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EHR-EMR Market is expected to reach USD 120 billion in 2023 from its previous worth

10-09-2018 05:33 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Research Future

/ PR Agency: Market Research Future
EHR-EMR Market

EHR-EMR Market

Market Research Future (MRFR), estimates that the size of the global EHR-EMR Market will grow at a CAGR of 10.9% over the forecast period of 2017-2023. MRFR forecasts that the global market will increase from USD 70 billion in 2016 to USD 120 billion by the end of 2023.

Competitive Landscape:

The global EHR-EMR Market is highly competitive and is characterized by the presence of a few established players. Many new entrants are keen on entering the market, and the existing players are implementing various strategies such as partnerships, mergers, acquisition, product launches, etc. to sustain their market position. Notable players in the market include Cerner Corporation (U.S), Allscripts (U.S), General Electric Company (U.S), McKesson Corporation (U.S), Epic Systems Corporation (U.S), QSI Management, LLC (U.S), eClinicalWorks (U.S), and Greenway Health, LLC (U.S).

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The global EHR-EMR market is primarily driven by an increase in the volume of medical records which requires proper management and storage. EHR-EMR provides the advantages of better accessibility, improved communication, data aggregation, and integration. EHR-EMR also lower staffing requirements and thus reduce health care costs, also reducing the scope of human errors. It is on account of these advantages that the global EHR-EMR market is proliferating. Technological advancements in EHR-EMR technology such as Blockchain, Byod, Artificial Intelligence, Opensource fuel the growth of the market. Cloud-based solutions also provide growth opportunities. Small healthcare providers who cannot make up-front investments are opting for free and web-based services which also eliminates the need for infrastructure and maintenance. Government funding is a crucial driver of the market. Governments in various economies are funding projects to automate health record systems which induce the demand for EHR-EMR. The growth of the healthcare and life-sciences industry also reflect positively on the EHR-EMR market. On the flip side, various factors are likely to slow down the momentum for the EHR-EMR market. The growth of the market is inhibited by the economic slowdown at a global level which results in lack of capital and operational constraints. Even though both developed and developing countries exhibit high interest in automating health record, the introduction of EHR-EMR systems is obstructed by available technology which is inadequate to support the system and insufficient funds to migrate from the existing system to an electronic system. The high cost of implementing EHR-EMR system is a limiting factor to the market growth. Switching to EHR-EMR involves high costs of computers, electrical wiring and a vast amount of electricity supply. Health administrators and governments perceive the cost of implementing EHR-EMR systems very high and thus resist adoption. Additionally, lack of skilled staffs with adequate knowledge of computer and disease classification are vital issues. Other factors include resistance from medical professionals to switch to an electronic system and change their behaviors and attitudes, and lack of data processing facilities which are barriers to the implementation of EHR-EMR.

Segmentation:

The global EHR-EMR Market has been segmented on the basis of types and mode of delivery. By types, the market has been segmented into emergency care, perioperative care, mobile applications for doctors and nurses and others. By mode of delivery, the market has been segmented into on-premise and cloud-based.

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Industry Updates:

In June 2018, MTBC announced the release of a blockchain technology fused with an EHR platform. Called Hyperledger, the blockchain EHR will facilitate access of health records through smartphones. MTBC is a healthcare information technology company which provides practices with web-based solutions through its EHR platform.

Regional Analysis:

Geographically, the market spans the Americas, Europe, Asia Pacific and Middle East & Africa. Americas is dominating the global EHR-EMR market. Broad adoption of EHR-EMR, the presence of major players in the region and growth in the number of services in hospitals boost the growth of the market in the region. Europe is the second largest market after the Americas owing to growing adoption of IT in the healthcare sector for patient administration and engagement. Asia Pacific is slated to emerge as the fastest growing market due to escalated demand for software solutions in the healthcare sector and rising expenditure on healthcare facilities in the developing economies of the region. The Middle East & Africa market is expected to exhibit steady growth over the forecast period.

Table of Content

1 Report Prologue

2 Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

3 Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

4 Market Dynamics

4.1 Drivers

4.2 Restrains

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

…Continued

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