EHR-EMR Market Information: By Component (Software, Hardware), Application (Specialty-Based and General Application), Mode Of Delivery (Cloud-Based), End User (Hospitals and Clinics and Ambulatory Care Centers), and Region — Forecast till 2027
Market Research Future (MRFR), estimates that the size of the Global EHR-EMR market will grow at a CAGR of 10.9% over the forecast period of 2017-2023. MRFR forecasts that the global market will increase from USD 70 billion in 2016 to USD 120 billion by the end of 2023. The global EHR-EMR market is primarily driven by an increase in the volume of medical records which requires proper management and storage. EHR-EMR provides the advantages of better accessibility, improved communication, data aggregation, and integration
Observing the market structure, this report presents insights about factors affecting the market growth. Calculating the market size and forecasting the revenue, this reports covers and observes the competitive developments of market players that include mergers and acquisitions, joint ventures, new product developments, research and developments (R&D), and strategic alliances.
The essential factors that are assisting the growth of the global EHR-EMR market are easy healthcare delivery, the growing role of information technology (IT) in the healthcare sector, increasing number of patients getting admitted in hospitals, the increasing volume of medical records, maintaining the quality of health-records, and replacement of paper records by electronic records. Technological and scientific innovations are also helping the market growth.
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Industry Updates:
20 DEC 2018 Mid-Valley Hospital in Washington is set to go live with a Cerner EHR implementation across its facilities to improve care quality.
21 NOV 2018 Apple Inc is in talks with the Department of Veterans Affairs to provide portable electronic health records to military veterans, a partnership that would not only simplify patients’ hospital visits but would also allow Apple Inc to tap millions of new customers.
Ochsner Health System and Bon Secours Mercy Health are large health systems that are planning on customizing EHR-EMR to gain the most by managing opioid addiction of patients. Opioid addiction is raising quite a few eyebrows where this new method can help substantially.
EHR coordination is becoming a challenge as different hospitals are using different software. To counter that Redivus is developing one for Saint Luke to make it easier for all to comprehend the situation and come to the same page before taking decisions.
Key Players :
Age-old tactics such as mergers, acquisitions, collaborations, and others are proving effective. New product launch and innovative tactical moves are also having great impact on the regional market expansion. For instance, Netsmart, in 2018, bought Change Healthcare’s home health IT solutions and cloud-based software company HomeCare Accounting Solutions (HAS). Allscripts also acquired McKesson’s hospital and health system IT business, Enterprise Information Solutions, which can take the market forward.
The Global EHR-EMR Market is highly competitive and is characterized by the presence of a few established players. Many new entrants are keen on entering the market, and the existing players are implementing various strategies such as partnerships, mergers, acquisition, product launches, etc. to sustain their market position. Notable players in the market include Cerner Corporation (U.S), Allscripts (U.S), General Electric Company (U.S), McKesson Corporation (U.S), Epic Systems Corporation (U.S), QSI Management, LLC (U.S), eClinicalWorks (U.S), and Greenway Health, LLC (U.S).
Segments :
The market for EHR-EMR market around the world includes regions such as Americas, Europe, Asia Pacific and Middle East & Africa which are being analyzed for the regional analysis. The Americas region is the leading market. The rising importance of EHR-EMR, concentration of key market players and rise in the number of services in super specialty & specialty hospitals has increased the progress of this market in the North American region. The European region is the second major market due to the widespread use of healthcare IT for patient administration and engagement. The rapid growth of this market belongs to the Asia Pacific region, which can be credited to the rising emphasis of medical records that can be accessible as evidence in the court of law. The market is displaying stable but positive development in the Middle East & Africa, due to growing demand for software solutions in hospitals globally.
Regional Analysis :
The regional segmentation of the global EHR-EMR markets segments the global market into regional markets known as The Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA). The Americas is the largest regional market. The factors supporting the market growth in this region are the presence of major market players in this region, increasing the importance of EHR-EMR, technological advancement, research and development (R&D) in the healthcare sector, and an increase in the number of services in specialty & super specialty hospitals. The biggest country-specific markets in this region are USA and Canada. Many key market players are based in this region, especially in the USA. In South America, the market is smaller than North America as this region has less advanced medical facilities. The two strongest economies that can become suitable markets are Argentina and Brazil.
Europe is the second largest market due to extensive use of healthcare IT for patient engagement and administration. The technological advancement in Europe is second only to North America. Due to the reasons same as the Americas, Western Europe is a bigger market than Eastern Europe. The primary country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
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The fastest growing regional market is in the Asia Pacific region because here, the emphasis on medical records to be presented as evidence in the court of law is growing. In this region, the crucial country-specific markets are Australia, China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
In the MEA region, the market is growing slowly but positively due to an increasing demand for software solutions in hospitals. The market share of MEA region is small in the global market due to poor countries, lack of awareness, lack of education, low standard of medical facilities, lack of healthcare facilities, and majority governments not considering healthcare a priority. The key country-specific markets in this region are Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE), followed by the remaining countries of the MEA region.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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