Electronic Medical Record Market

Market Snapshot

Market Synopsis:

Global Electronic Medical Record Market is valued at USD 28,692.52 Million in 2021 and is projected to reach a value of USD 42,818.81 Million by 2028 at a Compound Annual Growth Rate (CAGR) of 6.9% over the forecast period.

The growth of the Electronic Medical Record market is primarily driven by the advancements in software technology in the healthcare sector. The Electronic Medical Record market is projected to witness high growth owing to technological advancement, initiatives by the government, and low maintenance with wide convenience. Electronic Medical Record are an electronic version of patients' healthcare record, it helps in creating, gathering, and storing the health record of the patient electronically which is expected to drive the demand for Electronic Medical Record during the forecast period. Additionally, the introduction of Artificial Intelligence in the advancement of EMR is majorly contributing to the growth of Electronic Medical Record during the forecast period. Besides, Electronic Medical Record played a significant role in the management and in recording information of patients during the covid-19 pandemic situation which is fueling the demand for Electronic Medical Record during the forecast period. EMR is adopted by healthcare providers due to the demand for advanced healthcare facilities, administrative functions, computerized physician order entry, radiology systems, lab systems, and electronic clinical documentation which is projected to boost the demand for Electronic Medical Record in the years to come. In addition, the healthcare industry is rapidly moving towards digitalization, increasing government initiatives to maintain the health records of patients, and investments in training for the technology workers to establish regional extension centers to provide technical and other advice is expected to drive the growth of Electronic Medical Record market in the forecast period.

Market Segmentation:

The Cloud-Based Segment is Projected to Acquire the Largest Market Share During the Forecast Period:

The Cloud-based segment in the delivery mode parameter of the Electronic Medical Record market is projected to acquire the largest market share during the forecast period. The cloud-based solution is mostly used by organizations that have a deficiency of internal infrastructure to support it. Moreover, the installation cost of this system is less than the client server-based systems, therefore expected to increase the demand for cloud-based Electronic Medical Record ing globally. Besides, this software eliminates the need for in-house maintenance, which is the major factor boosting the demand for cloud-based solutions during the forecast period.

The Hospitals Segment is to Maintain Largest Market Share During the Forecast Period

The growth of this segment is primarily attributed to the large amount of medical data generated in the hospitals. Additionally, the cost of set up in electronic health records is minimum in hospitals as compared to ambulatory healthcare centers, which drives the market growth during the forecast period. Moreover, they also support saving time for large-scaled hospitals, which is further expected to fuel the market growth. Besides, the high adoption of electronic health records in small and midsized hospitals, owing to features like the comfort of deployment, is projected to drive the growth of small and medium-size hospitals segment in the years to come.

North America Region is Projected to Grow at the Highest CAGR

The growth of this region is mainly attributed to the policies that assist the adoption of Electronic Medical Record and the availability of organizations with high digital literacy. Moreover, the central government planned the Federal Health IT Strategic Plan that mandates the expressive usage of Electronic Medical Record by healthcare benefactors. The Digital Single Market Strategy furnishes consumers and businesses with access to online services and goods across Europe, thus providing necessary conditions for the growth of the digital network and allied services, which is projected to boost the growth of the economy during the forecast period.

Competitive Landscape:

The major key players in the Electronic Medical Record market are applying various strategies for the growth of the market such as new product launches, expansion, collaboration, and acquisitions to sustain their position and the competition in the market. Some of the key players in the market are Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions Inc. (US), MEDITECH (US), CPSI (US), GE Healthcare (US), athenahealth Inc. (US), MEDHOST (US), eClinicalWorks (US), NextGen Healthcare (US), Intersystems Corporation (US), MTBC (US), Cantata Health (US), Advanced Data Systems Corporation (US), CureMD (US)..

Electronic Medical Record Market is Segmented as Follows:

Electronic Medical Record Market is Tabulated as Follows: