Electronic Medical Record (EMR) Market 2022 | Stunning Growth at CAGR of 6.9%, to reach a value of USD 42,818.81 Million by 2028 | Industry Demand, Trend, Dynamics by Vantage Market Research

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WASHINGTON, April 04, 2022 (GLOBE NEWSWIRE) — Vantage Market Research published a report, titled, “Electronic Medical Record Market Size, Share & Trends Analysis Report by Component (Services, Software, Hardware), by Delivery Mode (On-premise, Cloud-based), by Type (General EMR Solutions, Specialty EMR Solutions, Interoperable EMRs, Others), by End Use (Hospitals, Specialty Centers, Clinics, Ambulatory surgical Centers), by Application (E-Prescription, Practice Management, Referral Management, Patient Management), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“. According to the report, the global Electronic Medical Record industry generated USD 28,692.52 Million in 2021, and is anticipated to generate USD 42,818.81 Million by 2028, witnessing a CAGR of 6.9% from 2022 to 2028.

Synopsis:

The Electronic Medical Record Market is projected to witness high growth owing to technological advancement, initiatives by the government, and low maintenance with wide convenience. Electronic Medical Record Market are an electronic version of a patient’s healthcare record, it helps in creating, gathering, and storing the health record of the patient electronically which is expected to drive the demand for the Electronic Medical Record Market during the forecast period. Moreover, EMR is adopted by healthcare providers due to the demand for advanced healthcare facilities, administrative functions, computerized physician order entry, radiology systems, lab systems, and electronic clinical documentation which is projected to boost the demand for Electronic Medical Record Market in the years to come. The growth of the Electronic Medical Record Market is majorly driven by the growths in software technology in the healthcare sector. Additionally, the introduction of Artificial Intelligence in the advancement of EMR is majorly contributed to the growth of Electronic Medical Record Market during the forecast period. Besides, Electronic Medical Record Market plays a significant role in the management and in recording information of patients during the covid-19 pandemic situation which is fueling the demand for Electronic Medical Record Market during the forecast period. Besides, the healthcare industry is rapidly moving towards digitalization, increasing government initiatives to maintain the health records of patients, and investments in training for the technology workers to establish regional extension centers to provide technical and other advice is expected to drive the growth of Electronic Medical Record Market in the years to come.

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Key Insights & Findings from the Report:

  • According to our primary respondents’ research, the Electronic Medical Record market is predicted to grow at a CAGR of roughly 6.9% during the forecast period.
  • The Electronic Medical Record market was estimated to be worth roughly USD 28,692.52 Million in 2021 and is expected to reach USD 42,818.81 Million by 2028; based on primary research.
  • On the basis of region, Asia Pacific is projected to dominate the worldwide Electronic Medical Record market.

List of Prominent Players in the Electronic Medical Record Market:

  • Cerner Corporation (US)
  • Epic Systems Corporation (US)
  • Allscripts Healthcare Solutions Inc. (US)
  • MEDITECH (US)
  • CPSI (US)
  • GE Healthcare (US)
  • athenahealth Inc. (US)
  • MEDHOST (US)
  • eClinicalWorks (US)
  • NextGen Healthcare (US)
  • Inter systems Corporation (US)
  • MTBC (US)
  • Cantata Health (US)
  • Advanced Data Systems Corporation (US)
  • Cure MD (US)

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Electronic Medical Record Market is Segmented as Follows:

  • Component
    • Services
    • Software
    • Hardware
  • Delivery Mode
    • On- Premise
    • Cloud- Based
  • Type
    • General EMR Solutions
    • Specialty EMR Solutions
    • Interoperable EMRs
    • Others
  • End Use
    • Hospitals
    • Specialty Centers
    • Clinics
    • Ambulatory Surgical Centers
    • Others
  • Application
    • E-Prescription
    • Practice Management
    • Referral Management
    • Patient Management
    • Population Health Management
    • Others

Market Dynamics:

Drivers:

The growth in incidences of chronic situations and health disorders like diabetes, skin infection, cancer, and orthopedic conditions are resulting in growth in the number of patients are visiting hospitals for specialized facilities is the major factor driving the growth of the Electronic Medical Record Market during the forecast period. The increasing initiatives by the governments of various countries, and the increasing technological advancement in the healthcare sector are also prime factors expected to drive the growth of the Electronic Medical Record Market in the upcoming years. Furthermore, the need for informal and easy access to the patient’s record by the physicians is projected to fuel the growth of the EMR market during the forecast period.

Challenges:

The maintenance and implementation cost of the Electronic Medical Record Market is high such as buying of hardware and software and installation cost is projected to limit the growth of the Electronic Medical Record Market during the forecast period. Moreover, the use of Electronic Medical Record Market can give rise to privacy concerns as the data stored in EMR can be misused unintentionally or intentionally, and this factor is expected to hinder the growth of the Electronic Medical Record Market in the years to come.

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Regional Trends:

North America region is anticipated to grow at the highest CAGR during the forecast period. The growth of this region is mainly attributed to the policies that assist the adoption of Electronic Medical Record Market and the availability of organizations with high digital literacy. Moreover, the central government planned the Federal Health IT Strategic Plan that mandates the expressive usage of Electronic Medical Record Market by healthcare benefactors. The Digital Single Market Strategy furnishes consumers and businesses with access to online services and goods across Europe, thus providing necessary conditions for the growth of the digital network and allied services, which is projected to boost the growth of the economy during the forecast period.

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.

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The report on the Electronic Medical Record Market highlights:

  • Assessment of the market
  • Premium Insights
  • Competitive Landscape
  • COVID Impact Analysis
  • Historic Data, Estimates, and Forecast
  • Company Profiles
  • Global and Regional Dynamics

Key questions answered in the report:

  • Which regional market will show the highest and rapid growth?
  • Which are the top five players of the Electronic Medical Record Market?
  • How will the Electronic Medical Record Market change in the upcoming six years?
  • Which application and product will take a lion’s share of the Electronic Medical Record Market?   
  • What is the Electronic Medical Record market drivers and restrictions?
  • What will be the CAGR and size of the Electronic Medical Record Market throughout the forecast period?        

This market titled “Electronic Medical Record Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:

Parameter Details
Market Size in 2021 USD 28,692.52 Million
Projected Market Size in 2028 USD 42,818.81 Million
CAGR Growth Rate CAGR of 6.9% From 2022 – 2028
Market Size Provided for Years 2016-2028
Base Year 2021
Historic Years 2016-2020
Forecast Years 2022-2028
Segments Covered • Component

   ° Services

   ° Software

   ° Hardware

• Delivery Mode

   ° On-premise

   ° Cloud-based

• Type

   ° General EMR Solutions

   ° Specialty EMR Solutions

• Hospital Size

   ° Small and Medium-sized Hospitals

   ° Large Hospitals

Region & Counties Covered • North America

   ° U.S.

   ° Canada

   ° Mexico

• Europe

   ° U.K

   ° France

   ° Germany

   ° Italy

   ° Spain

   ° Rest Of Europe

• Asia Pacific

   ° China

   ° Japan

   ° India

   ° South Korea

   ° South East Asia

   ° Rest Of Asia Pacific

• Latin America

   ° Brazil

   ° Argentina

   ° Rest Of Latin America

• Middle East & Africa

   ° GCC Countries

   ° South Africa

   ° Rest Of Middle East & Africa

Companies Covered • Cerner Corporation (US)

• Epic Systems Corporation (US)

• Allscripts Healthcare Solutions Inc. (US)

• MEDITECH (US)

• CPSI (US)

• GE Healthcare (US)

• athenahealth Inc. (US)

• MEDHOST (US)

• eClinicalWorks (US)

• NextGen Healthcare (US)

• Inter systems Corporation (US)

• MTBC (US)

• Cantata Health (US)

• Advanced Data Systems Corporation (US)

• Cure MD (US)

Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

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