United States Electronic Health Records Market - 2024-2031

Overview

The United States Electronic Health Records market reached US$ 11.38 billion in 2023 and is expected to reach US$ 16.09 billion by 2031, growing at a CAGR of 4.5% during the forecast period 2024-2031.

An Electronic Health Record (EHR) is an electronic representation of a patient's medical history that healthcare providers maintain over time. It encompasses essential administrative and clinical data pertinent to the patient's care within a specific healthcare provider's system. Key components of an EHR include patient demographics, progress notes, medical problems, medications, vital signs, past medical history, immunizations, laboratory results, and radiology reports.

There has been a rising demand for these EHR systems and software with growing technological advancements in the healthcare sector. In June 2024, Seneca Healthcare launched a new electronic health record (EHR) system. The new EHR provides patients with a streamlined and secure way to manage their health and wellness information electronically.

Executive Summary

Market Dynamics: Drivers & Restraints

Rising adoption of electronic health record (EHR) solutions by healthcare companies

The rising adoption of electronic health record solutions in healthcare companies. This is due to the growing preference of healthcare providers. Healthcare providers are increasingly implementing Electronic Health Record (EHR) solutions to enhance patient safety and deliver a higher standard of care. EHRs facilitate the sharing of accurate and current patient information across various healthcare settings, which improves care coordination and minimizes the risk of medical errors.

There is a growing adoption of EHRs in the healthcare sector. For instance, according to the information provided by the National Coordinator for Health Information Technology, as of 2021, nearly 9 in 10 (88%) of U.S. office-based physicians adopted any electronic health record (EHR), and nearly 4 in 5 (78%) had adopted a certified EHR. This is a consistent trend since 2015. From 2008 to 2021, the office-based physician adoption of any EHRs has more than doubled, from 42% to 88%.

Advancements in technology are making Electronic Health Record (EHR) systems more functional and user-friendly. Several market key players are incorporating artificial intelligence (AI) and data analytics into EHR systems which is enhancing patient care and making crucial decisions by the healthcare providers. These advancements are encouraging healthcare providers to implement them in their practice. For instance, in November 2024, Avaamo launched Avaamo Ambient, a groundbreaking Generative AI-powered ambient listening technology that promises to revolutionize clinical documentation and significantly reduce physician burnout. Thus, the above factors are expected to drive market growth during the forecast period.

High costs of implementation

The high costs of implementing and maintaining electronic health records (EHR) systems pose a significant challenge to the growth of the market in the United States. These costs are particularly burdensome for small and mid-sized healthcare providers, who often struggle with the initial investment, ongoing maintenance fees, and financial risks associated with the technology.

Although EHR adoption is crucial for enhancing healthcare quality and operational efficiency, the financial strain may cause some providers to delay or even avoid adopting these systems. To drive wider adoption, it will be important to address these financial hurdles by offering better financing options, increasing government incentives, and providing more affordable EHR solutions.

Segment Analysis

The United States electronic health records market is segmented based on technology, modality, clinical application, and end-user.

Software:

The software segment is expected to dominate the United States electronic health records market share

The software segment is expected to hold a significant portion of the market share. This dominance is attributed to the increasing technological advancements, increasing dependence on EHR software to improve healthcare delivery, increasing demand for advanced software integration in the healthcare HER systems and the rising launches of advanced software solutions.

EHR software is increasingly demanded by healthcare professionals to incorporate into their advanced systems and advance the healthcare system by providing efficient care for patients through better decision-making. For instance, in May 2024, Epic announced the introduction of new software that could help hospitals and health systems assess and validate artificial intelligence models. This software is mainly aimed at healthcare organizations that might otherwise lack resources to properly validate their AI and machine learning models and is designed to help providers make decisions based on their own local data and workflows.

In March 2024, Health Information Management Systems (HiMS) released AxiomEHR, an all-new, AI-powered electronic health record (EHR) solution with a unique architecture that supports data-based decision-making, flexible care coordination, and overall resilience to drive quality-based care. Thus, the above factors are expected to drive the segment growth.

Competitive Landscape

The major players in the United States electronic health records market include Oracle, Epic Systems Corporation, Veradigm LLC, AdvancedMD, Inc., Athenahealth, McKesson Corporation, NXGN Management, LLC., eClinicalWorks, CureMD Healthcare and Practice Fusion, Inc. among others.

Key Developments

• In May 2024, Athenahealth introduced new electronic health record products aimed at specialists. By combining critical electronic health record and practice management capabilities with tailored workflows, the company said it is aiming to reduce burnout and improve the EHR experience in specialty care.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The United States electronic health records market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions