Global Electronic Medical Records Market - Growth, Trends & Forecasts (2017 - 2022)
The global E-Medical Records market is estimated to be USD 13.64 billion in 2016 and is projected to reach USD 22.01 billion by 2021, growing at a CAGR of 10.03% during the forecast period from 2016 to 2021.
Electronic medical records (EMR) can be defined as a technology framework for electronic records of healthcare-related information that comprises clinical, demographic and financial data, which can be created, gathered, managed, and consulted by authorized clinicians and staff within one healthcare organization. It has the potential to benefit each and everyone in the healthcare industry including patients, physicians, clinic practices, and healthcare organizations.
Global Electronic Medical Records Market-Market Dynamics
There are numerous advantages of EMR systems over traditional pen-paper method. Some of these are- improved diagnosis and treatment, significantly reduced medication errors, faster and more informed care and decision-making process, reduced operational costs and ability to quickly transfer patient data from one organization to the other.
Some of the factors contributing to the growth of the global EMR market are:
Rising need for integrated healthcare systems
Initiatives and incentive programs launched by government in order to improve quality and efficiency of healthcare services
Maximized patient safety
Curtailed healthcare cost
Reduced prescription errors
Improved infrastructure, especially in developed countries
Implementation of E-Health Record (EHR)
Expansion of healthcare IT
Increasing adoption rates of big data in healthcare
Some of the factors limiting the growth of the global EMR market are:
High initial investment
Lack of technical expertise and sufficient knowledge base
Physician reluctance in adopting new technology
Data integrity and safety concerns
Lack of infrastructure for better connectivity
Lack of awareness about such technology in rural areas
Some of the major opportunities that the market offers are:
Introduction and implementation of Electronic Health Records (EHR)
Rising investments from public and private organizations
Implementation of trends in the Healthcare-IT field
Growing economies and emphasis on healthcare sector in these countries
The EMR platform till now has been mainly used for storage but in the coming years, as a result of technological advancements and adoption of novel technology that will enhance interoperability, this platform will be transformed into a sharing platform. This storage to sharing transformation will lead to the emergence of collaborative care models where different physicians and healthcare institutions will come together and work as a team to achieve high- quality care with low cost. With the enactment of the Health Information Technology for Economic and Clinical Health (HITECH) Act in 2009, the healthcare industry has changed and hospitals have gone in search of the biggest and most reliable products. With the implementation of the meaningful use concept, this industry will again undergo a transformation. This time, it will look for customized, innovative and purpose-specific products.
The global E-Medical Records market is segmented on the basis of component (software, hardware, and services & consulting), end-user (hospital based EMR, physician based EMR), functionality (basic system, fully functional system), application (cardiology, neurology, radiology, oncology, others and general application), type (traditional EMR, speech-enabled EMR, interoperable EMR, and others), delivery mode (on-premise model and cloud-based model) and geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The primary stakeholders of this technology are healthcare IT firms, care organizations, health insurance providers, healthcare payers, healthcare providers and venture capitalists.
Some of the key players in the market are:
Key Deliverables in the Study
Market analysis for the E-Medical Record Market, with region-specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the E-Medical record market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.