The past few years have witnessed digitalization in almost all industries and healthcare is not an exception. EHR-EMR refer to a systematic collection of medical records stored in a digital format.
EHR-EMR typically include information such as medical history, medications and allergies, radiology images, patient demographics, billing information, and others. Market Research Future (MRFR) anticipates the growth of the global EHR-EMR market to grow manifold and reach a significant valuation over the forecast period of 20xx-20xx. The massive increase in the volume of medical records is a preliminary factor boosting the growth of the global EHR-EMR market. Colossal amounts of medical data are generated per day which requires proper management. Implementation of EHR EMR facilitates improved accessibility, data aggregation, and integration.
Clinical benefits associated with EHR-EMR also raise adoption and consequently boost market growth. Implementation of EHR-EMR lowers staffing requirement, and subsequently, reduce healthcare costs and minimize human errors. Advances in EHR-EMR technology such as blockchain, open source also add fuel to the growth of the global EHR-EMR market. Adoption of cloud computing which allows small healthcare providers, who cannot make up-front investments opt for free and web-based services has spurred the adoption of EHR-EMR.
On the contrary, the growth of the global EHR-EMR technology is impeded by high costs associated with the implementation of EHR-EMR. Switching to EHR-EMR involves high costs of computers, electrical wiring, and a vast amount of electricity. In addition, EHR-EMR adoption is restricted by the available technology and infrastructure which is inadequate to support the system.
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Key Players for Global EHR-EMR Market
Age-old tactics such as mergers, acquisitions, collaborations, and others are proving effective. New product launch and innovative tactical moves are also having great impact on the regional market expansion. For instance, Netsmart, in 2018, bought Change Healthcare’s home health IT solutions and cloud-based software company HomeCare Accounting Solutions (HAS). Allscripts also acquired McKesson’s hospital and health system IT business, Enterprise Information Solutions, which can take the market forward.
The key companies competing in the worldwide EHR-EMR market include
Athenahealth, Inc., 4medica, McKesson Corporation (U.S.), Healthcare Management Systems (U.S.), Cerner Corporation (U.S.), Eclinicalworks, LLC (U.S.), GE Healthcare (U.K.), Healthland (U.S.), NextGen Healthcare (U.S.), Allscripts (U.S.), Meditech (U.S.), Epic Systems Corporation (U.S.), Praxis EMR, Medical Information Technology, Inc., and CureMD Healthcare (U.S.) are some of the notable players in the global HER-EMR market.
DrChrono Inc. partners with DeepScribe to integrate artificial intelligence with the medical practices that use DrChrono EHR. AI helps to automate medical note that comes from physician appointment, making it a part of their Electronic Health Record (EHR).
Cerner (U.S.) is in the process of launching a connection backed by EHR which will be provided to every state’s prescription drug monitoring program (PDMP). This will lead to a quicker and highly efficient access, which will take place under the partnership with medication management company DrFirst. This partnership will entail a connection between the EHR and the PDMPs in 46 states in the United States (U.S.).
Segments for Global EHR-EMR Market
The global EHR-EMR market has been segmented based on component type, application, mode of delivery, and end user.
By component type, the global EHR-EMR market has been segmented into hardware and software.
By application, the global HER-EMR market has been segmented into specialty-based and general applications.
Type-wise segmentation of the global EHR-EMR market includes traditional, speech-enabled, interoperable, and others.
By mode of delivery, the global EHR-EMR market has been segmented into cloud-based, on-premise model, and hybrid.
By end user, the global EHR-EMR market has been segmented into hospitals & clinics, ambulatory care, hospital-owned, and diagnostic centers.
Regional Analysis for Global EHR-EMR Market
The Americas, Europe, Asia Pacific, and the Rest of the World (RoW) are the key markets for EHR-EMR. The Americas account for the largest share of the market owing to high adoption of EHR-EMR and favorable incentive programs in the region. The presence of major players such as Allscripts Healthcare Solutions, Inc, Cerner Corporation, GE Healthcare, EpicSystems Corporation, and their consequent product developments coupled with a technologically advanced healthcare infrastructure is another factor which cannot be missed.
Europe follows the Americas closely and is driven by the growing prevalence of chronic diseases and high government support to modernize the healthcare sector. Germany is the largest market in Europe followed by France. An increasing number of EHR-EMR service providers and distributors along with growing demand for technologically advanced healthcare solutions help the Europe market grow.
APAC is poised to record the fastest growth over the forecast period. The market growth in APAC is influenced by the rise in geriatric population and large-scale use of healthcare IT. High government support coupled with the growing realization of the importance of digitization has resulted in rapid adoption of EHR EMR in the region. In addition, to capitalize on the growth opportunities offered by the developing countries in the region, various pharmaceutical companies are undertaking strategic initiatives which further intensify the growth in APAC.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
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