Electronic Medical Records Market – Insights
The electronic medical records (EMR) is the patient record created by providers for specific encounters in hospitals and ambulatory environments. EMR is a major data source for electronic health record (EHR).
The global electronic medical records market is estimated to account for US$ 21,845.0 Mn in terms of value by the end of 2027.
Global Electronic Medical Records Market: Drivers
Increasing Healthcare Expenditure is expected to boost growth of the global electronic medical records market over the forecast period. For instance, according to Centers for Medicare and Medicaid Services, the U.S. health spending is projected to increase at an average rate of 5.5% per year for 2018-27 and to reach US$ 6.0 trillion by 2027.
Moreover, increasing adoption of EMR technology is also expected to propel growth of the market. For instance, in 2018, Alcon, a subsidiary of Novartis Ag, announced plans to develop SMART Suite digital health platform for cataract surgery using EMR-generate data.
North America region held dominant position in the global electronic medical records market in 2018, accounting for 62.4% share in terms of volume, followed by Europe.
Figure 1. Global Electronic Medical Records Market Value (US$ Mn), by Region, 2018
Global Electronic Medical Records Market: Restraints
The cost for implementation and maintenance of EMR is high. 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.
Moreover, use of EMR gives rise to privacy concerns as EMR 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 the market.
Global Electronic Medical Records Market: Opportunities
In the recent past, the adoption of patient-centric EMR systems is increasing significantly as patients are opting for direct involvement throughout the documenting process. Such approach may lead to more efficient and satisfying outcomes in patient treatment. It can also reduce healthcare cost and enhance the quality and safety of clinical practices. Therefore, key players in the market can famous on developing patient-centric EMR systems to enhance their market share.
Increasing prevalence of chronic diseases and developing healthcare sector in emerging economies is also expected to offer lucrative growth opportunities for market players over the forecast period. For instance, Global Cancer Statistics 2018: GLOBOCAN, estimated 18.1 million new cases and 9.6 million cancer deaths worldwide in 2018, of which nearly one?half of the cases and over one?half of the cancer deaths in the world were expected to occur in Asia Pacific in 2018.
Cloud-Base EMR segment in the global electronic medical records market was valued at US$ 7,262.9 Mn in 2018 and is expected to reach US$ 12,925.2 Mn by 2027 at a CAGR of 6.5% during the forecast period.
Market Trends/Key Takeaways
Increasing number of pharmacies are being integrated with EMR in order to enable communication between healthcare professionals and pharmacists. For instance, CVS Health, a pharmacy retail chain, has partnered with over 40 healthcare providers through their respective EMR platforms.
The demand for cloud-based EMR has also increased in the recent past, as it offers more agile, adaptable, and flexible access for both consumers and healthcare providers. Moreover, cloud-based EMR offers attractive benefits, particularly to smaller and mid-sized providers as it requires no installation of software or hardware. For instance, in December 2019, Omnicell, Inc., a provider of medication management solutions entered into an agreement with Kit Check to offer cloud-based solution for tracking of controlled substances.
Global Electronic Medical Records Market: Competitive Landscape
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.
Global Electronic Medical Records Market: Key Developments
Key players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in December 2019, Humana, Inc. signed a definitive agreement to acquire Enclara Healthcare, a provider of hospice pharmacy and benefit management. The acquisition extends Humana, Inc.’s portfolio to pharmacy-related needs associated with hospice care and enhanced mobile medication management and improved EMR connectivity.
Key players in the market are also focused on adopting partnership strategies to expand their product portfolio. For instance, in October 2019, Allscripts partnered with Northwell Health to develop the next-generation electronic health record (EHR).