Digitizing Healthcare: An In-Depth Analysis of the Global Electronic Medical Record Market
SkyQuest projects that the electronic medical record market will attain a value of USD 34.81 billion by 2030, with a CAGR of 3.30% over the forecast period (2023-2030). More people will visit hospitals for specialized services as more people develop chronic illnesses and medical problems such as diabetes, skin infections, cancer and orthopaedic conditions throughout the forecast period. This will be the primary factor driving the market. Two other significant aspects that are anticipated to contribute to the market expansion in the years to come are the expanding initiatives performed by governments around the globe and the expanding technological advancements in the healthcare industry. Additionally, it is anticipated that the market will expand during the forecast period due to clinicians need for quick, informal access to patient records.
Westford USA, June 13, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, local computing needs are handled by on-premises solutions, while cloud-based solutions allow for centralized data storage and remote web access. These intentional records aid in monitoring and evaluating patients, differentiating designs and refining the type of advertised medical service. They can also boost productivity and communication between patients and healthcare professionals, which can improve patient safety and health outcomes. The electronic medical record market is predicted to grow slowly throughout the forecast period due to the high implementation and maintenance costs, such as the procurement of hardware and software. Additionally, using electronic medical records (EMRs) can give rise to privacy concerns due to the possibility of accidental or deliberate misuse of the data stored in EMRs. This is anticipated to restrain the growth of the market in the upcoming years.
Browse in-depth TOC on “Electronic Medical Record Market”
- Pages – 242
- Tables – 88
- Figures – 76
The electronic health records systems is growing as the healthcare sector changes to digitization. The adoption of electronic health records by doctors is being encouraged by several government measures such as funding training programmes for those working in healthcare information technology. For instance, when it comes to maintaining electronic medical records (EMRs) and electronic health records (EHRs), the Indian government wants to create a standardized process that hospitals and other healthcare facilities in the country may adhere to. Therefore, an expert committee was constituted to specify EMR/EHR standards for widespread adoption and implementation.
Prominent Players in Electronic Medical Record Market
- Epic Systems Corp
- Cerner Corp
- GE Healthcare
- Allscripts Healthcare
- LLC
- eClinicalWorks
- McKesson Corp
- Medical Information Technology, Inc
- NextGen Healthcare, Inc
- HMS
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Web-Based Segment is Anticipated to Grow Due to Increasing Popularity among Healthcare Providers
Web-based segment accounted for a sizable percentage of the market due to their popularity among smaller-scale physicians and healthcare providers. These systems can be installed without an internal server; if required, they can also offer considerable improvements. The client-server-based product category is anticipated to increase significantly during the forecast period since they are also tailored to the demands of clients. They do not require a stable internet connection, in contrast to web-based solutions, which is another factor driving the market’s growth.
North America dominated the market for electronic health record and earned the majority of the industry’s income. The American healthcare IT market is one of the most developed compared to other regions. Most hospitals and clinics in the area have heavily implemented EHR solutions due to the strict regulatory requirements. Canada and the United States of America have used EHR systems the most in this region.
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Cloud-Based Segment is Anticipated to Grow Due to Cheaper Installation Costs
The cloud-based segment is anticipated to experience considerable expansion during the forecast period due to the simple maintenance requirements and accessibility. The growth of this market is also being fueled by the growing acceptance of these platforms by pharmacies, hospitals and other healthcare facilities. Additionally, real-time data tracking ensures proper disaster recovery, cloud-based software makes it simple to access data from a distance, and business continuity solutions support high-quality patient care. As a result, the segment is anticipated to have rapid expansion.
A comprehensive analysis of the major players in the Electronic Medical Record market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Electronic Medical Record Market
- Visionflex partnered with Medi Records as a new company in 2022, Australia’s beneficiary of cloud-based practise management and electronic medical record markets. The cooperation examines the company’s efforts to combine Medi Records, a cloud-based electronic health record and practise management software platform, with Visionflex’s Vision video conferencing platform.
- Datavant and Ciox Health agreed to a binding agreement in 2021 to create a new business that would serve as the country’s leading ecosystem for health data. It makes it easier for patients, clinicians, health data analysis companies, governmental agencies and life science companies to safely communicate patient-level information.
Key Questions Answered in Electronic Medical Record Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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