Electronic Medical Record (EMR)
offers several advantages such as less paper work, fewer storage issues, and
higher quality of care that leads to better healthcare outcomes. EMRs contain
notes and information collected by and for the clinicians. The global Electronic
Medical Records Market is estimated to account for US$ 21,845.0 Mn in terms
of value by the end of 2027.
Global Electronic Medical Records
Market: Drivers
Increasing development of
integrated healthcare solutions is expected to propel growth of the global
electronic medical records market over the forecast period. For instance, in
December 2019, Sectra, a medical imaging IT and cybersecurity company,
collaborated with Leica Biosystems developing an integrated clinical pathology
solution. The Sectra digital pathology software solution is expected to
facilitate integration with leading pathology information systems and EMRs.
Global Electronic Medical Records
Market: Opportunities
Utilization of text fields in
EMRs is expected to offer lucrative growth opportunities for market players.
For instance, in January 2019, researchers UTSHC-ORNL Center for Biomedical
Informatics and University of Tennessee Health Science Center, reported that
text data in EMRs can improve the ability of structured data tools to predict
serious patient outcomes after surgery.
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Global Electronic Medical Records
Market: Restraints
Some of the disadvantages of EMR
include, changes in workflow, temporary loss of productivity associated with
EMR adoption, privacy and security concerns, and several unintended
consequences. EMR may result in disruption of work-flows for medical staff and
providers, which result in temporary losses in productivity. Such factors are
expected to hinder growth of the global electronic medical records market.
Key Takeaways:
The hospitals segment in the
global electronic medical records market was valued at US$ 7,632.7 Mn in 2018
and is expected to reach US$ 12,510.1 Mn by 2027 at a CAGR of 5.6% during the
forecast period. Increasing incidence and prevalence of chronic diseases is
anticipated to assist the growth of the segment during the forecast period. The
Cloud-Base EMR segment held dominant position in the global electronic medical
records market in 2018, accounting for 54.4% share in terms of value, followed
by Client Server Setup EMR, respectively. Technological advancement and increasing
healthcare infrastructure in developing economies is expected to drive the
segment growth during the forecast period.
Market Trends Machine learning is
being used with EMR data to predict chronic diseases such as dementia. For
instance, in December 2019, researchers from Indiana University Purdue
University at Indianapolis reported that EMR routine care data can be used to
predict dementia. The research was published in the journal Artificial
Intelligence in Medicine. Lab integration through Laboratory Information System
(LIS) is a major trend enabling labs and imaging centres to send and receive
orders electronically. This platform allows interaction by multiple physicians
using different EMR systems.
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Global Electronic Medical Records
Market: Competitive Landscape
Major players operating in the
global electronic medical records market include, GE Healthcare, Epic Systems
Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare
Solutions, Inc., Computer Programs and System Inc., Medical Information
Technology, Inc., NextGen Healthcare Information Systems, LLC, and Greenway
Health, LLC.
Global Electronic Medical Records
Market: Key Developments
Key players in the market are
focused on product expansion to enhance their market share. For instance, in
December 2019, Southwest Transplant Alliance (STA) announced an initiative to
expand its automated electronic referral technology to health systems
throughout the state of Texas. The system automatically connects to a
hospital's EMR. Key players in the market are also focused on adopting
partnership strategies to enchant their market share. For instance, in October
2019, electronic medical record vendor, Suncoast, partnered with Hospice of the
Western Reserve and pharmacy provider, Delta Care Rx in order to enhance
clinician workflow.
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