Electronic Medical Records Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Electronic Medical Records Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Electronic Medical Records Market is expected to register a CAGR of 7.5 % during the forecast period (2021-2026)

The main challenge for the healthcare system in many of the countries was to limit the spread of the COVD-19 among people and provide the best care to infected patients and decrease the number of possible deaths.

A profound impact on the electronic medical records market was observed as well. Electronic medical record systems have been designed for tracking and billing of patients versus to providing optimal care which is the need of an hour due to the rising number of COVID-19 patients. Furthermore, the rising COVID-19 cases are in high and if the existing software are capable enough to track such outbreak is still a question. The proactive identification of patients with various risk levels of COVID-19 infection can help mitigate the spread, mainly by ensuring the appropriateness of care across all healthcare settings and achieve high-quality outcomes.

Teleconsultation involves the use of electronic communications and information technologies, when the participants are at different locations. It consists of several parts, such as video conferencing, transmission of still images, medical education, and nurse call centers. For instance, in May 2020, Allscripts' client Gloucestershire Hospitals NHS Foundation Trust successfully went live with the latest addition to its Allscripts electronic health record (HER), despite the ongoing novel coronavirus outbreak. NHS Foundation Trust deploys new EHR functionality to identify and escalate treatment for its sickest patients, and it created a go-live virtual office to provide 24/7 remote go-live support.

Some of the factors that are driving the market growth include initiatives by the governments, technological advancements and low maintenance and wider accessibility.

Electronic medical record (EMR) systems are becoming increasingly popular, as the healthcare industry is moving toward digitization. A lot of government initiatives, such as encouraging physicians to adopt electronic health records, investing in training the healthcare information technology workers and establishing regional extension centers to provide technical and other advices are triggering the EMR market’s growth. For instance, in March 10, 2021, the European Commission adopted a recommendation on a European electronic health record exchange format to unlock the flow of health data across borders. This policy helps European citizens to securely access and exchange their health data wherever they are in the Europe

Moreover, factors, like rising need for integrated healthcare system, big data trends in healthcare industry, and technological advancements in the field of data storage are driving the growth of the EMR market. On the other hand, factors, like data privacy concerns, high initial investment, shortage of proper trained staff and inter-operability issues are the primary restraints in the growth of the electronic medical records market.

Key Market TrendsCloud Based Segment is Expected to Hold Major Market Share in the Electronic Medical Records Market

Cloud-based solution are comparatively newer approaches and are mostly used by the organizations that lack the internal infrastructure to support it. The installation cost for these systems is lower than the client server-based systems. Moreover, these software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand.

The ongoing pandemic is putting healthcare systems under strain worldwide and forcing hospitals and other medical facilities to scramble to make sure data can be shared effectively. The ‘digital front door’ is really key to how providers should be responding to the COVID-19 situation in terms of access, triage, and even treatment.

In April 2020, Allscripts have introduced package of COVID-19 solutions for hospitals. The Allscripts Hospital Management Package provides a series of COVID-19 workflows that addresses disease-specific needs within SunriseTM EHR, ParagoN EHR and Allscripts Care Director.

Some of the factors that are driving the segment growth include rise in number of benefits, such as low licensing and start-up cost, low cost of maintenance and infrastructure requirements, and wider accessibility. In addition, a cloud-based EHR system provides enhanced productivity and faster and smoother implementation.

The cloud-based model makes the software extremely flexible, regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow, by eliminating departmental silos of clinical information.

The large and reputed vendors are entering the cloud market. The cloud infrastructure also guarantees true disaster-recovery and business continuity solutions, to support the quality of patient care. Hence, cloud-based EHR are expected to register good growth in the market.

Additionally, the increasing volume of data and growing demand for cloud storage due to COVID-19 are also expected to augment the demand globally. In June 2020, Allscripts and Microsoft extended their strategic alliance focused on the development and innovation of new cloud-based healthcare EHR technologies with the focus is on the cloud-based Sunrise platform, with Azure, Power BI and other tools helping improve security, scalability and flexibility to build out analytics and add third-party apps. Hence, owing to above mentioned factors it is expected to drive segment growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

Some of the factors which are driving the market growth in North America region include technological advancements, high investments in healthcare by the government and private sector and presence of key market players.

The healthcare IT market in the United States is one of the most established markets, compared to other geographical regions. Additionally, most hospitals and clinics in the region have widely implemented EHR solutions, due to stringent regulatory norms. Canada and the United States are the leading countries in this region that have implemented EHR systems.

In addition, according to the Canada Health Infoway, in 2018, 93% of physicians who use an electronic medical record said EMRs allow them to provide improved patient care, while 100 per cent of Canadians have at least one hospital clinical report, or their immunization record, available in electronic form, and their authorized clinicians can access this information outside of a hospital..

Furthermore, several companies are starting various strategies like collaboration, new product launch, merger and acquisitionin order to maintain and increase their market share. For instance, in August 2019, Allscripts Inc, a United States-based healthcare IT company announced the availability of Apple Health records for Allscripts Sunrise, TouchWorks, and Professional EHR clients and their patients. Apple Health Records brings together hospitals, clinics, and the existing Apple Health app to allow patients to access their personal health data in one platform.

Additionally, in February 2021, Northern Inyo Healthcare District announced that it had collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District’s multiple offices.

In North America region, governments have advised hospitals and clinics to change conventional medical records into an electronic format for better storage of patient data. For instance, in the United States federal government and other public stakeholders are opening their vast stores of health-care knowledge, including data and information on patients covered under public insurance programs. Thus, owing to above mentioned factors it is expected to aid the growth of the market studied in North America region, over the forecast period.

Competitive Landscape

The Electronic Medical records Market is consolidated competitive. Major market players in the global electronic health records market are actively participating in the development of new platform for the patient records. For instance, in April 2018, eClinicalWorks entered into a partnership with Waverly Health Center (WHC), the partnership aimed to transform the WHC, Paragon Inpatient EHR system to the eClinicalWorks cloud-centric Acute Care EHR and Revenue Cycle Management platform. Some of the market players include McKesson Corporation, Allscripts Healthcare Solutions, Inc., Cerner Corporation, NextGen Healthcare, Inc., Greenway Health, LLC and others.

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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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