Electronic Medical Records Market Overview
The global Electronic Medical Records Market is estimated to grow at a CAGR of 4.95% during the forecast period 2021-2026. The market is projected to grow from $ 26,914.7m in 2019 to $ 35,964.5m by 2026. Electronic Medical Records are basically the digitized version of medical records written in journals, back in time. It is a systemized collection of patient records that helps the physicians and medical practitioners to access the history of a patient from one single portal. The physicians can access the previous prescriptions, medical imaging results, previous doctor’s remarks and others through the interface. The report covers Electronic Medical Records Market size by type and applications, Electronic Medical Records Market share by top 5 companies and also the market share by start-ups during the forecast period.
- In the coming years, growing interest in electronic medical records is due to the growing chain of hospitals, technologies associated to the systems.
- Partnerships, Merger and Acquisition, Product launch and business expansion were key sustainability strategies adopted by the market players to ensure the growth of Electronic Medical Records Market.
- APAC region is estimated to record the fastest growth rate during the forecast period.
By Product - Segment Analysis
In 2019, Cloud Based Software segment dominated the Electronic Medical Records Market in terms of revenue. Electronic Medical Records can be uploaded to a cloud based service where all information of in-patients and out-patients will be available for review. An advantage of cloud based software is that the information once uploaded to the cloud service is safe and secure even if the hardware or on premise servers gets corrupted.
By Type - Segment Analysis
In 2019, Ambulatory EHR segment dominated the Electronic Medical Records Market in terms of revenue. Ambulatory Electronic Health Records is an interface through which physicians and medical practitioners can access a patient’s history with a medical institution. Ambulatory EHR generally records the information of out-patients in institutions such as clinics and hospitals. In some cases, physicians suggest the use of implantable devices, cardiac monitors, hemodynamic monitors, respiratory monitors in patients to track and record the live bodily functions of the patient.
By Application - Segment Analysis
The Clinical Application segment dominated the Electronic Medical Records Market in 2019. It is forecast to grow at a CAGR of 3.11% during the period under consideration. The dominance of clinical application over others can be attributed to the fact that these electronic medical recording interfaces are used for recording the medical statuses and prescriptions at one place which can be accessed by various medical personnel of the clinic as well as its physicians. This helps the physicians to recommend better service to the patients.
By End User - Segment Analysis
The Hospitals Segment dominated the Electronic Medical Records Market in 2019. Hospital chains have been increasing as more people need medical assistance now a days. They have adopted electronic medical record systems that enables patients of any branch to visit any of their chain of hospitals and seek medical assistance.
Geography - Segment Analysis
In 2019, the North America region occupied 38% of the global Electronic Medical Records Market in terms of revenue. The dominance of the region can be credited to the growth of new medical policies in the region such as Medicare and Medicaid in all medical institutions. APAC region is estimated to record the fastest growth rate during the forecast period.
Drivers - Electronic Medical Records Market
Growing Chain of Hospitals
Growing chain of hospitals have promoted the use of electronic medical record systems. Adopting the system provides the patients with the ease of visiting any of the hospital chain branch and having their records available to the medical practitioner there. EHR also makes it possible for hospitals to keep track of all the patient data without cluster.
Challenges - Electronic Medical Records Market
High Cost of Implementation
For a medical institution to adopt electronic health recording systems, it requires high level of investment. The software has to be tailored to the requirements and method of business of the medical institution in order to use the technology to its full potential. Aside these, the time and money incurred in training the personnel are also high.
Electronic Medical Records industry outlook
Partnership, Mergers and Acquisition, Product Launches and Business expansion were key strategies of the players in the Electronic Medical Records Industry. Electronic Medical Records top 10 companies include Quality Systems Inc., Greenway Health LLC, General Electric Company, Epic Systems Corporation, eClinicalWorks, CureMD Corporation, Computer Programs and Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc, & AdvancedMD Inc.
Electronic Medical Records Market Research Scope:
The base year of the study is 2019, with forecast done up to 2026. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Electronic Medical Records market. The assessment includes the forecast, an overview of the competitive structure, the Electronic Medical Records market share of the competitors, as well as the Electronic Medical Records market size market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This Electronic Medical Records market report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include Electronic Medical Records by product, type, application, end user and geographic analysis.