Electronic Medical Records Market Analysis
Electronic Medical Records Market, By application (Hybrid EMR, Client Server Setup EMR, Cloud- Base EMR), by type (Outpatient EMR and Inpatient EMR), By Component (Services and Software), by region (Africa, Latin America, Asia Pacific, the Middle East, Europe, and North America), and by end-user (Specialized Clinics, Ambulatory Surgical Centers, General Physician Clinics, Hospitals) – Share, Outlook, Size, and Opportunity Analysis, 2022–2030
The electronic medical record (EMR) is a type of patient record that is produced by healthcare providers during specific encounters in both hospital and ambulatory settings. This record serves as a significant source of data for the electronic health record (EHR). The EMR contains various information regarding a patient’s health history, including their medications, diagnoses, tests, allergies, treatment plans, and immunizations. Unlike traditional paper charts that were kept in a clinician’s office, the EMR is a digital version that stores all the medical and treatment histories of patients in one place. EMRs offer several advantages over paper records, such as allowing clinicians to track data over time.
According to projections, the global electronic medical records market is expected to be worth approximately US$ 18,040.5 million in 2022 and demonstrate a CAGR of 8.5% from 2022 to 2030.
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The global electronic medical records market is anticipated to experience growth during the forecast period due to the rise in healthcare spending from both government and non-governmental organizations.
The growth of the global electronic medical records market is anticipated to be propelled by a rise in healthcare spending during the forecast period. In December 2019, the National Center for Biotechnology Information published data revealing that electronic health records in the United States had a yearly growth rate of 5.4% from 2015 to 2019, amounting to US$14.5 billion in 2019. The report’s authors observed that due to the necessity for expandability, several healthcare providers procure electronic health records in the form of software-as-a-service.
The global electronic market growth is predicted to be propelled during the forecast period by the rising utilization of EMR technology.
The global electronic market growth is predicted to be propelled by the growing utilization of EMR technology throughout the projected period. An illustration of this is Alcon, an ophthalmology firm and subsidiary of Novartis AG, which announced its intentions in May 2018 to establish a SMART Suite digital health platform for cataract surgery by utilizing electronic medical records to produce data.
Impact of the Coronavirus (COVID-19) Pandemic
After the emergence of the COVID-19 virus in December 2019, the illness has disseminated to more than 100 nations worldwide, prompting the World Health Organization to announce a public health emergency on January 30, 2020.
COVID-19 can impact the economy in three primary ways: firstly, through direct effects on the production and demand of medical supplies, drugs, and other goods and services; secondly, by causing disturbances in the channels of distribution; and thirdly, through its financial effects on firms and financial markets. As a result of nationwide lockdowns, transportation between different locations is posing difficulties for several nations, including India, Egypt, Saudi Arabia, China, the U.A.E., and others.
The global electronic medical records market was adversely affected by the COVID-19 pandemic due to disruptions in the supply chain. An example of this is the report published by the National Center for Biotechnology Information in July 2020, which revealed that although electronic medical records (EMRs) have advantages such as enhanced patient care coordination and information accessibility, they also present significant obstacles to the efficiency of infection preventionists (IP) in the context of pandemics. The COVID-19 pandemic of 2019 highlighted the significance of infection prevention in the healthcare system and emphasized the importance of a strong partnership between infection prevention and information technology. This pandemic was a worldwide upheaval affecting various sectors, including finance, trade, education, health, societies, and businesses–unlike anything seen in the past century. As a result, it’s not surprising that only 2% of surveyed companies claimed to be entirely ready for the pandemic. A significant impact was felt by 57% of respondents, with 72% reporting a negative impact (17% describing it as a significant negative effect and 55% mostly negative).
Additional factors causing disturbances include uncontrollable incidents such as climate change or natural disasters, as well as broader economic and political circumstances such as alterations in trade policies or regulations. Deliberate acts, such as cyber-attacks and intellectual property theft, can also cause disruption. Furthermore, complications can arise from difficulties with counterparties, such as financially unstable suppliers. Import and export from other nations have been prohibited due to government restrictions in different countries.
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AmerisourceBergen, a wholesale company, had intended to introduce DTx Connect on July 27, 2022. The platform is designed to enable doctors to prescribe digital therapeutics and diagnostics, and it includes a fully integrated ordering, dispensing, and fulfillment system. This launch is taking place as the pipeline of digital therapeutics expands, and the new technology is projected to become available by 2025. The goal of the platform is to simplify patient access to physician-ordered digital therapeutics and diagnostics.
The global electronic medical records market faces significant barriers to growth, primarily due to the exorbitant expenses associated with implementing and maintaining these systems. These expenses encompass software and hardware procurement, contract and selection expenses, and installation costs. This circumstance is predicted to impede the development of the global electronic medical records market. As an illustration, the implementation of an EMR system may cost a single physician approximately US$ 163,765 on a global scale.
Additionally, the adoption of electronic medical records raises privacy concerns due to the potential for intentional or unintentional misuse of data, as well as unauthorized access by individuals at healthcare facilities, clinics, and hospitals. As a result, concerns about security and privacy are likely to impede the market’s growth.
Leading companies, including McKesson Corporation, Greenway Health LLC, GE Healthcare, Medical Information Technology Inc., Epic Systems Corporation, Allscripts Healthcare Solutions Inc., NextGen Healthcare Information Systems LLC, Cerner Corporation, and Computer Programs and Systems Inc., are operating in the global electronic medical records market.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Electronic Medical Records Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Electronic Medical Records Industry Impact
Chapter 2 Global Electronic Medical Records Competition by Types, Applications, and Top Regions and Countries
2.1 Global Electronic Medical Records (Volume and Value) by Type
2.3 Global Electronic Medical Records (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Electronic Medical Records Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Electronic Medical Records Market Analysis
Chapter 6 East Asia Electronic Medical Records Market Analysis
Chapter 7 Europe Electronic Medical Records Market Analysis
Chapter 8 South Asia Electronic Medical Records Market Analysis
Chapter 9 Southeast Asia Electronic Medical Records Market Analysis
Chapter 10 Middle East Electronic Medical Records Market Analysis
Chapter 11 Africa Electronic Medical Records Market Analysis
Chapter 12 Oceania Electronic Medical Records Market Analysis
Chapter 13 South America Electronic Medical Records Market Analysis
Chapter 14 Company Profiles and Key Figures in Electronic Medical Records Business
Chapter 15 Global Electronic Medical Records Market Forecast (2023-2030)
Chapter 16 Conclusions
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