Electronic Medical Records Market will grow at 17.8% CAGR During 2018 – 2023 | Global Key Vendors – ECLINICALWORKS, MCKESSON, CERNER CORPORATION, ALLSCRIPTS, MEDITECH, GE HEALTHCARE, EPIC, NEXT GEN HEALTHCARE

The Electronic Medical Records Market is expected to witness a CAGR of 17.8% during the forecast period. The continuously rising demand for streamlining the electronic healthcare systems and technological advancements in the field of healthcare IT, are key factors that contribute to the growth of the market.

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North America is leading the Market
Geographically North America holds the largest market share of approximately more than 40% in 2016. The healthcare IT market in the United States is one of the most established market compared to other geographical regions. Also, most hospitals and clinics in the region have widely implemented EHR solutions due to stringent regulatory norms. Canada and the United States are the leading countries, in this region, that have implemented EHR systems. The healthcare sector in the Asia-Pacific region, has also witnessed significant growth in medication quality, efficiency, and accessibility for patients living in various areas of the country, in the past few years.

Key Developments in the Market
August 2017: Allscripts to acquire McKesson’s Enterprise Information Solutions business.

Major Players:
ECLINICALWORKS, MCKESSON, CERNER CORPORATION, ALLSCRIPTS, MEDITECH, GE HEALTHCARE, EPIC, NEXT GEN HEALTHCARE, VITERA, AND GREENWAY, amongst others.

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Government Initiatives Taken to Maintain the Patient Health Records
Electronic Medical Record (EMR) systems are becoming increasingly popular, as the healthcare industry is moving toward digitization. A lot of government initiatives are being introduced, which generally focus on laying down the standards, regulations, and infrastructure for maintaining medical records. To encourage physicians to adopt electronic health records, governments across many regions are investing in training the healthcare information technology workers and establishing regional extension centers to provide technical and other advice. Such initiatives by the governments are triggering the EMR market’s growth.
Rising need for integrated healthcare system, big data trends in healthcare industry, and technological advancements in the field of data storage are driving the growth of the EMR market.

Data Privacy is a Huge Concern
Electronic medical record (EMR) is increasingly being implemented in many countries to improve the quality of healthcare. However, as with any digital technology, concerns of breach of privacy exists in EMR as well. With these records, it is possible to reveal the identifiable health information of millions of patients, almost instantly. Due to data privacy issues, patients lost their trust on EMRs. The founder of Patient Privacy Rights, Dr. Deborah Peel, says that millions of people every year avoid treatment, because their health data is not private. Data privacy concerns are the primary restraints in the growth of the global electronic medical records market.
The other factors such as high initial investment, shortage of proper trained staff, inter-operability issues are also restraining the global market.

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