Electronic Medical Records Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Electronic Medical Records Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The electronic medical records market was valued at USD 27,112.89 million in 2021, registering a CAGR of 6.88% during the forecast period.

The main challenge for the healthcare system in many of the countries was to limit the spread of the COVID-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 patients, which is the need of an hour due to the rising number of COVID-19 patients. Thus, several companies are offering new electronic medical records-based products. For instance, in March 2020, Health Gorilla, a leader in clinical data interoperability, announced that COVID-19 test ordering is now available through its platform. Healthcare providers using Gorilla's web application, a Health Gorilla-partnered developer, or a Health Gorilla-integrated EMR can place COVID-19 test orders and receive test results from LabCorp and Quest.

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 (EHR), 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, 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 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 Europe

Moreover, factors like the rising need for an integrated healthcare system, big data trends in the healthcare industry, and technological advancements in data storage are driving the growth of the EMR market.

However, data breaching and shortage of properly trained staff are the factors restraining the market growth.

Electronic Medical Records Market TrendsThe Cloud Based Segment is Expected to Hold a Major Market Share in the Electronic Medical Records Market

By mode of delivery, the cloud based segment is expected to hold a significant share. The cloud-based solutions comparatively have newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost for these systems is lower than the client server-based systems. Moreover, these software types eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand.

The onset of the pandemic has increased the usage of cloud-based medical records. For instance, in April 2020, Allscripts introduced a 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 a rise in the 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.

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 is 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 July 2020, Allscripts and Microsoft Corp. extended their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. The five-year extension will support Allscripts’ cloud-based Sunrise electronic health record. Hence, owing to the above-mentioned factors, it is expected to drive segment growth over the forecast period.

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

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

The healthcare IT market in 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 United States are the leading countries in this region that have implemented EHR systems. For instance, in March 2021, TELUS Health revealed the next advancement in the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic medical records (EMRs).

Furthermore, several companies are starting various strategies like collaborations, new product launches, mergers, and acquisitions in order to maintain and increase their market share. For instance, in February 2021, Northern Inyo Healthcare District 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 the North American region, governments have advised hospitals and clinics to change conventional medical records into an electronic format for better storage of patient data. For instance, as per an October 2020 update by United States Department of Veteran Affairs, the Federal Electronic Health Record Modernization (FEHRM) program office announced the Department of Veterans Affairs (VA), Department of Defense (DOD), and Department of Homeland Security’s United States Coast Guard (USCG) expanded their joint health information exchange (HIE) network. The joint HIE is a modernized health data sharing capability that enhances the ability of VA, DOD, and USCG to quickly and securely share electronic health record (EHR) data bidirectionally with participating community health care providers. Thus, owing to the above-mentioned factors, it is expected to aid the growth of the market studied in the North American region over the forecast period.

Electronic Medical Records Market Competitive Analysis

The electronic medical records market is consolidated competitive, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the market players include Athenahealth, Allscripts Healthcare Solutions Inc., Cerner Corporation, NextGen Healthcare Inc., and Greenway Health LLC.

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