Electronic Medical Records Market Trend, Growth, & Key Business Strategies by Leading Industry Players Cerner, Allscripts, McKesson, Quadramed, Greenway Health, NextGen Healthcare Information Systems, Epic Systems, and GE Healthcare

oherent Market Insights has announced the addition of the “Electronic Medical Records Market Size Status and Forecast 2026”, The report classifies the global Electronic Medical Records Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.

This report studies the global Electronic Medical Records Speaker market, analyzes and researches the Electronic Medical Records Speaker development status and forecast in North America, Europe, Asia Pacific, Latin America and Rest of the World. This report focuses on the top players in global market, like Cerner, Allscripts, McKesson, Quadramed, Greenway Health, NextGen Healthcare Information Systems, Epic Systems, and GE Healthcare

Digitization is the new buzzword across industries from apparels, cosmetics, food, electronics, to even pharmaceutical products. Consumers are increasingly inclined towards having all information available at the click of a button. This has urged product and service providers to install digital platforms in their business operations to improve customer satisfaction. With a number of patients visiting clinics, diagnostic laboratories, and hospitals, maintaining patient records is very imperative for these service providers. Electronic medical record (EMR) is a good solution for the healthcare providers to maintain patient records. EMRs ease the practice of healthcare providers and allow for better decision making by analyzing the patient’s medical history. An EMR, however, restricts the usage to healthcare providers, disallowing the access to patients outside the practice location. EMR differs from electronic health records (EHR), as EHR allow access of medical records to patients on the move and is inclusive of all the medical records (treatment, and diagnosis) of the patient. This factor limits the medical decision using EMR.

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The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area of service providers. Healthcare IT products and systems are in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries. This is expected to propel growth of the electronic medical records market in these regions. Deployment of EMR systems involves long-term collaboration between the system developer and user. This service offering generates a continuous revenue model for electronic medical record service providers. The global market is therefore expected to grow at a sustainable rate over the foreseeable future.

The question for sustainability of this system arises on account of the existence of electronic health records (EHR), which allows easy access to patient health records irrespective of the time and physical location of the user. The EHR system, however, finds major applicability in large hospitals, and diagnostic centers thus paving the opportunity for EMR in smaller and medium-sized private clinics and health centers, which account for a major share of the healthcare practices.

Market Growth:

Patients demand efficient healthcare service with access to proper medical records. Hospitals, clinics, diagnostic laboratories and ambulatory centers are constantly improving their healthcare infrastructure. Installation of electronic medical record system significantly reduces physician’s time and improves decision making. A digital mode of storing patient’s medical records allows the physician to revisit the patient’s medical history under his/her medical therapy and guidance. Increasing inclination of patients towards gaining easy access to their medical records through digital mode would propel implementation of electronic medical records. Moreover, this factor is also driving upgrade of the existing EMR systems making it more efficient and integrated to offer better patient care services. Catholic Health Services (CHS) and University of Maryland Medical System (UMMS) achieved Stage 6 recognition (almost fully automated/paperless medical records) by the Healthcare Information and Management Systems Society (HIMSS) Analytics in March 2017. Thus, demand for better technology-enabled care will drive growth of the electronic medical records market.

Patients want secure access of their health information. This would urge healthcare providers to share the electronic health information on different digital platforms. Cloud-based solutions represent growing opportunity for EMR solution. Number of factors are acting against the growth of electronic medical records market –

-Economic challenges in few regions
-Competing priorities for healthcare providers
-Inconsistent return on investment for EMR

Moreover, with time, demand for mobile-based solutions will increase. Therefore, EMR solution developers and providers need to innovate their solutions to sustain in a constantly changing market in terms of technology and demand. Vendors will have to integrate more functionalities in the system aiding to improve medical decision while ensuring integrity and security of data. Thus compliance to Health Insurance Portability and Accountability Act of 1996 (HIPAA) is essential.

Global Electronic Medical Records Market, By Product Type:

Inpatient EMR
Outpatient EMR

Global Electronic Medical Records Market, By Component:

Software
Services

Global Electronic Medical Records Market, By Deployment:

On-premise
Cloud-based
Hybrid

Global Electronic Medical Records Market, By End User:

Ambulatory Surgical Centers
Specialized Clinics
Hospitals
General Physician Specialized Clinics

What Information does this report contain?

-Historical data coverage: 2013 to 2017; Growth Projections: 2018 to 2026.
-Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
-6-7 year performance forecasts: major segments covering applications, top products and geographies.
-Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Digital transformation to underpin the adoption of EMR in emerging economies

Healthcare industry in emerging economies such as India, China, and Brazil is at the cusp of digital transformation. This could be the best opportunity for the electronic medical records market players to capitalize on the opportunity. Deployment of proper IT infrastructure coupled with personnel training would be required to support the growth of EMR market in these regions. As majority of population in Asia Pacific, Latin America and Africa belong to bottom of the pyramid, cost would be a major hindrance for growth of the EMR market. Local players are expected to gain ground by offering low cost products. Supportive regulations and favorable government incentives to implement EMR systems would be a major boosting factor for healthcare facilities in emerging economies.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.