions and prescribe medications electronically, sync information with practice management and billing systems, and many more functions.

Another benefit of modern EHR systems is seamless integration with practice management software. This integration eliminates time and errors caused by copying-and-pasting between software systems, reduces the amount of missed follow-up appointments, and speeds up reimbursement. Owing to these benefits, the adoption of EHR has increased, especially in developed countries like the United States. In February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District’s multiple offices. Such collaborations will contribute to the rising adoption of EHRs in the United States. Similarly, in February 2021, Medway National Health Service Foundation Trust adopted Allscripts Sunrise electronic patient records to boost its digital maturity quickly. The trust signed a deal with Allscripts in December 2020, and the first phase of the core functionality is expected to go live six months after the project begins. With this, clinicians will have better access to a single view of patient information with the launch of clinical papers with in-context links to other IT systems in use at the trust. These benefits have increased the popularity of these products, which has helped the market growth.

Growing product launches by the key market players are expected to boost the growth of the market. For instance, in May 2022, ModMed revealed it is sharing an early preview of its OBGYN-specific software suite set to launch later this year. Obstetrics and gynaecology are benefiting from practise and workflow innovation due to ModMed OBGYN, an all-in-one EHR, practise management, patient engagement, payments, image and inventory management, and analytics solution.

Thus, all aforementioned factors such as growing adoption and product launches accelerate the segment growth over the forecast period.

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