Electronic Medical Record (EMR) offers several advantages such as less paper work, fewer storage issues, and higher quality of care that leads to better healthcare outcomes. EMRs contain notes and information collected by and for the clinicians. 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 development of integrated healthcare solutions is expected to propel growth of the global electronic medical records market over the forecast period. For instance, in December 2019, Sectra, a medical imaging IT and cybersecurity company, collaborated with Leica Biosystems developing an integrated clinical pathology solution. The Sectra digital pathology software solution is expected to facilitate integration with leading pathology information systems and EMRs.
Global Electronic Medical Records Market: Opportunities
Utilization of text fields in EMRs is expected to offer lucrative growth opportunities for market players. For instance, in January 2019, researchers UTSHC-ORNL Center for Biomedical Informatics and University of Tennessee Health Science Center, reported that text data in EMRs can improve the ability of structured data tools to predict serious patient outcomes after surgery.
Global Electronic Medical Records Market: Restraints
Some of the disadvantages of EMR include, changes in workflow, temporary loss of productivity associated with EMR adoption, privacy and security concerns, and several unintended consequences. EMR may result in disruption of work-flows for medical staff and providers, which result in temporary losses in productivity. Such factors are expected to hinder growth of the global electronic medical records market.
The hospitals segment in the global electronic medical records market was valued at US$ 7,632.7 Mn in 2018 and is expected to reach US$ 12,510.1 Mn by 2027 at a CAGR of 5.6% during the forecast period. Increasing incidence and prevalence of chronic diseases is anticipated to assist the growth of the segment during the forecast period. The Cloud-Base EMR segment held dominant position in the global electronic medical records market in 2018, accounting for 54.4% share in terms of value, followed by Client Server Setup EMR, respectively. Technological advancement and increasing healthcare infrastructure in developing economies is expected to drive the segment growth during the forecast period.
Market Trends Machine learning is being used with EMR data to predict chronic diseases such as dementia. For instance, in December 2019, researchers from Indiana University Purdue University at Indianapolis reported that EMR routine care data can be used to predict dementia. The research was published in the journal Artificial Intelligence in Medicine. Lab integration through Laboratory Information System (LIS) is a major trend enabling labs and imaging centres to send and receive orders electronically. This platform allows interaction by multiple physicians using different EMR systems.
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 product expansion to enhance their market share. For instance, in December 2019, Southwest Transplant Alliance (STA) announced an initiative to expand its automated electronic referral technology to health systems throughout the state of Texas. The system automatically connects to a hospital's EMR. Key players in the market are also focused on adopting partnership strategies to enchant their market share. For instance, in October 2019, electronic medical record vendor, Suncoast, partnered with Hospice of the Western Reserve and pharmacy provider, Delta Care Rx in order to enhance clinician workflow.
Segmentation Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.