Electronic Medical Records Market to develop SMART Suite digital health platform of EMR technology

Electronic Medical Record (EMR) offers several advantages such as less paper work, fewer storage issues, and higher quality of care that leads to better healthcare outcomes. EMRs contain notes and information collected by and for the clinicians. The global electronic medical records market is estimated to account for US$ 21,845.0 Mn in terms of value by the end of 2027.

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Increasing development of integrated healthcare solutions is expected to propel growth of the global electronic medical records market over the forecast period. For instance, in December 2019, Sectra, a medical imaging IT and cybersecurity company collaborated with Leica Biosystems to develop an integrated clinical pathology solution. The Sectra digital pathology software solution is expected to facilitate integration with leading pathology information systems and EMRs.

Utilization of text fields in EMRs is expected to offer lucrative growth opportunities for market players. For instance, in January 2019, researchers from the UTSHC-ORNL Center for Biomedical Informatics and University of Tennessee Health Science Center reported that text data in EMRs can improve the ability of structured data tools to predict serious patient outcomes after surgery.

Some of the disadvantages of EMR include changes in workflow, temporary loss of productivity associated with EMR adoption, privacy and security concerns, and several unintended consequences. EMR may result in disruption of work-flows for medical staff and providers which result in temporary loss of productivity. Such factors are expected to hinder growth of the global electronic medical records market.

The hospitals segment in the global electronic medical records market was valued at US$ 7,632.7 Mn in 2018 and is expected to reach US$ 12,510.1 Mn by 2027 at a CAGR of 5.6% during the forecast period. Increasing incidence of chronic diseases is expected to drive the growth of this segment during the forecast period. The Cloud-Base EMR segment held a dominant position in the global electronic medical records market in 2018, accounting for 54.4% share in terms of value, followed by Client Server Setup EMR, respectively. Technological advancement and increasing healthcare infrastructure in developing economies is expected to drive the segment growth during the forecast period.

Machine learning is being used in combination with EMR data to predict chronic diseases such as dementia. For instance, in December 2019, researchers from Indiana University Purdue University at Indianapolis reported that EMR routine care data can be used to predict dementia. The research was published in the journal Artificial Intelligence in Medicine. Lab integration through Laboratory Information System (LIS) is a major trend enabling labs and imaging centers to send and receive orders electronically. This platform allows interaction by multiple physicians using different EMR systems.

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Major players operating in the global electronic medical records market include GE Healthcare, Epic Systems Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Computer Programs and System Inc., Medical Information Technology, Inc., NextGen Healthcare Information Systems, LLC, and Greenway Health, LLC.

Key players in the market are focused on product expansion to enhance their market share. For instance, in December 2019, Southwest Transplant Alliance (STA) announced an initiative to expand its automated electronic referral technology to health systems throughout the state of Texas. The system automatically connects to a hospital's EMR. Key players in the market are also focused on adopting partnership strategies to enhance their market share. For instance, in October 2019, electronic medical record vendor, Suncoast, partnered with Hospice of the Western Reserve, and pharmacy provider, Delta Care Rx in order to enhance clinician workflow.

Key Benefits:

• This study gives a detailed analysis of drivers and factors limiting the market expansion of Electronic Medical Records

• The micro-level analysis is conducted based on its product types, end-user applications, and geographies

• Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players

• By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Electronic Medical Records market

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