Electronic Medical Records Market Outlook 2031
The global electronic medical records market size was USD 16.27 Billion in 2022 and is anticipated to reach USD 33.07 Billion by 2031 expand at a robust CAGR 8.2% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing adoption of health platforms among patients to track health status easily. Moreover, growing requirement of systems that can manage the patients effectively, securely store records and minimize records retention costs is driving the market growth.
Electronic medical records (EMR) constitute of medical and treatment history of the patient. This helps the clinicians to track data of patient over the time. It can track and manage their health data easily. The one of the advantages of EMR is that it can generate and can send prescriptions to pharmacies electronically. They store and process range of data, such as vital signs, personal statistics, laboratory test results, and billing information.
EMR is a digital version of paper-based medical information of patients. It aims at improving the overall quality of patient care. EMR comprises combination of clinical, financial, demographic and coded healthcare data. Many government organizations have stressed upon the significance of EMRs.
According to the World Health Organization (WHO), the proper collection, management and use of information within healthcare systems can determine the system’s effectiveness in detecting health problems, defining priorities, identifying innovative solutions and allocating resources to improve health outcomes.
Currently, a number of hospitals and clinics are using EMRs to store important documents related to the patient’s illness. The information repository of individual patients would lead to better security and quick data retrieval whenever required.
Electronic Medical Records Market Trends, Drivers, Restraints, and Opportunities:
- Rising demand for integrated healthcare systems is one of the major drivers that is contributing to the growth of the global electronic medical records market.
- Increasing healthcare expenditure is expected to augment the market growth.
- Increasing safety concerns related to data can hinder the growth of the market.
- Reluctance to adopt EMR solutions in developing nations and need for significant investments in infrastructure development can impede the market growth.
- The outbreak of COVID-19 has positively impacted the electronic medical records market owing to increasing patient admission in hospitals.
Scope of Electronic Medical Records Market Report
The report on the global electronic medical records market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Electronic Medical Records Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Hardware, Software, Services), End-Users (Hospital-based EMR and Physician-based EMR), Applications (Cardiology, Neurology, Radiology, Oncology, and Others), Types (Traditional EMRs, Speech enabled EMRs, Interoperable EMRs, and Others), and Mode of Delivery (Cloud-based and On-premise)
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Regional scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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4medica, AdvancedMD, Inc., ALERT Life Sciences Computing, S.A., AllMeds, Inc., Amazing Charts LLC, Aprima, athenahealth, Inc, Bernoulli, Cambio Healthcare Systems, CareCloud Corporation, Cerner Corporation, Change Healthcare, Medsphere Systems Corporation., CompuGroup Medical SE, CPSI, CureMD Healthcare, eClinicalWorks, eMDs, Inc., Epic Systems Corporation., GENERAL ELECTRIC COMPANY, Greenway Health, LLC, Henry Schein Medical Systems, Inc, and Medical Information Technology, Inc.
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Electronic Medical Records Market Segment Insights
Software segment to grow at a rapid pace
Based on components, the market is divided into components hardware, software, and services. The software segment is anticipated to account for a key share and is anticipated to grow at a steady rate during the forecast period. The deployment of advanced software aids in improved data collection and helps in analyzing the medical records effectively. However, the services segment is expected to grow at a healthy rate in the projected timeline.
Hospital based EMR segment to accelerate market growth
Based on end-users, the market is segmented into hospital-based EMR and physician-based EMR. The hospital-based EMR segment is anticipated to account for a major share due to increasing number of hospitals, globally, and growing awareness regarding benefits of using EHR such as easy access to patient-centric data and better patient care.
Neurology segment to account a major market share
Based on applications, the market is segregated into cardiology, neurology, radiology, oncology, and others. The neurology segment is anticipated to account for a significant market share during the forecast period. Rising number of people dealing with neuro problems is driving the segment growth. Elderly are more prone to neuro diseases. Conversely, the radiology segment is expected to grow at a steady rate in the coming years.
Speech enabled EMR holds a major market share
Based on types, the market is divided into traditional EMRs, speech enabled EMRs, interoperable EMRs, and others. The speech enabled EMRs segment is projected to account for a significant market share during the forecast period. However, the interoperable EMRS segment is expected to grow at exponential rate due to the increasing information repository of individual patients would lead to better security and quick data retrieval of patient’s data.
Cloud-based segment to grow in market
Based on mode of delivery, the market is divided into Cloud-based and on-premise. The cloud-based segment is projected to grow at a robust rate due to rising adoption of cloud computing to allow centralized data storage and easy access to data through multiple sites across geographic locations. However, the on- premise segment is expected to account a considerable market share during the forecast period.
North America to account a considerable market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is anticipated to dominate the electronic medical record market growth due to increasing portability and accessibility of medical document management systems and growing demand for paperless environment to minimize human error.
Segments
The global electronic medical records have been segmented on the basis of
Components
- Hardware
- Software
- Services
End-Users
- Hospital-based EMR
- Physician-based EMR
Applications
- Cardiology
- Neurology
- Radiology
- Oncology
- Others
Types
- Traditional EMRs
- Speech enabled EMRs
- Interoperable EMRs
- Others
Mode of Delivery
Key Players
- 4medica
- AdvancedMD Inc.
- ALERT Life Sciences Computing S.A.
- AllMeds Inc
- Amazing Charts LLC
- Aprima
- athenahealth Inc
- Bernoulli
- Cambio Healthcare Systems
- CareCloud Corporation
- Cerner Corporation
- Change Healthcare
- Medsphere Systems Corporation
- CompuGroup Medical SE
- CPSI, CureMD Healthcare
- EClinicalWorks
- eMDs Inc.
- Epic Systems Corporation.
- GENERAL ELECTRIC COMPANY
- Greenway Health LLC
- Henry Schein Medical Systems Inc
- Medical Information Technology Inc.
Competitive Landscape
The major players of the market are 4medica, AdvancedMD, Inc., ALERT Life Sciences Computing, S.A., AllMeds, Inc., Amazing Charts LLC, Aprima, athenahealth, Inc, Bernoulli, Cambio Healthcare Systems, CareCloud Corporation, Cerner Corporation, Change Healthcare, Medsphere Systems Corporation., CompuGroup Medical SE, CPSI, CureMD Healthcare, eClinicalWorks, eMDs, Inc., Epic Systems Corporation., GENERAL ELECTRIC COMPANY, Greenway Health, LLC, Henry Schein Medical Systems, Inc, and Medical Information Technology, Inc.
Companies are focusing on innovation, expansion, and acquisitions to expand their market share.
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