Hospital EMR Systems Market | Ongoing Trends and Recent Developments | Major Key Players like Cerner Corporation (US), Epic Systems Corporation (US), athenahealth, Inc. (US), eClinicalWorks (US), Allscripts Healthcare Solutions, Inc. (US)

The key factors driving the growth of this Hospital EMR Systems Market include government support for the adoption of EMRs and the rising need to curtail healthcare costs. However, the high cost of EMR solutions is one of the major factors that is expected to restrain the growth of this market during the forecast period.

What the Market Looks Like?

Predicted to grow at a CAGR of 8.8% during the forecast period, the global Hospital EMR Systems market is estimated to reach USD 18.3 billion by the end of 2023. In 2018, North America dominated the market

On the basis of component, the hospital electronic medical records (EMR) market is further segmented into services, software, and hardware. In 2018, the hospital EMR services accounted for the largest share of the global market. Services make up a large component of the market due to their indispensable and recurring nature. The healthcare IT industry relies heavily on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades. The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the integration and interoperability of software, which requires extensive training and upgrades.

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Based on mode of delivery, the hospital electronic medical records (EMR) market is segmented into on-premise and cloud-based solutions. The on-premise segment commanded the largest share of the hospital EMR market in 2018. The large share of this segment can be attributed to the fact that on-premise solutions offer enhanced control, safety of inventory data, and cost benefits in the long term.

What Drives the Hospital EMR Systems Market?

The growth of the global market for Hospital EMR Systems is primarily influenced by the following factors:

• Government Support for the Adoption of EMR Solutions
• Rising Need to Curtail Healthcare Costs
• Cloud-Based EHR Solutions

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Geographical growth scenario of Hospital EMR Systems Market:

In 2018, North America accounted for the largest share of the hospital EMR market, followed by Europe, Asia Pacific (APAC), and the Rest of the World (Latin America and the Middle East & Africa). Factors such as federal mandates in the US, growing digitalization in healthcare coupled with favorable government policies, and continuous support in the form of grants by the federal government in Canada are contributing to the large share of North America.

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Leading market players and strategies adopted:

The prominent players in the Hospital EMR Systems market include Cerner Corporation (US), Epic Systems Corporation (US), athenahealth, Inc. (US), eClinicalWorks (US), Allscripts Healthcare Solutions, Inc. (US), Medical Information Technology, Inc. (US), MEDHOST (US), CPSI (US), and Intersystems Corporation (US). Product launches; product deployments, agreements, collaborations, alliances, contracts, and partnerships; expansions; and mergers & acquisitions were the major strategies adopted by key players to achieve growth in this market. Product deployments accounted for 72.5% of the total strategies adopted by the players in this market.

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