Electronic Medical Record Market By Product (Hospital, Ambulatory) By End Use(Hospitals, General Physician Clinics, Specialized Clinics, Ambulatory Surgical, Centres) By Components (Software, Services) By Delivery Mode (Client Server Setups, Cloud-based Setups, Hybrid Setups) - Growth, Size, Share and Competitive Analysis 2016 – 2028

Global Electronic Medical Record Market: A Study of Changing Market Dynamics, Growth, Future Prospects & Analysis, 2016 – 2028

What are the impacts of laws protecting electronic medical records?

"Digital records" (sometimes known as "electronic medical records, or "EMRs") are digital files that include patient health information. Information about the patient's billing and insurance is also included, along with demographics, radiology reports, medical history, immunization status, medications, allergies, and laboratory test results. This organized data helps with patient tracking and monitoring, pattern recognition, and enhancing the standard of care. Additionally, they can improve patient safety and health outcomes by increasing productivity and communication between healthcare professionals and patients.

electronic-medical-record-market

Concerning electronic medical records, there are numerous privacy and security concerns (EMR). As a result, the market for electronic medical records (EMR) is anticipated to face challenges relating to patient privacy and security. 41.2 million healthcare records were stolen, leaked, or improperly released in 505 healthcare data breaches in 2019. The annual cost of a data breach in 2019 was $3.92 million, according to a survey from IBM, while a compromise in the healthcare sector typically costs $6.45 million. The number of ransomware cyberattacks on the healthcare system is increasing, and governments worldwide are becoming more cautious about enhancing digital data security. 

The new regulations developed by the care computer emergency response team (CERT) to combat deliberate data security breaches and impose severe penalties for malicious data theft. Better data privacy, secrecy, and uniformity will be encouraged by new laws. The adoption of numerous legislation related to healthcare would strengthen consumer confidence in EMR and, as a result, the market's expansion.

What is the Market Size of Electronic Medical records in terms of value?

The global Electronic Medical Record Market is projected to increase at a significant CAGR of 5.30% in the coming years. In 2021, the global Electronic Medical Record market was valued at USD 21.2 billion and projected to reach USD 28.9 billion by 2028. The demand for Electronic Medical records is projected to increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD 7.7 billion between 2022 and 2028.                    

What Impact has COVID-19 had on the Electronic Medical Record Market?

The advent of COVID-19 had a significant impact on the healthcare sector. However, it positively impacted the electronic medical records (EMR) sector. During the COVID-19 epidemic, electronic medical record systems were critical for patient data administration and documentation. Because the number of COVID-19 patients is increasing, electronic medical record programs have been designed to follow and bill patients rather than deliver optimal care. Several companies are currently selling electronic medical record-based products. It helped clinical research even further by allowing researchers to communicate and access accurate clinical data that aided in COVID-19 summary statistics and drug development.

Interesting Facts about Electronic Medical Record Industry

  • Increasing digitalization and significant global expansion in the healthcare information technology (I.T.) business are essential factors driving the market's favorable outlook. The growing cases of chronic medical conditions and the growing senior population are driving the market.
  • In terms of value, the global market for electronic medical records was dominated by the North American region in 2021, and this trend is expected to continue over the forecast period.
  • The cloud architecture offers true backup and recovery solutions, significantly improving patient care and providing significant development prospects.
  • Partnerships, mergers and acquisitions, product launches, and business expansion were essential sustainability strategies implemented by industry participants to assure the growth of the Electronic Medical Records market.

Who are the Top 10 Players/Companies in the Electronic Medical Record market regarding value?

The key players in the global electronic medical record market in terms of value are Cerner Corp, NextGen Healthcare Information Systems, LLC, McKesson Corporation, Greenway Health, LLC, Medical Information Technology Inc., Epic Systems Corporation, and G.E. Healthcare. These prominent companies are focusing on new product launches and technological innovation to increase the production of electronic medical record systems and gain a competitive market share on a global scale. In December 2021, Oracle paid USD 28.3 billion to acquire Cerner Corporation. Given that Cerner was a market leader in the EMR market, this acquisition improved Oracle's standing. On the other hand, in February 2021, the first stage of integration between South Australia Health's Sunrise Electrical Medical Records (EMR), patient administration system (PAS), and My Health Record (MHR) has been finished, according to an announcement from the Australian Digital Health Agency (ADHA).

Who are the Top 10 Countries in the Electronic Medical Record Market?

The major countries in the global electronic medical record market are the US, Canada, China, Japan, the Netherlands, Switzerland, Belgium, Russia, Italy, and Turkey. The United States dominates the electronic medical record market. A 2015 Edition certified electronic medical record was used in 86% of non-Federal general acute care hospitals as per statistics from 2019 and 2021. Just 40% of rehab hospitals and 23% of specialized hospitals had adopted a 2015 Edition certified EMR, respectively. A growing number of mergers and acquisitions by market participants are also promoting market expansion. For instance, in January 2021, Allscripts Healthcare Solutions established a strategic agreement with the United States Orthopaedic Alliance (USOA). This collaboration seeks to market efficient infrastructure designed to assist orthopedic practices in scaling agility, improving EMR implementation timelines, providing evidence-based guidance to support evolving clinical protocols, and establishing community-wide connectivity with quality care analytics.

Which is the Key Product Segment in the Electronic Medical Record Market?

Based on product, the electronic medical records market is segmented into hospital and ambulatory. In terms of revenue, the ambulatory segment dominated the Electronic Medical Records market. Ambulatory electronic health records are the interface via which doctors and other medical practitioners can see a patient's history with a medical institution. Ambulatory electronic medical records generally provide information about outpatients in organizations such as hospitals and clinics. In some circumstances, clinicians recommend implanted devices, cardiac monitors, hemodynamic monitors, and respiratory monitors in patients to follow and record the patient's live biological activities.

What are the Major Driving Factors for Electronic Medical Record Market?

One of the major elements contributing to the market's optimistic outlook is growing digitization, which has coincided with the enormous global growth of the IoT in the healthcare (I.T.) sector. Another expansion aspect is the introduction of cloud-based EMR solutions, among other technological developments. These technologies offer patients high-quality care and improved security against data disruption brought on by any mishaps or accidents. The electronic medical records market is also driven by the rising incidence of chronic medical conditions and the aging population, which are more vulnerable to these issues. As a result, patient-centric EMR systems are becoming more widely used to make it easier for patients to participate directly in the documentation process.

What are the Major Restraints for Electronic Medical Record Market?

A considerable amount of expenditure is required for a medical institution to deploy electronic health recording systems. The program must be adapted to the medical institution's requirements and business methods to utilize the technology entirely. Aside from that, the time and money spent on training staff are significant, impeding market expansion. A lack of qualified specialists in developing nations and security and privacy issues are a few potential roadblocks to growth.

Which Region Dominated the World Electronic Medical Record Market?

In 2021, North America will dominate the electronic medical record market over the forecast period because of regulations that encourage HER usage and the presence of a well-established framework with solid digital competency. The region's supremacy can also be attributed to expanding new medical policies, such as Medicare and Medicaid, in all healthcare facilities. Growth is linked to positive government actions and the implementation of supportive measures. The "Promoting Interoperability Programs" was created by the Centers for Medicare & Medicaid Services in the U.S. to encourage hospitals and professionals to use approved electronic medical record technologies. Increasing medical I.T. integration and growing awareness of the value of EMR will drive market expansion. In June 2021, Veradigm® partnered with PRA Health Sciences Inc. to establish an electronic medical record-based clinical research network throughout the United States.

Due to the region's expanding healthcare infrastructure and government initiatives promoting clinicians' use of electronic health records, the Asia-Pacific region is predicted to experience significant growth. Artificial intelligence (A.I.) in the creation of EHR software and advances in software and the healthcare industry are predicted to drive the market's overall growth. Furthermore, technological advancements in the field of information storage will boost the market's expansion in this region over the anticipated period. In June 2021, AstraZeneca India inked a contract with Docon Technologies to implement an electronic medical records solution in 1000 clinics across India. Docon will digitize those clinics and install bespoke EMR systems, allowing professionals to access the patient's complete medical history. This collaboration will help treat chronic patients and prevent and manage the long-term consequences of diabetes and cardiovascular disease.

Segmentation of Global Electronic Medical Record Market-

Global Electronic Medical Record Market – By Product

  • Hospital
  • Ambulatory

Global Electronic Medical Record Market – By End Use

  • Hospitals
  • General Physician Clinics
  • Specialized Clinics
  • Ambulatory Surgical Centres

Global Electronic Medical Record Market – By Components

  • Software
  • Services

Global Electronic Medical Record Market – By Delivery Mode

  • Client Server Setups
  • Cloud-based Setups
  • Hybrid Setups

Frequently asked questions about the global Electronic Medical Record Industry

The global Electronic Medical Record market is expected to be impacted significantly by COVID-19.

North America accounted for the highest share in the global Electronic Medical Record market in terms of value.

Increasing digitalization and significant expansion in the healthcare information technology (I.T.) industry worldwide are essential factors driving the market's favorable outlook. The increasing frequency of chronic medical conditions and the growing senior population is pushing the market.

The hospital segment had a significant share in 2021, with more than 30% of the market revenue share.

Cloud-based setups segment had a significant share in 2021, with more than 40% of the market revenue share.

Electronic Medical Record Market Scope

Report Attribute Details
Market Value in 2021 USD 21.2 billion
Market Value in 2028 USD 28.9 billion
CAGR 5.30%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Published Date:  Aug 2022
Category:  Medical Devices
Report ID:   60598
Report Format:   PDF
Pages:   189
Rating:    4.6 (65)
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