by Electronic medical records (EMRs) refer to digital versions of paper-based medical records. EMRs contain patients’ medical and treatment histories as well as other health-related information. EMRs also help in real-time and simultaneous access to patient health information and clinical support which leads to better healthcare delivery.
The global Electronic Medical Records Market is estimated to be valued at US$ 21,237.73 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising adoption of healthcare IT solutions among healthcare providers is one of the major trends in the electronic medical records market. Healthcare providers are increasingly adopting healthcare IT solutions such as EHR/EMR systems in order to improve patient care, enhance operational efficiency and reduce healthcare costs. For instance, according to study published in 2018 by the Office of the National Coordinator for Health Information Technology (ONC), around 86% of office-based physicians had adopted some sort of EHR/EMR system in the US. This increasing adoption rate of EMRs among healthcare providers is expected to drive the market growth over the forecast period.
SWOT Analysis
Strength: Electronic Medical Records (EMRs) help improve clinical workflow and patient care quality by enabling easy access to patient health records. EMRs reduce medical errors and duplication of tests by preventing misplaced records.
Weakness: High costs associated with EMR implementation, maintenance, and upgrades hinder the EMR adoption rate, especially among small healthcare practices. Interoperability issues between different EMR systems pose integration challenges.
Opportunity: Growing need to curtail rising healthcare costs by reducing medical errors and paperwork drives the demand for EMR solutions. Government support and incentives boost EMR adoption across developed markets.
Threats: Lack of funds discourages healthcare providers in developing nations from investing in EMRs. Privacy and security concerns around patient data stored in EMR systems require stringent compliance with regulations.
Key Takeaways
The Global Electronic Medical Records (EMR) Market Size is expected to witness high growth, exhibiting a CAGR of 8.5% over the forecast period, due to increasing focus on reducing medical errors and improving healthcare outcomes. North America dominates the global EMR market, driven by favorable government policies that incentivize hospitals and physicians to adopt EMR systems in the region. The Asia Pacific EMR market is anticipated to grow at the fastest rate during the forecast period, supported by improving healthcare infrastructure and rising medical expenditures in developing countries such as India and China.
Key players operating in the Electronic Medical Records (EMR) 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. Strategic collaborations between EMR vendors and healthcare providers help create customized solutions and boost adoption. Recent technological advancements like cloud-based EMRs and artificial intelligence-powered clinical decision support also provide opportunities for market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
