Electronic Medical Records Market Size to Reach Close to US$ 40 Billion by 2024

The Global Electronic Medical Records Market was valued at US$ 21,444.4 million in 2015 and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing digitization is propelling deployment of EMR across the global healthcare sector.

Healthcare delivery is expected to undergo a drastic transformation through integration of information technology and healthcare services. The market is presenting new growth avenues for healthcare companies as well as major IT companies such as Apple and Microsoft. These companies are working in close coordination with healthcare service providers, understanding the various nitty-gritties of processes and problems and accordingly developing integrated solutions. Besides, emergence of health monitoring devices and applications and rising awareness among the populace about the ease of use and various benefits of such services led to increases demand for digital solutions to track health parameters and securely access personal medical records. Moreover, the advent of on-cloud EMR solutions further provides significant growth traction for the electronic medical records market.

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There are plethora of electronic medical record solutions available in the market, which makes the market highly competitive diverse scale of operations and unique requirements of users. However, the market provides highly lucrative growth opportunities, given the increasing inclination of various governments towards encouraging deployment of EMR in hospitals and private clinics. For instance, the Dubai government, has installed EMR system, Salama, across the Dubai Health Authority (DHA) network of health facilities. The government will be rolling out its MER system across the DHA network in three phases through 2017.

Furthermore, facilities already using EMR systems are upgrading to improve healthcare delivery. Catholic Health Services (CHS) and University of Maryland Medical System (UMMS) achieved Stage 6 recognition (almost fully automated/paperless medical records) by the Healthcare Information and Management Systems Society (HIMSS) Analytics on their Outpatient EMR adoption model of HIMSS Analytics. Deployment of new EMR systems and upgrading of systems would be significantly contributing towards growth of the global electronic medical records market.

At the same time, industry experts opine to have a defined legal framework for EMRs to avoid unnecessary legal issues. Emerging economies such as India, Brazil, Turkey, China, and Indonesia need to devise a framework for the use of EMR systems in their respective countries. In India, there are no defined legal framework in place to govern EMR and EHR systems, with preexisting IT laws applied to these systems. Cyber Laws, Indian Information Technology Act laws and compliances concerning health and medical industry are various governing laws posing a major challenge to smooth operations of present EMR systems. Healthcare facilities in India, using EMR systems, are facing challenges in complying with these laws and thus, are at risk of being faced with legal issues. Having a proper legal framework is essential in the growth path of electronic medical records market.

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Key takeaways of the market:

The global electronic medical records market is expected to expand at a CAGR of 6.9% during the forecast period (2016–2024) as there exists a huge demand especially in Asia Pacific, Latin America, Middle East and Africa markets

Cloud-based solutions are expected to fuel the global electronic medical records market growth exponentially during the forecast period. Chain of hospitals and diagnostic laboratories who can afford cloud-based EMR systems find it very beneficial for their patients.

Hospitals are the major end users of EMR systems as these organizations deal with a huge patient database and have high demand among their patients to access their medical records

The demand for EMR is growing in ambulatory/outpatient services, which is expected to fuel the growth of this market in near future

High healthcare spending and rapid digitization has supported the North America and European regions to dominate this market. However, increasing funding in emerging regions driving better healthcare infrastructure would drive substantial demand in Asia Pacific and Latin America during the forecast period.

Some of the major players involved in global electronic medical records market include Cerner Corporation, Allscripts-Misys Healthcare Solutions Inc., McKesson Corporation, Quadramed Corporation, Medical Information Technology Inc., Sage Software Healthcare Inc., Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, and GE Healthcare.

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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This release was published on openPR.