The Global Electronic Medical Records Industry is set for unprecedented growth, with a forecasted valuation of US$17.6 billion in 2023, soaring to an impressive US$32.3 billion by 2033, according to the latest in-depth report released by Future Market Insights (FMI).
This remarkable surge is underpinned by a robust Compound Annual Growth Rate (CAGR) of 6.2% over the forecast period. The driving force behind this growth is the widespread adoption of electronic medical records, fueled by increased healthcare spending from both non-governmental and governmental entities.
Healthcare organizations across the globe are swiftly recognizing the indispensable benefits of electronic medical records, contributing to the substantial expansion of the market. The escalating demand is directly linked to the industry’s acknowledgment of electronic health records as software-as-a-service, enabling scalability and streamlined operations for numerous healthcare providers.
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The market is expanding as a result of an increase in the number of benefits, including lower infrastructure and maintenance expenses, lower license and start-up costs, and greater accessibility. Improved productivity and quicker, simpler adoption are two benefits of cloud-based EMR solutions. The application is incredibly scalable because of its cloud-based architecture (pay-as-you-go storage utilization). It removes departmental silos of healthcare data to streamline and consolidate storage resources to reduce costs and boost efficiency.
Large, well-known firms are starting to enter the cloud sector. To maintain the level of patient care, the cloud infrastructure also provides real solutions for business continuity and disaster recovery. As a result, it is anticipated that the market for cloud-based EMR will expand dramatically. To give medical staff relatively easy access to patient records, the digital revolution in healthcare is essential. During the projection period, it is predicted that the growing need for systems and software that connect hospitals, clinics, and other healthcare facilities will become a growth driver.
A greater emphasis is placed on strategic partnerships between leading suppliers of electronic medical record solutions as market rivalry intensifies. Additionally, it is projected that the constantly growing need for knowledge sharing and technology upgrades to improve healthcare efficiency will foster partnerships between important actors.
Key Takeaways from the Global Electronic Medical Records Industry
- The US electronic medical records (EMR) market is anticipated to expand at a CAGR of 6% over the forecasted period.
- By 2033, it is anticipated that the cost of implementing electronic medical records (EMR) in the US will surpass US$ 18.4 Bn.
- The UK electronic medical records (EMR) market is anticipated to expand at a CAGR of 8.4% throughout the anticipated time frame.
- By 2033, the UK’s sales of electronic medical records (EMR) systems are anticipated to surpass US$ 1.6 billion.
- The market for electronic medical records (EMR) in India is anticipated to expand at a CAGR of 8.2% over the forecasted period.
- By 2033, the Indian market for electronic medical records (EMR) is anticipated to reach more than US$ 255.0 Mn.
- In 2021, the market for electronic medical records (EMR) was dominated by cloud-based EMRs, which accounted for more than 50.0% of total revenue.
- Hospital electronic medical records (EMR) are expected to increase at a CAGR of 6.4% throughout the forecast period as a result of rising pandemic and epidemic infections, as well as the requirement for global vaccination against a wide range of diseases.
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Who is Winning?
According to Future Market Insights (FMI), top EMR solution providers are building alliances with the local healthcare system, engaging in mergers and acquisitions, and bolstering their distribution networks to develop and explore the underdeveloped markets of Asia and Latin America. To break into middle-income and emerging markets, market companies are also concentrating on raising awareness, lowering the price of EMR software and related services, and fusing EMR with contemporary technologies.
Microsoft Corp. acquired Nuance Communications, Inc. in April 2021 to empower healthcare providers with the power of ambient clinical intelligence and other Microsoft cloud services.
Capital Health, a regional leader in providing cutting-edge, high-quality patient care, introduced a new electronic health record (EGR) in the acute care divisions of both of its hospitals in February 2021 to better serve its patients.
The “Patient” database personal health record (PHR) of the patient will now be able to safely transfer the patient’s existing health records from the “Patient” database onto the Apple Health app, according to a May 2021 announcement from DrChrono. This should simplify the procedure and make it easier to access medical data more quickly.
Key Segments Covered in Global Electronic Medical Records Industry Study
By Product Type:
- Hospital EMR
- Ambulatory EMR
By Component:
- EMR Software
- EMR Services
By Application:
- Client Server Setup EMR
- Hybrid Server Setup EMR
- Cloud Based EMR
By End User:
- Hospitals
- Specialized Clinics
- General Physician Clinics
- Ambulatory Surgical Centers
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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