Increased Adoption Of EMR Technology Is Expected To Drive Electronic Medical Records Market Growth

 

Healthcare IT

The patient record created by providers for specific encounters in hospitals and ambulatory settings is known as an electronic medical record (EMR). EMR is a significant data source for electronic health records (EHR).By the end of 2027, the global electronic medical records market will be worth US$ 21,845.0 Mn. Increasing healthcare spending is expected to drive growth in the global electronic medical records market during the forecast period. According to the Centers for Medicare and Medicaid Services, health-care spending in the United States is expected to rise at a 5.5 percent annual rate from 2018 to 2027, reaching US$ 6.0 trillion by 2027.

 

Furthermore, increased adoption of EMR technology is expected to drive market growth. For example, Alcon, a Novartis Ag subsidiary, announced plans in 2018 to develop the SMART Suite digital health platform for cataract surgery using EMR-generated data. North america dominated the global Electronic Medical Records Market in 2018, accounting for 62.4 percent of total volume, followed by europe. The cost of implementing and maintaining EMR is high. The costs include the purchase of hardware and software, the costs of selecting and contracting, and the cost of installation. Such a scenario is expected to stymie the global electronic medical records market's growth. Implementing an EMR system, for example, may cost a single physician approximately US$ 163,765.

 

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 are among the major players in the global electronic medical records market. The Cloud-Based EMR segment in the global electronic medical records market was valued at $7,262.9 million in 2018 and is expected to reach $12,925.2 million by 2027, growing at a CAGR of 6.5 percent during the forecast period.

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