Electronic Medical Records Market Growth Probability, Leading Vendors and Future Scenario up to 2024 Appraised By Global Players GE Healthcare, McKesson Corporation, Medical Information Technology Inc., Cerner Corporation

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.

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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.

The global electronic medical records market was valued at US$ 21,444.4 million in 2015 and is expected to witness a CAGR of 6.9% during the forecast period (2016 – 2024).

Market Dynamics:

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.

Inconsistent return on EMR systems is expected to hinder the market growth:

The risk associated with chronic diseases such as obesity, cardiovascular attack, neurological conditions, and cancer increases with age. This further leads to patient visits to specialty centers or hospitals for the treatment and monitoring of such diseases and data being stored in the electronic medical record system increases with multiple doctor visits. Therefore, quantifying monetary return on EMR systems is one of the major challenges faced by the healthcare facilities. Moreover, competing priorities of healthcare facilities compromises on the use EMR system. Another major restraint affecting the market growth is the affordability of EMR system in emerging economies.

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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

Global Key Players:

Key companies covered as a part of this study include

Cerner Corporation
Allscripts-Misys Healthcare Solutions Inc.
McKesson Corporation
Quadramed Corporation
Medical Information Technology Inc.
Sage Software Healthcare Inc.
Greenway Healt
LLC
NextGen Healthcare Information Systems
LLC
Epic Systems Corporation
GE Healthcare

Detailed Segmentation:

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

Global Electronic Medical Records Market, By Geography:
North America
Europe
Asia-Pacific
Latin America
Middle East
Africa

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This release was published on openPR.