Electronic Health Record Market Growth Opportunities and Recent Trends by Leading Manufacturers and Regions

The global EHR market size is projected to cross $30.4 billion by 2023, growing at a CAGR of 5.4% during the forecast period. The market is mainly driven by the increasing need for advanced healthcare information system, growing investments by healthcare IT players, rising demand for better healthcare facilities, and increasing government initiatives.

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Various healthcare reforms have been passed worldwide to reduce the cost and improve the quality of healthcare services. Governments of various countries are taking initiatives to encourage the use of EMR systems, as these systems help to reduce healthcare costs and maintain quality of healthcare services. EMR systems market in developing economies, such as Asia-Pacific, Africa, and Latin America, have been growing at a significant pace due to rising awareness for EMRs among population, and rising adoption rate for EMRs.

The need for better healthcare facilities through improved and effective quality of treatments and lower costs is driving the demand for integrated healthcare systems. Integrated healthcare systems compiles services related to diagnosis, treatment, care and rehabilitation; and maintain all this in the form of EMRs. The increasing investments from healthcare IT players are also escalating the demand of EMR systems globally. In addition, number of hospitals is also increasing worldwide, which would require electronic medical record systems for cost-effective and efficient healthcare services. The hospital EMR systems have been contributing maximum to the global revenues of EMR systems during the period of analysis.

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The restraints associated with EMR systems market include high maintenance and service expenses for EMR systems. Purchase, installation and maintenance of information systems, which help in producing EMRs, are expensive processes; and require timely service. This elevates the cost of healthcare services provided. In addition, lack of skilled professionals for efficient handling of the EMR systems also restrains the market. Some of the other major restraining factors faced by the global EMR systems include interoperability issues and privacy and security issues.

The global electronic health record market is consolidated, with top three players—Epic Systems Corporation, Cerner Corporation, and Medical Information Technology Inc. (MEDITECH)—collectively accounting for majority of the shares in the market. This can be attributed to their global reach and brand recognition among the healthcare providers, payers, and consumers. As part of business strategy, MEDITECH, in June 2017, launched a Web EHR integrated with M*Modal Fluency Direct, a speech-driven, single documentation platform, which enables physicians to dictate directly into their documentation. Cerner Corporation’s spending on R&D in 2007 was $283 million, which increased to $706 million by 2017, which is indicative of the company’s notable market share.

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