Hospital EMR Systems Market Segments: By Product Type (Inpatient EMR and Outpatient EMR); By Component (Software and Services); By Application (Cardiology, Neurology, Radiology, Oncology and Others); By End-User (Hospital-based EMR and Physician-based EMR); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Hospital EMR Systems Market to surpass USD 25.4 Billion by 2030 from USD 13 Billion in 2018 terms of value growing at a CAGR of 7.5% throughout the forecast period, i.e., 2020-30.
Hospital EMR systems are also known as Electronic Health Records (EHR) systems. These systems may be implemented as cloud-based and on-premise models in the form of hardware, software, and services. They provide several functions such as providing entry of computerized physician order, support for the clinical decision, registry of clinical data, and regulated medical vocabulary.
Hospital EMR Systems Market to surpass USD 25.4 Billion by 2030 from USD 13 Billion in 2018 terms of value growing at a CAGR of 7.5% throughout the forecast period, i.e., 2020-30. The increase in the number of illnesses and the rising demand for quality patient care paves the way for the overall growth of global electronic medical record technology. The introduction of an integrated delivery network for healthcare services using EMR technology has contributed to the widespread popularity of EMR software among hospitals and clinics. It is also anticipated that the rise in the number of hospitals and clinics would increase the overall demand for global electronic medical record technology.
Hospital EMR Systems Market is segmented by components such as services and software. The services segment is estimated to lead the market with a market share of over XX.X% in 2019. The rise in this segment is mainly due to the recurring existence of services, such as training and education services, installation services, consultancy services, and maintenance services, as well as the increase in the number of patients admitted to hospitals. Also, the services segment is projected to rise at the highest CAGR over the forecast period. The recurrent existence of facilities, such as training and education, implementation, consultancy, and maintenance services, can be due to this. For consulting, storage, implementation, training, maintenance, and frequent technological updates, the healthcare IT industry relies heavily on service providers. Owing to the implementation of complex technologies and the integration and interoperability of software, which needs comprehensive training and updates, the demand for services is expected to rise quickly in the coming years.
Hospital EMR Systems Market is segmented by End-user into hospital-based EMR and physician-based EMR. The Hospital-based EMR segment accounted for the largest revenue share of XX.X% in 2019 growth in this end-user segment is attributed to the increasing number of hospitals, globally, and several advantages associated with using EHR and easy availability of patient-centric data. Additionally, due to strict regulatory requirements, most hospitals and clinics have widely adopted EHR solutions. Over the forecast period, increasing healthcare spending is expected to fuel the growth of the global electronic medical records industry. In addition, it is also predicted that the growing adoption of EMR technology would propel market growth.
Factors like the growing need for an integrated healthcare system, big data developments in the healthcare industry, and technological advances in the field of data storage are driving the growth of the EMR market. On the other hand, the key constraints on the growth of the electronic medical records industry are factors such as data privacy concerns, high initial investment, lack of adequately qualified personnel, and interoperability problems. Demand for EMR systems is motivated by the rapid speed of digitization of health services, including those provided by hospitals.
Initiatives by the Governments
Since the healthcare industry is moving towards digitization, electronic medical record (EMR) systems are becoming increasingly popular. The growth of the EMR market is motivated by many government initiatives, such as encouraging doctors to follow electronic health records, investing in training healthcare information technology staff, and setting up regional extension centers to provide technical and other advice. Over the forecast period, increasing healthcare spending is expected to fuel the growth of the global electronic medical records market. It is also predicted that the growing prevalence of chronic diseases and the evolving healthcare sector in emerging economies will give market players lucrative growth opportunities over the forecast period.
Cost is high for EMR implementation and maintenance. The costs include hardware and software sales, costs for selecting and contracting, and installation costs. It is expected that such a situation would hamper the development of the global demand for electronic medical records. Besides, the use of EMR gives rise to privacy issues as EMR data can be intentionally or inadvertently misused or may be obtained inappropriately or by unauthorized persons in hospitals, clinics, or health facilities. Therefore, concerns about privacy and protection are also expected to impede market development.
Allscripts Healthcare Solutions Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Hospital EMR Systems Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Hospital EMR Systems Market in North America led the market with a lion's share of more than XX.X% in 2019 and is projected to maintain its lead over the forecast period. Because of supportive government policies implemented in compliance with the American Reinvestment & Recovery Act, the U.S. is expected to dominate the North American electronic medical records market over the forecast era (ARRA). The EMR market share in North America is followed by the market in Western Europe as more players are projected to enter the market in North America over the forecast period. The next lucrative market for EMR companies is anticipated to be the Asia Pacific, as the market in this area is estimated to have an above-average CAGR of 5.3% in terms of value during the forecast period.
Hospital EMR Systems market, which is highly competitive, consists of several major players such as Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions, Inc. (US), MEDITECH (US), CPSI (US), GE Healthcare (US) hold a substantial market share in the Hospital EMR Systems market. Other players analyzed in this report are athenahealth, Inc. (US), MEDHOST (US), eClinicalWorks (US), NextGen Healthcare (US), Intersystems Corporation (US), MTBC (US), Cantata Health (US), Advanced Data Systems Corporation (US), CureMD (US) among others.
Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In 2020, MTBC acquired CareCloud Corporation which will help the company yield greater operating efficiencies, accelerate growth, and provide more flexibility for future expansion.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Hospital EMR Systems Market Segments:
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