Hospital EMR Systems Market Report 2024 - Hospital EMR Market Size, Growth, And Trends

"The Business Research Company recently released a comprehensive report on the Global Hospital EMR Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The hospital emr systems market size has grown rapidly in recent years. It will grow from $17.31 billion in 2023 to $19.08 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to digital transformation in healthcare, government initiatives and regulations, need for data accuracy and accessibility, focus on patient-centric care, improvement in healthcare quality, paperless healthcare environments.

The hospital emr systems market size is expected to see strong growth in the next few years. It will grow to $25.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to population health management requirements, global health challenges, focus on precision medicine, cybersecurity measures, customization for specialized care, telehealth integration and support. Major trends in the forecast period include cloud-based emr adoption, interoperability and data exchange, integration with health information exchange (hie) networks, mobile access and patient engagement, population health management, cybersecurity measures, collaboration with health tech startups.

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Market Drivers and Trends:
The increasing healthcare costs is expected to propel the growth of the hospital EMR systems market going forward. Healthcare costs refer to the expenses associated with the provision of medical services, treatments, and products to maintain or improve an individual's health. EMR systems can contribute to more cost-efficient and high-quality healthcare delivery, improve efficiency, enhance clinical decision support, and prevent medication errors. For instance, in May 2023, the UK's Office for National Statistics, a government agency, released a report stating that between 2020 and 2021, healthcare spending in the UK increased by 9.4% nominally and 9.7% practically. The total cost of healthcare in the UK in 2021 was $367.25 billion (£280.7 billion), pharmaceutical costs were $51.84 billion (£39.6 billion), and spending on preventative care increased significantly from 2020 to 2021, reaching $45.93 billion (£35.1 billion). Therefore, the increasing healthcare costs is driving the growth of the hospital EMR systems market .

Product innovation is a key trend gaining popularity in the hospital EMR systems market. Major companies in the hospital EMR systems market are constantly introducing new technologies to strengthen their position in the market. For instance, in February 2022, MyHealthcare, an India-based healthcare technology company, launched the 'MyHealthcare Enterprise Application (MHEA)' for hospitals. The application is the world's first single-screen hospital platform working on AI technology for keeping electronic medical records for out-patients, in the patient and emergency room. The MHEA ecosystem is built on a powerful, highly configurable workflow engine that enables doctors and hospital teams to manage entire patient care and hospital operations (HIMS).

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., Medical Information Technology Inc., Computer Programs and Systems Inc., GE Healthcare Technologies Inc., Athenahealth Inc., MEDHOST Inc., eClinicalWorks India Private Limited, NextGen Healthcare Information Systems LLC, Intersystems Corporation, Medical Transcription Billing Corporation, Cantata Health Solutions, Advanced Data Systems Corporation, CureMD.com Inc., McKesson Corp., Healthland Inc., Siemens Medical Solutions USA, Healthcare Management Systems, Altera Digital Health, Azalea Health Innovations Inc., Greenway Health LLC, Practice Fusion Inc., AdvancedMD Inc., A Harris Healthcare Company, Aprima Medical Software Inc., ChartLogic Inc., DrChrono Corp., eMDs Inc., Kareo Inc., Modernizing Medicine Inc., PrognoCIS Inc., Pulse Systems Inc., Sevocity EHR, SRS Healthcare and Research Centre Limited

Hospital EMR Systems Market 2024 Key Insights:
• The hospital emr systems market size is expected to see strong growth in the next few years. It will grow to $25.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rapid Growth Of Emr Adoption Fuels Hospital Emr Systems Market
• Innovative Advancements In Hospital Emr Systems
• North America was the largest region in the hospital EMR systems market in 2023

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