Electronic medical records are digital records containing patient health and medical history. They are real-time, patient-centered records that make information available instantly and securely to authorized users. EMRs include a range of data like demographics, medical history, medications, allergies, immunization status, lab test and exam results, radiology images, vital signs, and personal information like age, weight, and contact details. EMRs help enhance workflow in clinics and hospitals by avoiding paperwork and reduces medical errors. It also helps improve healthcare quality and reduce costs.
The Electronic Medical Records (EMR) Market is estimated to be valued at US$ 21237.73 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing healthcare digitization and adoption of digital healthcare infrastructure across the globe is a major driver fueling growth of electronic medical records market. Government initiatives and incentive programs particularly in developed nations to encourage transition from paper-based to digital healthcare record systems is also boosting market growth. For instance, in the U.S., the Health Information Technology for Economic and Clinical Health (HITECH) Act provided incentive payments through Medicare and Medicaid to healthcare organizations that showed meaningful use of certified EHR technology. However, issue of data security and privacy with electronic records and high costs associated with implementation of EMR systems may hamper market growth over the forecast period.
Segment Analysis
The electronic medical records market is dominated by the integrated EMR sub-segment. Integrated EMR offers a comprehensive view of patient data across different clinical and financial systems which enables efficient patient care. It helps healthcare providers access patient medical history along with radiology imaging reports, laboratory reports as well as billing details from a single system. This streamlines clinical workflow and enhances productivity.
PEST Analysis
Political: Initiatives by governments around the world to increase EHR adoption is a key factor driving market growth. For instance, in the US, governments offer financial incentives to healthcare providers that adopt and meaningfully use EMR systems.
Economic: Cost-saving benefits of EMR systems such as reduced medical errors, decreased duplication of tests as well as streamlined billing processes is positively impacting market revenues.
Social: Growing patient demand for easy access to health records and online consultation is propelling healthcare organizations to invest in digitalization.
Technological: Developments in cloud computing and big data analytics enables integration of diverse data sources into EMR systems. This enhances clinical decision-making.
Key Takeaways
The Global Electronic Medical Records Market Growth is expected to witness high, exhibiting a CAGR of 8.5% over the forecast period, due to increasing government support and cost efficiency of EMR systems.
The North America region dominates the market currently due to strong regulatory support and high EHR adoption rates in the US. However, Asia Pacific is expected to grow at the fastest rate owing to rapid digitization of healthcare systems in emerging countries like India and China.
Key players operating in the electronic medical records market are 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. These players are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
