(EMR) Electronic Medical Records Market– Insights
Increasing importance of organized healthcare systems is one of the key factors driving growth of global electronic medical records market. Increasing patient population has led to an increasing need for healthcare providers to organize patients’ data. The electronic health records (EHR) or electronic medical records (EMR) help healthcare providers to manage care for patients, and provide better healthcare by storing error free data and patients’ reports for future use. Additionally, awareness among patients’ about benefits of electronic health records also increases adoption of these systems in the healthcare industry.
The EHR have advantages such as less paper work, fewer storage issues, and higher quality of care that helps to increase efficiency and productivity, and better patient care. Owing to these benefits, there has been growing adoption of these technology tools for administrative purposes in the healthcare industry. Growth of the EMR market is attributed to increasing digitization, investment, and standard of healthcare providers.
The pharma companies using EMR technology to collect patient data for the development of personalized healthcare services or treatment platform. For example; in 2018, Alcon a subsidiary of Novartis Ag focused on developing SMART Suite digital health platform for cataract surgery by using data generated by electronic medical record (EMR) systems
The global electronic medical records market size is estimated around US$ 27,185.4 million in 2019, and is expected to witness a CAGR of 6.9% over the forecast period (2019 – 2027).
Global Electronic Medical Records Market Share (%) Analysis, By Patient Type, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing adoption of digitalization in healthcare is driving growth of the global electronic medical records market
Increasing digitalization across the globe and adoption of digital tools and technologies in the healthcare system is a major factor boosting growth of the market. The 2009 passage of the Health Information Technology for Economic and Clinical Health (HI-TECH) Act offered system purchase subsidies and reimbursement incentives through Medicare and Medicaid to increase the prevalence of meaningful use of EMR. Survey of the U.S. Department for Health and Human Services revealed that the number of office physicians using EHR systems increased from 57% to 87% during 2011-2015.
Moreover, government initiatives are driving growth of the EHR market. For instance, in 2015, the government of India launched the Digital India Healthcare initiative to implement health IT products, and its public acceptance is one of the key to implement the vision on digital India. According to the data of Healthcare Information and Management Systems Society, in Asia Pacific, there are eight levels of acceptance of EHR, varying from 0 to 7. In level 0, there is little or no acceptance of EHR, while at level 7, there is complete implementation of EHR. According to the Healthcare Information and Management Systems Society (HIMSS) analysis adoption model of EHR in India, by the end of 2016, only 2.6% of hospitals crossed level 6. By 2020, at stage 7, around 1.5% of the hospitals of India are measured completely functioning.
Electronic Medical Records Market – Restraints
Privacy and security issues are the major factors restraining growth of the global medical records market. The EMR system has huge patient clinical data, which is consider as threat if it falls on wrong hands. Increasing need for patient privacy and security of personal clinical data is hindering growth of this market. Moreover, concerns regarding the affordability of EMR systems in emerging economies is estimated to hamper the market growth.
Electronic Medical Records Market - Regional Insights
On the basis of region, the global electronic medical records market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among region, North America is expected to hold a dominant position in the global EHR market, owing to increasing inclination of patients towards gaining easy access to their medical records through digital modes. Moreover, this factor has resulted in upgradation of existing EMR systems for more efficiency in offering patient care. For instance, Catholic Health Services (CHS) and University of Maryland Medical System (UMMS) achieved Stage six recognition (almost fully automated/paperless medical records) by the Healthcare Information and Management Systems Society (HIMSS) Analytics in March 2017. Thus, demand for better technology-enabled care is expected to drive growth of the electronic medical records market over the forecast period.
Asia Pacific is expected to witness rapid growth in the EHR market. Owing to increasing upgrades of existing healthcare infrastructure in this region, healthcare IT products and systems are in high demand in emerging economies such as India, China, Brazil, and Indonesia. This is expected to propel growth of the electronic medical records market in these countries. Deployment of EMR systems involves long-term collaboration between the system developer and user. This service offering generates a continuous revenue model for electronic medical record service providers. The global market is therefore expected to grow at a sustainable rate over the forecast period.
Global Electronic Medical Records Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Electronic Medical Records Market - Competitive Landscape
Major players operating in the global electronic medical records market include Cerner Corporation, Allscripts-Misys Healthcare Solutions Inc., McKesson Corporation, Quadramed Corporation, Medical Information Technology Inc., Sage Software Healthcare Inc., Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, and GE Healthcare.
An electronic medical record (EMR) is a systematized collection of patients’ health information in a digital format. These records can be shared across different healthcare settings. Digitization is adopted in various industries such as apparels, cosmetics, food, electronics, and pharmaceuticals. There is increasing inclination among consumers towards EMR systems in order to avail information with ease. This has led product and service providers to install digital platforms in business operations to improve customer satisfaction. There has been increasing need to maintain patient records systematically owing to an increase in the number of patient visits to clinics, diagnostic laboratories, and hospitals.
EMRs ease the practice of healthcare providers and allow them for better decision making by analyzing the patient’s medical history. An EMR, however, restricts the usage to healthcare providers, prohibiting the access to patients outside the practice location. EMR differs from electronic health records (EHR), as EHR allows access of medical records to patients on the move and is inclusive of all the medical records (treatment, and diagnosis) of the patient. This factor limits the medical decision using EMR.
Ever-evolving patient needs completed by easy to access EMR. Patients demand efficient healthcare service with proper access to medical records. Hospitals, clinics, diagnostic laboratories, and ambulatory centres are constantly improving their healthcare infrastructure. Installation of electronic medical record system significantly reduces physician’s time and improves decision making. A digital mode of storing patient’s medical records allows the physician to revisit the patient’s medical history under his/her medical therapy and guidance. Increasing inclination of patients towards gaining easy access to their medical records through digital mode is expected to increase implementation of these electronic medical records.
On the other hand, inconsistent return on EMR systems is expected to hinder the market growth. The risk associated with chronic diseases such as obesity, cardiovascular attack, neurological conditions, and cancer increases with age. This further leads to patient visits to specialty centers or hospitals for the treatment and monitoring of such diseases and data being stored in the electronic medical record system increases with multiple doctor visits. Therefore, quantifying monetary return on EMR systems is one of the major challenges faced by the healthcare facilities.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section
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