The global EHR-EMR market is expected to exhibit a strong 5.82% CAGR over the forecast period from 2018 to 2027, according to the latest research report from Market Research Future (MRFR). The global EHR-EMR market is expected to rise to a valuation of USD 42,427.27 million by 2027, according to the report.
Market Boosters and Key Restraints
The global electronic health records/electronic medical records market is mainly propelled by the growing demand from healthcare institutions for electronic data storage. Electronic data storage allows hospitals to record larger volumes of data easily, as well as being able to send and share the data with other healthcare institutions and patients alike more easily. The increasing need for app-based medical data sharing with patients is likely to be a major driver for the global EHR-EMR market over the forecast period. Increasing government support for permanent data collections in the healthcare sector is likely to be a major driver for the global EHR-EMR market over the forecast period.
On the other hand, increasing concerns about data security and awareness about the various ways in which EHR-EMR systems can compromise data are likely to remain a major restraint against the global EHR-EMR market over the forecast period. In 2019, groups such as the American Medical Association and the American College of Obstetricians and Gynecologists warned against regulations to make mobile app-based sharing of medical information easier. These regulations are intended to make it easier for people to view medical information digitally on third party apps. However, moving medical information to third party apps removes federal privacy protections, which is a key concern for the dissenting organizations.
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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 – 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
Top players 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.).
Segments – 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.
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.
Regional Analysis – EHR-EMR Market
The global EHR/EMR market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas hold the dominant share in the global EHR/EMR market and are likely to remain in the lead over the forecast period due to the strong performance of the market in North America. The Americas market for EHR/EMR systems is expected to rise to a strong valuation of USD 21,307.35 million by 2027, accounting for almost half the global EHR/EMR market. The growing adoption of electronic healthcare records in North America is the major driver for the Americas market for EHR/EMR systems over the forecast period. Technological advancement in North America has resulted in the availability of advanced and differentiated EHR/EMR systems in the region. Various product types in the EHR/EMR market have been invented in North America. This has driven the EHR/EMR market in the region at a strong pace.
Europe is also an important regional market for EHR/EMR systems and is likely to hold on to an important share over the forecast period.
Asia Pacific is likely to exhibit the highest growth in the global EHR/EMR market over the forecast period.
The Middle East and Africa is likely to retain the smallest share in the global EHR/EMR market over the forecast period.
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