USD 26.99 billion
Electronic Medical Record Market Size, Share, Growth Analysis, By Product Type(Hospital EMR, and Ambulatory EMR), By Component(EMR Software, and EMR Services), By Application(Patient Data Management, Data Analytics and Reporting, Regulatory Compliance, Telemedicine Integration), By End-user(Hospitals, Clinics, Ambulatory Surgical Centers, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2134 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
90
|Figures:
76
Electronic Medical Record Market Insights
Electronic Medical Record Market size was valued at USD 26.99 billion in 2019 and is poised to grow from USD 28.1 billion in 2023 to USD 38.5 billion by 2031, growing at a CAGR of 4.1% in the forecast period (2024-2031).
The term "electronic medical records" (EMRs) refers to digital records that contain health-related data about the patient. Demographics, medical history, medications, allergies, radiology reports, vaccination status, results from lab tests, vital signs, and billing information are all included. Both on-premises software and cloud computing are options for deploying EMRs.
On-premises solutions are used for local computing requirements, while cloud-based solutions enable centralized data storage and online access across multiple locations. These deliberate records help in following and checking patients, distinguishing designs and working on the nature of medical care being advertised. They can also improve patient safety and health outcomes by enhancing communication and productivity between healthcare providers and patients.
Electronic Health Records (EHR) systems are gaining popularity as the healthcare industry moves toward digitization.The Electronic Health Records Market is expanding due to numerous government initiatives, such as encouraging physicians to use electronic health records and investing in education for healthcare information technology professionals.
For instance, the Indian government intends to establish a standardized procedure for the hospitals and healthcare providers in the nation to follow when it comes to the upkeep of electronic medical records (EMRs) and electronic health records (EHRs).To define EMR/EHR standards for national acceptance and implementation, an expert committee was established.
US Electronic Medical Record Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Acute
Fastest Growth
Acute
Growth Rate
4.1% CAGR
Global Electronic Medical Record Market ($ Bn)
Country Share for North America Region (%)
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Electronic Medical Record Market Segmental Analysis
Global Electronic Medical Record Market is segmented by product type, component, application, end-user, and region. Based on product type, the market can be segmented into Hospital EMR and Ambulatory EMR. Based on component, the market is segmented into EMR Software and EMR Services. Based on application, the market is segmented into Patient Data Management, Data Analytics and Reporting, Regulatory Compliance, Telemedicine Integration, and Others. Based on end-user, the market is segmented Hospitals, Clinics, Ambulatory Surgical Centers, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Electronic Medical Record Market Analysis by Product
Based on the Product, Due to their popularity among smaller-scale doctors and health care providers, web-based EHRs accounted for a significant portion of the market. Installing these systems without an internal server is possible, and they can also provide significant enhancements if necessary. Because they are also customized to meet the needs of customers, the client-server-based product category is expected to experience significant growth over the forecast period. Additionally, unlike web-based systems, they do not necessitate a reliable internet connection, which is further propelling the market's expansion.
Electronic Medical Record Market Analysis by Type
On the basis of type, The expansion is the result of government efforts to implement EHRs in smaller facilities, such as acute hospitals in the United States that are eligible for the Medicare Incentive Payment System and are covered by the inpatient prospective payment system (IPPS).EHRs for outpatient or ambulatory care are designed for small practices and outpatient care facilities. Market expansion is anticipated to be fueled by government support for the introduction of outpatient electronic health records, particularly during the Covid-19 pandemic.
Global Electronic Medical Record Market By Product
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Electronic Medical Record Market Regional Insights
North America led the market for electronic health records and accounted for the majority of revenue generated in the sector. When compared to other regions, the healthcare IT market in the United States is one of the most established. Due to stringent regulatory requirements, the majority of the region's hospitals and clinics have extensively implemented EHR solutions. EHR systems have been implemented most widely in this region by the United States of America and Canada. For instance, the latest advancement in the digital integration of TELUS Health's employer-focused virtual care service, Akira by TELUS Health, with its electronic medical records (EMRs), which was unveiled in March 2021, can be found here. In addition, a number of businesses are implementing a variety of strategies to maintain and expand their market share, including partnerships, the introduction of new products, mergers, and acquisitions.
For better data storage, governments have advised hospitals and clinics in the North American region to convert traditional medical records to electronic formats.For instance, the Federal Electronic Health Record Modernization (FEHRM) program office announced in an October 2020 update that the Department of Veterans Affairs (VA), the Department of Defense (DOD), and the United States Coast Guard (USCG) had expanded their joint health information exchange (HIE) network.The joint HIE is a more up-to-date health data sharing capability that improves the VA, DOD, and USCG's ability to quickly and safely share electronic health record (EHR) data with community health care providers who are participating.As a result, it is anticipated to support the North American market studies growth over the forecast period due to the aforementioned factors.
Global Electronic Medical Record Market By Region
- Largest
- Fastest
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Electronic Medical Record Market Dynamics
Electronic Medical Record Market Drivers
Benefits of Electronic Medical Records to Generate Revenue Growth
- As more people develop chronic illnesses and medical problems such as diabetes, skin infections, cancer, and orthopedic conditions, more people will visit hospitals for specialized services throughout the projected period, which will be the main factor driving the market for electronic medical records. The growing initiatives undertaken by governments across the world and the growing technical improvements in the healthcare sector are two additional major factors that will likely cause the electronic medical record market to grow in the years to come. Additionally, the need for quick, informal access to patient records among clinicians is predicted to drive growth in the EMR market throughout the course of the projection period.
Electronic Medical Record Market Restraints
Risks related to Privacy Hinders Market Growth
- During the forecast period, the Electronic Medical Record Market is anticipated to experience limited growth due to the high costs of implementation and maintenance, such as the purchase of hardware and software. In addition, the use of electronic medical records (EMRs) can raise privacy concerns because the data stored in EMRs can be misused either accidentally or intentionally, which is expected to impede the EMR market's expansion in the coming years.
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Electronic Medical Record Market Competitive Landscape
There are numerous global and international market players in the electronic medical records market, making it highly competitive.To increase their market presence, the major players are implementing a variety of growth strategies, including partnerships, agreements, collaborations, new product launches, geographic expansions, mergers, and acquisitions.
Electronic Medical Record Market Top Players Company Profiles
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Allscripts Healthcare Solutions, Inc.
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Athenahealth, Inc.
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eClinicalWorks LLC
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McKesson Corporation
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NextGen Healthcare Information Systems, LLC
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Greenway Health, LLC
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Meditech
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CPSI
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AdvancedMD, Inc.
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MEDHOST, Inc.
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Netsmart Technologies, Inc.
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Healthland Inc.
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Carestream Health Inc.
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M*Modal
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Aprima Medical Software Inc.
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AmazingCharts
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Prognosis Innovation Healthcare.
Electronic Medical Record Market Recent Developments
- In January 2022, Visionflex arrived in a new firm with Medi Records, which is Australia’s benefactor of cloud-based Electronic Medical Record Market and practice management systems. The partnership will analyze the company's work towards integrating Visionflex’s video conferencing platform, Vision, with Medi Records’ which is a cloud-based electronic health record and practice management software platform.
- In June 2021, Datavant and Ciox health entered into a conclusive arrangement to form a new company that will be the prime health data ecosystem of the nation. It will aid patients, providers, health data analyst firms, government organizations, and life science businesses to exchange their patient-level information in a protected manner.
Electronic Medical Record Key Market Trends
- It is anticipated that the cloud-based segment will hold a significant share in terms of delivery method. Cloud-based solutions, on the other hand, use more recent methods and are typically utilized by businesses that do not have the internal infrastructure to support them. These systems are less expensive to install than client-server-based systems. Additionally, these software types eliminate the requirement for in-house maintenance, which is probably the primary driver of their rising demand. Cloud-based medical records have seen an increase in usage since the pandemic began.
Electronic Medical Record Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global electronic medical record market analysis, North America led the market for electronic health records and accounted for the majority of revenue generated in the sector. web-based EHRs accounted for a significant portion of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 26.99 billion |
| Market size value in 2031 | USD 38.5 billion |
| Growth Rate | 4.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electronic Medical Record Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electronic Medical Record Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electronic Medical Record Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electronic Medical Record Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electronic Medical Record Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electronic Medical Record Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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