Increasing Need to Minimize Records Retention Costs is Expected to Accentuate the Growth of Electronic Medical Records Market

An electronic medical record is a digital version of paper-based medical information of patients. Such electronic medical records are aimed at improving the overall quality of care. Electronic medical record comprises combination of clinical, financial, demographic and coded healthcare data. Many government organizations have also stressed upon the significance of electronic medical records. For instance, according to the World Health Organization, the proper collection, management and use of information within healthcare systems will determine the system’s effectiveness in detecting health problems, defining priorities, identifying innovative solutions and allocating resources to improve health outcomes. Currently, a number of hospitals and clinics are using electronic medical records to store important documents related to the patient’s illness. The information repository of individual patients would lead to better security and quick data retrieval whenever required.

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Based on software delivery mode, the electronic medical records market can be segmented as follows:

> Cloud: Cloud computing software allows centralized data storage and online access to services with multiple sites across geographic locations but do not support remote access to existing network. The software possesses the flexibility to allow anywhere and anytime access of data records.

> On-premise: On-premises software, also known as shrink wrap, is installed and operated from the premises of the person or any organization. It makes use of the organization’s local computing resources and requires a licensed software copy from an independent software vendor

Based on end users, the electronic medical recordsmarket can be segmented as follows:

> Hospitals
> Clinics and nursing homes
> Home health agencies

Geographically, the electronic medical recordsmarket can be segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World (RoW). Out of these four regions, North America holds a leading position in the market followed by Europe. The prime factors driving the growth of the electronic medical recordsmarket in these regions are increased portability and accessibility of medical document management systems, and growing demand for paperless environment to minimize human error. Furthermore, technological advancement and modernization in the healthcare management system and improved clinical studies are also expected to augment the growth of the electronic medical records market in North America and Europe. Asia Pacific is one of the fastest growing regions globally and is expected to emerge as the most promising market for the growth of the electronic medical records market. The factors which would boost the growth of the market in Asia Pacific are growing demand for better quality of care, and increasing government initiatives to opt for patient flow management solution and electronic health records (EHRs). Moreover, better management of patient’s information record and increasing need to minimize records retention costs is also expected to accentuate the growth of the electronic medical recordsmarket in Asia Pacific.

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Various companies offer novel systems and software for the management of health information. Such companies have simplified the complex medical records, hence achieving quality outcomes. Some of the top companies operating in the electronic medical recordsmarket are 3M Company, Toshiba Medical Systems Corp., Hyland Software, Siemens Medical Solutions, McKesson Corporation, Henry Schein, Inc., Allscripts Healthcare Solutions, Inc., WRS Health, Medical Information Technology, Inc. (Meditech), Cerner Corporation,Quest Diagnostics, GE Healthcare, Epic Systems, SequelMed, Kofax Limited and others.

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