The Electronic Health Record market is expected to grow from US$ 33,144.25 million in 2022 to US$ 74,233.46 million by 2030; it is estimated to record a CAGR of 10.6% from 2022 to 2030.

The report highlights prevailing trends and factors driving the market growth. The market growth is attributed to the increasing adoption of electronic health records, rising incentives by the federal government, and growing incidences of medication errors, which drive the Electronic Health Record market size and growth. Additionally, combining electronic health records with artificial intelligence and voice recognition is likely to emerge as a significant trend in the market during the forecast period. However, concerns regarding data privacy hinder market growth during the forecast period 2022-2030.

Rising Incentives by the Federal Government drive the market in the forecast period.

The government has invested billions in training health information technology workers and founding regional extension centers to provide technical advice. In 2009, as part of the Health Information Technology for Economic and Clinical Health (HITECH) Act, the federal government reserved US$ 27 billion for an incentive program that motivates hospitals and providers to implement Electronic Health Records systems that would enable the health data historically confiscated in paper files to be shared among providers and use to improve the healthcare quality.

The Medicare Electronic Health Record Incentive Program is governed by the Centers for Medicare & Medicaid Services (CMS). In the US, the Medicare and Medicaid Electronic Health Records Incentive Programs offer incentives to hospitals, physicians, and other healthcare facilities for meaningful use of certified Electronic Health Records technology. A qualified professional or hospital can get a maximum incentive amount of up to US$ 63,750 through the Medicaid Electronic Health Records Incentive Program and up to US$ 44,000 through the Medicare Electronic Health Records Incentive Program. This incentive program inspired many healthcare facilities to adopt Electronic Health Records systems.

The upcoming market trend is combining Electronic Health Records with Artificial Intelligence and Voice Recognition.

Voice recognition technology is an excellent asset for Electronic Health Records systems as it helps clinicians enter information and patient data hands-free. In addition, it reduces incorrectness and errors by dictating records in Electronic Health Records, which further accelerates the information recording process.

There is a track record of artificial intelligence transforming the healthcare sector by helping doctors recognize historical trends about a patient's condition and make diagnoses. For instance, a physician would ask the Electronic Health Records system about the last noted iron levels from a blood test of a patient by via voice-enabled technology. After giving the instructions, the system will report to the doctors about the patient's health status. This is a working example of how Northwell Health and Allscripts have already partnered to start developing AI-based, Voice-Enabled Electronic Health Records. It will be a beneficial system for providers with hectic work schedules. Further, Saykara has received a 2021 BIG Innovation Award for its AI voice assistant that produces clinical notes, orders, referrals, and more by ambiently listening to conversations between physicians and patients. The assistant "Kara" is accessible via a mobile app that extracts meaning and intent from what it hears and then populates both structured and narrative data in the electronic health records. Besides, Epic is in the process of developing an AI Electronic Health Records documentation assistant. Furthermore, Google is recruiting talent to help build artificial intelligence and voice recognition tools to improve the clinical documentation process and streamline Electronic Health Records workflows.

Report Segmentation and Scope -

The "electronic health record market" is segmented based on installation type, type, application, and end user. On the basis of installation type, the market is segmented into cloud-based and on-premise. In terms of type, the US Electronic health record market is divided into acute electronic health records, ambulatory electronic health records, and post-acute electronic health records. On the basis of application, the market is segmented into clinical records, administrative tasks and billing, physician support, and patient portals. On the basis of end users, the market is categorized into hospitals and clinics, physician's offices/specialty care centers, and ambulatory surgical centers.

By installation type, the electronic health record market is segmented into cloud-based and on-premise. The cloud-based segment held a larger market share in 2022 and is anticipated to register a higher CAGR during 2022-2030. A cloud-based electronic health record allows patient health files to be saved in the cloud rather than stored on the healthcare facility's internal servers. The collected data is organized and maintained in actionable and shareable formats to allow effective communication between healthcare providers, third-party payers, and patients. Cloud-based electronic health records are popular among physicians and healthcare providers functioning on a smaller scale as these systems can be installed without any requirement for in-house servers and offer a wide range of customizations and improvements per their needs. Cloud-based solutions are cost-effective as cloud computing decreases the cost of managing and maintaining IT systems. Cloud-based electronic health records offer flexibility and enable users to access the data remotely.

Additionally, developments by market leaders in this segment are likely to improve the market growth. For instance, in July 2020, Cerner launched CommunityWorks Foundations, a cloud-based electronic health record platform, to reduce the cost of traditional electronic health record systems in rural and critical access hospitals. Similarly, in December 2020, Amazon's cloud division introduced a new tool, Amazon HealthLake, for healthcare organizations to search and analyze data.

The Office of the National Coordinator for Health Information Technology (ONC), The New England Journal of Medicine, Definitive Healthcare, Johns Hopkins, HIPPA Journal, and the Healthcare Financial Management Association are a few of the major primary and secondary sources referred to while preparing the report on the Electronic Health Record market.