The Electronic Health Record market is projected to expand from US$ 33,144.25 million in 2022 to US$ 74,233.46 million by 2030, reflecting a compound annual growth rate (CAGR) of 10.6% during the period from 2022 to 2030.

This report outlines the current trends and key factors propelling the growth of the market. The surge in the adoption of electronic health records (EHRs), increased incentives from the federal government, and the rising frequency of medication errors are significant contributors to the growth of the Electronic Health Record market. Furthermore, the integration of EHRs with artificial intelligence (AI) and voice recognition technology is anticipated to become a prominent trend throughout the forecast period. Nevertheless, concerns regarding data privacy may pose challenges to market expansion from 2022 to 2030.

The federal government?s incentives play a crucial role in driving market growth during the forecast period.

Significant investments have been made by the government in training health information technology professionals and establishing regional extension centers to offer technical support. Under the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009, the federal government allocated US$ 27 billion for an incentive program aimed at encouraging hospitals and healthcare providers to adopt Electronic Health Records systems. This initiative aims to facilitate the sharing of health data that has traditionally been stored in paper files, thereby enhancing the quality of healthcare.

The Centers for Medicare & Medicaid Services (CMS) oversee the Medicare Electronic Health Record Incentive Program. In the United States, both the Medicare and Medicaid Electronic Health Records Incentive Programs provide financial incentives to hospitals, physicians, and other healthcare facilities for the meaningful use of certified EHR technology. Eligible professionals or hospitals can receive up to US$ 63,750 through the Medicaid program and up to US$ 44,000 through the Medicare program. These incentive programs have motivated numerous healthcare facilities to implement Electronic Health Records systems.

A notable trend on the horizon is the integration of Electronic Health Records with Artificial Intelligence and Voice Recognition technologies.

Voice recognition technology serves as a valuable tool for EHR systems, enabling clinicians to input information and patient data without the need for manual entry. This technology minimizes inaccuracies and errors by allowing clinicians to dictate records directly into the EHR, thereby expediting the data entry process.

Artificial intelligence has a proven track record of revolutionizing the healthcare industry by assisting physicians in identifying historical trends related to a patient?s condition and making informed diagnoses. For example, a physician could utilize voice-enabled technology to inquire about a patient?s previous iron levels from a blood test. Upon receiving the command, the system would provide the physician with relevant health information. Northwell Health and Allscripts have already begun collaborating to develop AI-driven, voice-enabled Electronic Health Records, which will be particularly advantageous for healthcare providers with demanding schedules. Additionally, Saykara has been recognized with a 2021 BIG Innovation Award for its AI voice assistant, which generates clinical notes, orders, referrals, and more by passively listening to conversations between physicians and patients. This assistant, named "Kara," is available via a mobile application that interprets the conversations and populates both structured and narrative data within the EHR. Moreover, Epic is currently working on an AI documentation assistant for EHRs, while Google is actively recruiting talent to enhance AI and voice recognition tools aimed at improving clinical documentation and streamlining EHR workflows.

Report Segmentation and Scope -

The "electronic health record market" is categorized based on installation type, type, application, and end user. In terms of installation type, the market is divided into cloud-based and on-premise solutions. By type, the US Electronic Health Record market is segmented into acute EHRs, ambulatory EHRs, and post-acute EHRs. The application segment includes clinical records, administrative tasks and billing, physician support, and patient portals. Finally, the end-user segment encompasses hospitals and clinics, physician offices/specialty care centers, and ambulatory surgical centers.

Regarding installation type, the electronic health record market is divided into cloud-based and on-premise systems. The cloud-based segment held a larger market share in 2022 and is expected to exhibit a higher CAGR from 2022 to 2030. Cloud-based EHRs allow patient health records to be stored in the cloud rather than on the internal servers of healthcare facilities. This data is organized and maintained in formats that are actionable and shareable, facilitating effective communication among healthcare providers, third-party payers, and patients. Cloud-based EHRs are particularly favored by smaller healthcare providers, as they can be implemented without the need for in-house servers and offer extensive customization options. Additionally, cloud computing reduces the costs associated with managing and maintaining IT systems, making cloud-based EHRs a cost-effective solution that provides flexibility and remote data access.

Furthermore, advancements by key players in this segment are likely to bolster market growth. For instance, in July 2020, Cerner introduced CommunityWorks Foundations, a cloud-based EHR platform designed to lower the costs associated with traditional EHR systems in rural and critical access hospitals. Similarly, in December 2020, Amazon's cloud division launched Amazon HealthLake, a new tool for healthcare organizations to search and analyze data.

The report on the Electronic Health Record market references several primary and secondary sources, including the Office of the National Coordinator for Health Information Technology (ONC), The New England Journal of Medicine, Definitive Healthcare, Johns Hopkins, HIPAA Journal, and the Healthcare Financial Management Association.