Future Market Insights (FMI) in its latest market report states that electronic medical records (EMR) market is poised to expand at 7.8% CAGR through the forecast period 2021-2031. The EMR market experienced significant growth in 2021 due to pandemics and an increased burden on the healthcare system.
The EMR market registered a 5.5% year-on-year growth rate in 2021 and is estimated to surpass the valuation of US$ 21.5 Billion by the end of 2021. Increasing government support for the implementation of EMR in the U.S. under the Health Information Technology for Economic and Clinical Health (HITECH) Act is acting as a key factor driving the demand for EMR in the region.
Also, steps taken by various governments to encourage digital transformation in healthcare will bode well for the market. EMR deployment will therefore rise as policies are implemented to health healthcare systems go paperless by completely digitizing the medical records.
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In June 2021, under government of U.K., NHS Digital’s Terminology Server went live enabling the healthcare IT system to collaborate with multiple healthcare facilities while transitioning medical reports and data.
Surge in number of ailments in children and infants and rising necessity to create reliable appointment charts for children and parenting will accelerate the demand for EMR. Increasing incorporation of EMR at various phases of clinical trials and use of web applications in EMR management will drive the market for electronic medical records (EMR).
However, high cost of digitizing EMR is a growing concern as it increases healthcare cost. Rising government funding and increasing spending power of customers will boost the market growth.
Key Takeaways from FMI’s Electronic Medical Records (EMR) Market Study
- North America electronic medical records (EMR) market is forecast to grow at 8.2% CAGR during the assessment period backed by stringent data protection laws, favorable insurance policies and thriving healthcare industry in U.S. and Canada.
- Due to rising demand for better patient experience and digitization of medical records in U.K and Germany, Europe EMR market will expand at 7.5% CAGR during the forecast period.
- Australia is forecast to exhibit tremendous growth owing to increased government spending on integrating artificial intelligence with electronic health report solutions and development of unified EMR service for easy access of patient’s medical details from anywhere in the country.
- Japan is estimated to account for 31.5% of East Asia market share as of 2021. Increasing economic development and rising population will create lucrative opportunities for growth in East Asia.
- Service based EMR are expected to showcase elevated demand and is forecast to hold more than 60.12% of global EMR market share throughout the assessment period.
- The clinical segment of end use will experience tremendous and is expected to account for more than 27% of global market share by the end of 2031.
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Who is Winning?
FMI identifies Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., GE Healthcare, McKesson Corporation, and NextGen Healthcare as the top EMR market players. They hold around 65% of global market share.
Market players are forming strategic partnership, merger, and acquisition to accelerate product development and strengthen their position in this high competitive market,
They are also involved in performing extensive research and development for product portfolio expansion. They are also working towards developing low cost EMR services to penetrate emerging economies.
MEDITECH launched a new genomic electronic medical and health record solutions in March 2021. The company claims that the new service will enhance the effectiveness of precision medicines by assisting user in handling complex genomic data.
In May 2021, Physician’s Computer Company (PCC) partnered with the Comprehensive Health and Decision Information System (CHADIS) with the aim to reduce hassle while accessing screenings for concerns like asthma, ADHD, depression, and even parenting.
Key Segments Covered in Electronic medical records (EMR) Market Study
By End Use
- General Physician Clinics
- Specialised Clinics
- Ambulatory Surgical Centres
By Delivery Mode
- Client Server Setups
- Cloud-based Setups
- Hybrid Setups
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- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa
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