Electronic medical record (EMR) is the patient record created by healthcare providers for specific encounters in hospitals and ambulatory environments. EMR is a major data source for electronic health record (EHR). An electronic medical record includes information about a patient's health history, such as diagnoses, medicines, tests, allergies, immunizations, and treatment plans. Electronic medical records (EMRs) are a digital version of the paper charts in the clinician's office. An EMR contains the medical and treatment history of the patients in one practice. EMRs have advantages over paper records. For example, EMRs allow clinicians to track data over time.
Global electronic medical records market is estimated to be valued at US$ 18,040.5 million in 2022 and is expected to exhibit a CAGR of 8.5% during the forecast period (2022-2030).
Figure 1. Global Electronic Medical Records Market Share (%), by Region, 2022
Increasing healthcare expenditure by non-government and government organization is expected to boost growth of the global electronic medical records market over the forecast period.
Increasing healthcare expenditure is expected to boost growth of the global electronic medical records market over the forecast period. For instance, in December 2019, according to the data published by the National Center for Biotechnology Information, electronic health records in the U.S. grew an annual average of 5.4% from 2015 to 2019, totaling US$14.5 billion in 2019. Because of the need for scalability, report authors noted that many healthcare providers purchase electronic health records as a software-as-a-service.
Electronic Medical Records Market Report Coverage
|Market Size in 2021:
|US$ 18,040.5 Mn
|Historical Data for:
|2017 to 2020
|2022 to 2030
|Forecast Period 2022 to 2030 CAGR:
|2030 Value Projection:
|US$ 34,626.5 Mn
GE Healthcare, Epic Systems Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Computer Programs and System Inc., Medical Information Technology, Inc., Next Gen Healthcare Information Systems, LLC, and Greenway Health, LLC.
|Restraints & Challenges:
Figure 2. Global Electronic Medical Records Market Share (%), by End User, 2022
Increasing adoption of EMR technology is expected to drive the global electronic market growth over the forecast period.
Increasing adoption of EMR technology is expected to drive the global electronic market growth over the forecast period. For instance, in May 2018, Alcon, a subsidiary of Novartis Ag, an ophthalmology company, announced plans to develop SMART Suite digital health platform for cataract surgery using Electronic Medical Records to generate data.
Global Electronic Medical Records Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, medical devices, trades etc. by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation from one place to another.
However, the COVID-19 pandemic had a negative impact on the global electronic medical records market, owing to the supply chain disruption during COVID- 19 pandemic. For instance, in July 2020, according to the data published by the National Center for Biotechnology Information, despite benefits such as improved patient care coordination and access to patient information, the electronic medical record (EMR) in its current state poses significant barriers to infection preventionists (IP) work efficiency during a pandemic. The 2019 coronavirus disease (COVID-19) pandemic underscores both the importance of IPs to the healthcare system and the need for an ever-strengthening partnership between infection prevention and information technology (IT). The COVID-19 pandemic was a global disruption across trade, finance, health and education systems, businesses and societies like few others in the past 100 years. It is no surprise then that only 2% of companies who responded to the survey said they were fully prepared for the pandemic. Serious disruptions affected 57%, with 72% reporting a negative effect (17% reported a significant negative effect, and 55% mostly negative).
Other sources of disruption include force-majeure events (such as climate change or natural disasters), macroeconomic and political conditions (including trade-policy or regulatory changes), malicious actions (cyber security, intellectual-property theft), and counterparty issues (such as financially fragile suppliers). The restrictions imposed by the governments of different countries had banned import and export from other countries.
Global Electronic Medical Records Market: Key Developments
On July 27 2022, AmerisourceBergen, a wholesale company, had planned to launched DTx Connect to help doctors to dispense digital therapeutics to patients, a fully integrated ordering, dispensing and fulfillment platform that aims to facilitate patient access to physician-ordered digital therapeutics and diagnostics. The AmerisourceBergen Company is launching the new tech as the pipeline of digital therapeutics continues to expand which is expected to launch by 2025.
Global Electronic Medical Records Market: Restraint
The major factors that hinder growth of the global electronic medical records market include high cost of implementation and maintenance of Electronic Medical Records. The costs include, purchase of hardware and software, selecting and contracting costs, and installation cost. Such scenario is expected to hamper growth of the global electronic medical records market. For instance, implementing an EMR system may cost a single physician around US$ 163,765 globally.
Moreover, use of electronic medical records gives rise to privacy concerns as electronic medical records data can be misused intentionally or unintentionally or could be accessed illegally or by unauthorized persons at hospitals, clinics or healthcare facilities. Therefore, privacy and security concerns are also expected to hinder growth of market.
Major players operating in the global electronic medical records market include GE Healthcare, Epic Systems Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Computer Programs and System Inc., Medical Information Technology, Inc., NextGen Healthcare Information Systems, LLC, and Greenway Health, LLC.
Frequently Asked Questions