The Global Electronic Health Record – Electronic Medical Record (EHR-EMR) Market could achieve a CAGR of 5.82% during the forecast period (2018-2027), says Market Research Future (MRFR). It is expected to touch the valuation of USD 42,427.27 million by 2027.
EHR-EMR Market Information: By Component (Software, Hardware), Application (Specialty-Based and General Application), Mode Of Delivery (Cloud-Based), End User (Hospitals and Clinics and Ambulatory Care Centers), and Region — Forecast till 2027
Segments for Global EHR-EMR Market
Component, specialty, and delivery are the primary segments highlighted in the MRFR report for EHR-EMR market.
Component-wise, the market is divided into software, services & consulting, and hardware. The software segment notes the fastest growth and could reach the valuation of USD 25,823.57 million by 2027. Software records robust demand as it involves several provisions of sharing medical records with the application of information technologies and telecommunication to patients that are remotely located.
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The specialty-based segment’s growth rate of 6.02% is the fastest in the global market. Overall, the specialty segment can be dissected into cardiology, neurology, radiology, oncology, and others. In 2016, the cardiology segment charted the best growth in the market. To elaborate, the Centers for Disease Control and Prevention had stated in 2015 that coronary heart disease was responsible for roughly 366,000 deaths in the US. This is the result of the rising prevalence of cardiovascular diseases.
With respect to the mode of delivery, the EHR-EMR market includes on-premises and cloud-based. The on-premises segment thrives with the largest share of 55% in the market.
Market Boosters and Key Restraints
The global EHR-EMR market’s outstanding performance is the result of the increasing adoption of healthcare Information Technology (IT). EHR refers to a digital record of a patient’s health, which is inclusive of their diagnoses, medical history, vaccination dates, imaging reports, and prescriptions. This information is shared with medical consultants, licensed clinics, as well as other medical staff. The data is also shared with other healthcare organizations, like diagnostic centers and other medical experts. Meanwhile, electronic medical records can be described as a digital version of patients’ medical reports used in an organization.
Surging healthcare expenditure, along with rising government initiatives pertaining to the adoption of EHR-EMR, brings favorable results for the market. Emergence of digital technology and the boost in demand among patients for digital services result in market growth. The Centers for Disease Control and Prevention stated in 2015 that roughly 86.9% of physicians had adopted EHR and EMR systems in the United States (U.S).
Despite the strong growth, the market could be challenged by the lack of standardized terminology and system architecture in the coming years. On the bright side, government initiatives for maintaining patients’ electronic health records as well as clinical benefits related to EHR-EMR could boost the market during the appraisal period.
Key Players for Global EHR-EMR Market
Age-old tactics such as mergers, acquisitions, collaborations, and others are proving effective. New product launch and innovative tactical moves are also having great impact on the regional market expansion. For instance, Netsmart, in 2018, bought Change Healthcare’s home health IT solutions and cloud-based software company HomeCare Accounting Solutions (HAS). Allscripts also acquired McKesson’s hospital and health system IT business, Enterprise Information Solutions, which can take the market forward.
The key companies competing in the worldwide EHR-EMR market include
- eClinicalWorks (US),
- Athenahealth, Inc. (US),
- Advanced Data Systems Corporation (US),
- GE Healthcare (US),
- AdvancedMD (US),
- Allscripts Healthcare Solutions (US),
- Cerner Corporation (US), and others.
DrChrono Inc. partners with DeepScribe to integrate artificial intelligence with the medical practices that use DrChrono EHR. AI helps to automate medical note that comes from physician appointment, making it a part of their Electronic Health Record (EHR).
Cerner (U.S.) is in the process of launching a connection backed by EHR which will be provided to every state’s prescription drug monitoring program (PDMP). This will lead to a quicker and highly efficient access, which will take place under the partnership with medication management company DrFirst. This partnership will entail a connection between the EHR and the PDMPs in 46 states in the United States (U.S.).
Regional Analysis for Global EHR-EMR Market
Asia Pacific, North America, Middle East, and Africa and Europe are the primary markets for EHR-EMR.
North America, with a considerable share of 49%, is the leading EHR-EMR market. The market growth is the result of surging adoption of healthcare information technology (IT) in the region. In addition, with the growth in healthcare expenditure, the market notes robust growth in the region. The U.S. Centers for Medicare & Medicaid Services reveals that healthcare spending in the country hiked up by 5.3% in the year 2018. This number is indicative of the optimistic outlook of the regional market for the future.
Europe is the second-most profitable market for EHR-EMR. Europe comprises Western Europe and Eastern Europe where Western Europe takes away the leading position in the market. The market gets a boost from the rising prevalence of chronic diseases and increasing government support for the adoption of EHR/ EMR.
Asia Pacific is set to expand at the highest CAGR of 6.77% during the review period. Market growth is imminent due to the surge in the number of healthcare organizations and the host of benefits offered by EHR. Other than this, quickly advancing technology coupled with mounting awareness in the region positively affects the market growth. India, Japan, and China are the primary contributors and are estimated to control the major portion of the regional market in the subsequent years.
Middle East and Africa, with the least market share, is constrained by the presence of strict government policies and slowly growing economies.
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