The market size for EHR in North America is predicted to grow to USD 12.42 billion by 2028 from USD 10.37 billion in 2023, growing at a CAGR of 3.67% from 2023 to 2028.
The need and usage of electronic health records in hospitals are growing significantly across the North American region, which is one of the key factors propelling the EHR market in this region. Initially, a smaller number of hospitals adopted electronic health records. Now, 75% of US hospitals have adopted a basic EHR system. Due to the Y-O-Y rise in cancer cases and the growing number of patients visiting hospitals, hospitals need to record the information as they play a role in their further check-ups. In 2021, nearly 608,570 cancer deaths and 1.9 million newly diagnosed cancer cases were reported in the US. In addition, researchers use this electronic health record to improve cancer care and new drugs for patients to increase their lifespan.
Growing acceptance of technological advancements for user needs further drives the North American EHR market. Integrating AI into EHR provides a lot of opportunities for the growth of the EHR market in this region. Machine learning is used in this EHR to reduce the redundant data and predict the outcome based on the recorded patient data for further analysis. This system helps patients to take care of their health by regularly consulting doctors based on predictions.
Rising investments and initiatives from governments to accelerate the adoption of EHR are further enhancing the growth of the market in North America. More than 60% of adults want to download their reports from an application on a mobile device to check the reports and focus more on their health to recover fast. Due to this, the governments of this region are investing funds in increasing the adoption of EHR in hospitals and clinical and diagnostic centers, eventually boosting the EHR market in North America. However, there are regulations given by the federal government to match up a patient’s health records across multiple providers. For this reason, the government invests in technology improvements to improve patient matching.
Electronic health records played a significant role during the Covid-19 pandemic. Electronic health records in the U.S. collect all the patient data who tested positive and negative. The researcher used this information to get vaccines for the population in the region. This system is also helpful to the doctor in prescribing the correct medication for people who are covid-19 positive and suffering from chronic diseases. With this software, patients can see the results through an application without going to the hospital and reduce the spread of the virus during the pandemic.
However, the data protection issue is one of the major restraints to the growth of the EHR market in North America. In addition, the high costs associated with the software, lack of skilled professionals, and lack of maintenance in rural areas are further estimated to hamper the market growth in this region.
This research report on the North American EHR market has been segmented and sub-segmented into the following categories.
By Business Models:
Geographically, North America was the regional market leader among all the regions in the global market in 2021. The U.S. dominated the EHR market in North America in 2022. EHR adoption increased in the early 2000s in the United States based on the Health Information Technology for Economic and Clinical Health Act of 2009. EHRs offer remote access, digital information storage, and data retrieval. Some of the advanced features are also added to EHR by the US government. For example, the patient fills personal data in the electronic health record while creating an account. However, for a person who cannot write correct spelling or a disabled person is difficult to supply this information in EHR. For this issue, developers add speech to EHR to better serve patient information through a speech without using any mouse or keyboard. EHRs have changed many clinical activities and productivity in a good way. Americans are recording data electrically in healthcare services that help for future purposes and can be accessed from anywhere.
On the other hand, the Canadian EHR Market is expected to showcase promising growth during the forecast period. Canada also collects cancer diagnostic, treatment, and outcome data from hospitals, treatment centers, clinics, and laboratories. For this data collection, healthcare providers adopt advanced EHR systems and to maintain the patient data for further evaluation. All these factors drive the market growth in this region.
KEY MARKET PLAYERS:
Cerner Corp., GE Healthcare, NextGen Healthcare, Inc., eClinicalWorks, Medical Information Technology, Inc., HMS, CPSI, AdvancedMD, Inc., DXC Technology Company, CureMD Healthcare, Greenway Health, LLC, Allscripts Healthcare, LLC, McKesson Corp., and Epic Systems Corp are a few of the prominent companies operating in the North American EHR market profiled in this report.
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