Electronic Medical Record Market: Top 5 trends boosting the industry demand worldwide
Leading electronic medical records developers are pushing for the implementation of administrative patches to suit emergency preparedness parameters required during the pandemic.
The electronic medical records (EMR) market is anticipated to display a healthy 5.6% CAGR during the forecast period from 2015 to 2025. The ongoing coronavirus pandemic is positively impacting the industry, as telehealth and healthcare administration applications generate high demand. Research and development activities towards emergency preparedness will support market growth in the near term.
“The global healthcare industry making rapid strides toward digitization of data and operations. Major initiatives by governments, such as the adoption and standardization of electronic medical records, and appropriate training the workers in the healthcare sector will support market growth for the foreseeable future,” says the FMI report.
Electronic Medical Records – Primary Takeaways
Electronic Medical Records – Growth Factors
- Widespread implementation of government-run nationwide strategies towards the adoption of EMR supports market growth.
- Automation improvements to healthcare administration systems, will generate key opportunities for market growth.
Electronic Medical Records – Major Constraints
- Data privacy and security concerns remain a key challenge of EMR developers and market players.
- High costs associated to the deployment and maintenance of EMR systems reduce adoption rates.
The Projected Impact of Coronavirus
While electronic medical records have aided healthcare practitioners in better access to patient data and administrative co-ordination, most systems in the industry are no build to work for pandemic conditions. High rates of covi-19 testing have made it important for market players to focus not only on tracking and billing applications, but also on emergency preparedness parameters. As such, the pandemic has generated very lucrative opportunities of development for market players in the short term.
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The electronic medical records market comprises players including but not limited to GE Healthcare, Cerner Corp., Greenway Health LLC, McKesson Corp., NextGen Healthcare Information Systems LLC, Medical Information Technology Inc., and Epic Systems Corp.
Participants in the electronic medical records (EMR) market are pushing for product development and launches to meet requirements of wider ranging healthcare sector applications, generating new revenue streams.
For instance, MediQuant has introduced CommunityArchive, a new ambulatory electronic medical records system, for low cost services. McKesson Corp has unveiled its Augmedix electronic health records charting service aimed primarily towards specialty healthcare practices. Also, Cerner Corp. has collaborated with Veterans Affairs in the United States to build a US$ 16 billion electronic medical records project in Washington.
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More About the Study
The FMI study provides detailed insights on electronic medical records. The market is broken down in terms of product (hospital and ambulatory), end use (hospitals, general physician clinic, specialized clinic, and ambulatory surgical center), component (software and services) and delivery mode (client server, cloud based, and hybrid), across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA).
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