The most recent research from Future Market Insights on the ecosystem of electronic medical records identifies a number of growth areas and opportunities for the upcoming ten years. According to the report, the market for electronic medical records is expected to be valued at USD 18.82 billion by 2024.
Producers of electronic medical records strive to provide more comprehensible labels with ingredients that are easy to grasp in response to consumer expectations, which supports ongoing demand. If this trend continues, demand may increase and reach a market valuation of USD 34.34 billion by 2034, with a compound annual growth rate of 6.20%.
This remarkable expansion underscores the escalating adoption of electronic medical records (EMR) across the healthcare landscape, revolutionizing the way patient information is documented, managed, and utilized.
As the healthcare industry seeks scalable solutions to meet evolving demands, numerous healthcare providers are opting for electronic health records as a software-as-a-service (SaaS) model. This approach ensures seamless integration, improved data accessibility, and greater operational efficiency, contributing to the market’s overall momentum.
The future of healthcare is being reshaped by EMR systems, providing comprehensive, secure, and accessible patient data management. As the industry continues to evolve, the global EMR market is poised to play a pivotal role in enhancing healthcare delivery
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 Electronic Medical Records Market
- 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) industry 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) will 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 due to rising pandemic and epidemic infections and the requirement for global vaccination against a wide range of diseases.
Competitive Landscape
Key factors driving competition include product innovation, interoperability capabilities, user experience, and regulatory compliance. Market players compete to offer comprehensive EMR solutions tailored to diverse healthcare settings, addressing the evolving needs of providers and patients. Some of the key developments are:
- In August 2023, WellSky acquired Experience Care, renowned for its NetSolutions EHR platform that served 150 long-term care clients across 850 facilities, which promises enhanced efficiency and resident care through data-driven insights.
- In July 2023, NextGen Healthcare collaborated with APMA and offered exclusive podiatry blueprints within its NextGen Office EHR and addressed diverse foot health issues like diabetes and dermatitis, empowering small practices with specialized solutions.Top of Form
Key Companies Profiled
- Cerner Corp
- McKesson Corporation
- Medical Information Technology Inc.
- Epic Systems Corporation
- NextGen Healthcare Information Systems, LLC
- Greenway Health, LLC
- GE Healthcare
A Full Report Analysis
Key Segments
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
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author By:
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 areas such as 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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