US EHR-EMR Market at a CAGR of 5.82 % to hit USD 42,427.27 Mn by 2027

 

The growth of healthcare IT and its immense potential in consolidating data as well its ability to drastically increase efficiency has impacted the global & US EHR-EMR market to a great extent. Market Research Future has released its report on the global US EHR-EMR market which includes various intelligent insights as well a collection of highly relevant facts and figures with regards to the future of the market for the review period from 2018 to 2027. According to findings of the analysis carried out by MRFR, the global & US EHR-EMR market is expected to register a CAGR of 5.82% during the review period which is likely to result in a market value of USD 42,427.27 Mn by the end of 2027.

EHRs & EMRs help avoid medical errors which are often encountered during the diagnosis and treatment process due to the lack of awareness on the part of medical professionals regarding medical history and therapeutic guidelines specific to the patient. Moreover, reportedly, clinical decisions made using the assistance of EHRs have increased the efficiency of care. These clinical benefits are significant in their positive impact on the global & US EHR-EMR market. Increasing government support of EHRs have also been a strong driving factor for the adoption of EHRs & EMRs as well as the subsequent growth of the global market. Prime examples include the NHS which has implemented the Integrated Digital Care Fund to support the shift from paper-based health records to integrated digital care records. These types of supportive, and encouraging government initiatives are expected to compel market growth over the review period.

Despite these positive impacts, the market is challenged by the task of training medical professionals in proficiency in EHR administration. Moreover, the high costs of implementation are discouraging of market growth. In 2014, according to the Office of the National Coordinator for Health Information Technology estimated the costs of deploying EHRs between the range of USD 15,000 and USD 70,000 per provider. However, developing countries in the Asia Pacific region are untapped markets with considerable promise. Growing digitization of the healthcare infrastructure in a rapidly urbanizing region is expected to offer several avenues for the growth of the market.

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Key Players

Market Research Future has tracked the competition in the global & US EHR-EMR market and analyzed the various growth strategies used by leading market players. Market players of prominence included in the report are Allscripts Healthcare Solutions, Athenahealth Inc., Agastha Inc, Cerner Corporation, Epic Systems, eClinicalWorks, Advanced MD Inc, Advanced Data Systems Corporation, GE Healthcare, Medical Information Technology Inc., Koninklijke Philips N.V., and Meddbase (Medical Management Systems Ltd).

Market Segmentation

Components of EHR & EMR have been segmented into software, services & consulting, and hardware. The software segment has captured a 59.1% share of the market and is also projected to expand at the highest growth rate during the assessment period.

Applications of EHR & EMR are largely divided between the specialty based segment and general based segment. The specialty based segment is further sub-segmented to include neurology, oncology, radiology, cardiology, and others. The specialty based segment has not only captured the largest share of the global & US EHR-EMR market but is also anticipated to expand at the fastest pace at a CAGR of 6.02% during the review period. The rapid growth of the specialty-based segment is due to the increasing incidences of cardiovascular diseases as well as a high prevalence of chronic diseases.

Mode of delivery of EHR and EMR has been segmented into cloud-based, and on-premise model. The on-premise segment is the most significant segment in the global market. However, the rapid growth of the cloud-based segment is expected to bring both segments nearly at par by the end of 2027.

End-users of EHRs and EMRs have been segmented into ambulatory care, diagnostic centers, hospitals & clinics, and others. Hospitals & clinics are the dominant segments in the global & US EHR-EMR market due to the increasing adoption of healthcare IT in this segment. However, the ambulatory segment is growing at the most rapid pace due to the demand for instant data retrieval in emergency healthcare situations.

Regional Analysis

MRFR's coverage of the global market scenario covers key regions such as the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas have the dominant share of the global & US EHR-EMR market. The North American segment of the market which includes the US has a strong presence of several market leaders as well as a thriving healthcare sector. The well-developed healthcare sector in the region has an affinity toward the adoption of advanced IT technology. Growing investments in healthcare and increasing demand for advanced healthcare. IT is likely to lead the market to grow over the review period.

Meanwhile, the Asia Pacific market is on track to grow at the most significant CAGR of 6.77%. Japan is the largest country-level market. Other important country level markets include India, China, and Austrailia. The rapid digitization of the regions healthcare segment, combined with the healthcare reforms taking place are expected to drive the APAC's growth over the review period. Increasing awareness regarding electronic health records, a rising geriatric population as well as the presence of a significant and growing patient pool is expected to influence the EHR-EMR market positively.

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This release was published on openPR.