Market Outlook
Electronic health record (EHR)/electronic medical record (EMR) is defined as an electronic record of patient medical history that contains all relevant administrative, clinical and other miscellaneous data of a patient under a healthcare provider. Market Research Future (MRFR) has published a research report about the global and US EHR-EMR market that observes prosperity for this market at 5.82% CAGR during the forecast period between 2018 and 2027. By value, the market has been figured to be worth USD 42,427.27 MN by the end of the forecast period.
The critical factor for the global and US EHR-EMR market growth is increasing adoption of EHRs/EMRs for increased efficiency of patient data retrieval and storage. Other important factors enabling the market growth include rising government initiatives for the maintenance of EHRs, fewer medical errors during diagnosis or treatment process, and clinical benefits associated with applications of EHR/EMRs in medical settings. However, the market growth can get hampered due to data security concerns, need for training, and the implementation process that is complex as well as expensive.
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Segmentation Analysis
The global and US EHR-EMR market segmentation has segmented the market into application, component, end-user, mode of delivery, and region. The application-based segmentation segments this market into cardiology, neurology, oncology, radiology, specialty based, and others. In the context of component, the market has been segmented into hardware, software, and services & consulting.
Regarding end-user, the market has been segmented into ambulatory care, diagnostic centers, hospitals, and others. Based on the mode of delivery, the market has been segmented into the cloud-based model and the on-premise model.
Regional Analysis
The regional segmentation of the global and US EHR-EMR market segments the market into the regional markets, namely Asia Pacific, Europe, The Americas (North America & South America), and Rest-of-the-World (RoW). The Americas region holds the majority share in the global market. North America is a bigger market than South America due to the availability of advanced medical facilities and huge investment in medical research. The USA has a strong presence of many market leaders as well as a thriving healthcare sector. Due to technological advancement, the healthcare sector is adopting the advanced information technology (IT) technology. Increasing demand for advanced healthcare is also contributing to the market growth. Canada and Mexico also have the scope of becoming important country-specific markets. In South America, the same can be said for Argentina and Brazil.
During the forecast period, the Asia Pacific region can emerge as the most significant regional market, growing at 6.77% CAGR. Japan is the largest country-specific market in this region. Developing countries in the Asia Pacific region are untapped markets that can be lucrative due to the high density of population in China and India. Therefore, the market in this region is growing slowly but steadily due to the rapid digitization of healthcare and growing healthcare reforms. Other factors contributing to the market growth include rising geriatric population, subsequent presence of a significant as well as growing patient pool, and increasing awareness regarding EHR as well as EMR. Other important country-specific markets in the Asia Pacific region are Australia and South Korea, followed by the remaining countries of this region.
Europe can rise as an important regional market due to the same reasons as in North America. Due to technological advancement, Western Europe is a bigger and more lucrative market compared to Eastern Europe. The strongest economies in this region that can suitable markets are France, Germany, and the UK.
In the MEA region, the market is small due to the lack of skilled professionals and limited availability of technology. However, the countries of the Middle East have better healthcare facilities compared to Africa.
Key Players
The key players in the global and US EHR-EMR market include Advanced Data Systems Corporation (USA), Allscripts Healthcare Solutions (USA), Agastha Inc (USA), Advanced MD Inc. (USA), Athenahealth Inc. (USA), Cerner Corporation (USA), eClinicalWorks (USA), Epic Systems (USA), GE Healthcare (USA), Koninklijke Philips N.V. (Netherlands), Meddbase (Medical Management Systems Ltd) (UK), and Medical Information Technology Inc. (USA).
Latest Industry News
- NextGen Healthcare has launched its Behavioral Health Suite, a comprehensive, EHR solution. Behavioral Health Suit gives healthcare providers access to a single, integrated physical, and behavioral health record to treat patients. 6 JUNE 2019
- Cerner set to provide additional interface support to the Department of Veterans Affairs’ Office of Electronic Health Record Modernization under a four-year, $139.9 MN task order. 5 JUNE 2019
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