Market Snapshot
Key Players
Google Health
Epic Systems Corporation
Allscripts Healthcare Solutions
Inc.
MEDITECH
Market overview
Electronic Health Records (EHRs) are real-time records of a patient's medical history that managed and stored to make information available instantly to authorize medical personnel. Electronic medical record (EMRs) is defined by the U.S. Department of Health and Human Services, an electronic record of medical information on an individual that can be created, gathered, managed, and consulted by authorized clinicians and staff within one health care organization. To differentiate, an EMR is a comprehensive report of a patient's medical history, whereas an EHR is a more comprehensive summarization of the patient's overall health condition.
These records often comprise of a patient's medical history, diagnostic laboratory test results and summaries, medications, treatment plans, immunization dates, allergies, radiology images, and others. These records come in handy when there is an emergency or serious patient condition that needs to be addressed. The health information recorded in EHR/EMRs can be added and managed and accessed by authorized medical professionals through the digital medium. EHRs are built covering a wide network that includes laboratories, specialists, medical imaging facilities, pharmacies, emergency facilities, and school and workplace clinics. The EHR EMR market is expected to grow with a CAGR of 5.8%.
Growing Number of Patients with Lifestyle and Chronic Diseases
Chronic diseases have burdened countries all over the world. The growing number of patients diagnosed with chronic and lifestyle disorders has boosted the demand for remote monitoring and chronic disease management. For instance, according to the Center for Diseases Prevention and Control (CDC), chronic diseases such as cardiovascular disease, cancer, and diabetes are the leading causes of death and disability in the U.S. The management of these diseases adds up to USD 3.5 trillion in annual healthcare costs in the U.S. healthcare budget. Further, statistically as reported by the CDC, there are 34 million people in the country that are diagnosed as diabetic, around 1.6 million people are diagnosed with cancer, and more than 868,000 Americans die of heart disease and strokes every year.
To provide accurate and safe medical care to these patients, several hospitals are adopting EHR/EMRs. A statistical report published in the Third global survey on e-Health reported by the World Health Organization (WHO) suggests that there has been healthy growth in the adoption and usage of the national electronic health record (EHR) systems over the last decade, and approximately a 46% increase in the past half a decade globally.
Increasing Patient Awareness and Favorable Government Policies
The healthcare IT and its components are the next in line technological empowerment that is being implemented rigorously to build a flawless and accurate medical and healthcare network. Many key stakeholders, including state and federal agencies, industry leaders, and medical practitioners, believe that EHR EMR systems have great potential to provide substantial benefits to physicians and health care organizations in offering better emergency medical care and accurate diagnosis.
Furthermore, the healthcare reform implemented under the Patient Protection and Affordable Care Act (PPACA) has surged the use of HER. The PPACA approved by the United States Supreme Court mandates the installation of electronic medical records for all medical practitioners and healthcare-based institutes.
EHR EMR Market: Segmentation
Software Segment Dominates the Market in Revenue Context
The software involves various provisions of sharing medical records by the application of telecommunication and information technologies to remotely located patients. In 2019, the services segment accounted for the largest share of the hospital EMR systems market due to the recurring nature of services, such as training and education, installation, consulting, and latest update. The hardware segment, on the other hand, witnesses steady growth, owing to the continuous adoption of EHR EMR products in the market. The rising prevalence of chronic and lifestyle disorders has compelled many end-users to seek hardware up-gradation, such as database extension, server load extension, and others.
On-Premises Segment Dominates the Market as It Provides a Safer Means to Store the Data into in-House Databases
On-premises EHR-EMR is the most traditional Health IT solution available in the market. It provides a safer means to store the data into in-house databases via private servers/cloud domains. It also secures patient data from theft by a considerable amount, eradicating public concerns. Additionally, on-premise records software does not require an internet connection and is relatively considered secured from cyber-attacks. Apart from this, favorable services, products, and benefits offered by the key players drive the segment growth. For instance, PPC (Physicians Computer Company) provides EHR software that can be customized as per the end-user need and.
The cloud-based mode of delivery of EHR-EMR solutions, on the other hand, is cost-effective as it eliminates the need for significant infrastructural installments. Additionally, new features and technological empowerment are fueling market penetration. For instance, in 2018, Allscripts Healthcare Solutions, Inc. launched its first cloud-based electronic health record system that is powered by AI and machine learning features. Further, Allscripts charges a monthly subscription fee of USD 100 to use the software, giving users the option to pay for the EHR solution in smaller installments.
Regional Overview
Growing Governmental Support for the Adoption of EHR Solutions in North America Drives the Market Growth
North America holds the largest share of the EHR-EMR systems market based on the growing governmental support in terms of the adoption of EHR solutions at healthcare facilities. The U.S. government provides incentives to make sure EHR EMR solutions are implemented as per the requirement.
Healthcare professionals meeting these requirements can be reimbursed with up to USD 44,000. In contrast, institutions and hospitals can get significantly higher prices up to USD 2 million, which is awarded through the Medicare Electronic Health Records Incentive Program. Also, the presence of most of the key market players, such as Epic Systems Corporation (the U.S.), Cerner Corporation (the U.S.), MEDITECH (the U.S.), GE Healthcare (the U.S.), and Allscripts Healthcare Solutions, Inc. (the U.S.) drive the market growth.
India: One of the Fastest-Growing Digital Economies
The Indian EMR market has witnessed a steady spike in the usage of electronic medical records and other electronic and digital equipment in the healthcare industry. The high and accelerated growth in the market is due to the digitization movement in India initiated by the government. Recently, over the past decade, India has emerged as one of the fastest-growing digital economies characterized by a 90% growth in terms of digital adoption. The digitization initiatives undertaken by the Indian government that includes the introduction of digital biometric identification cards (Aadhaar), have created a favorable ecosystem for implementing EHR EMR Solutions in the regional market.
The leading strategies by consumers within the regional market who are seeking to adopt these solutions boost the market growth. For instance, some renowned private hospital franchises in the country, such as Fortis, Max, and Apollo, along with some government hospitals, such as All India Institutes of Medical Sciences (AIIMS), in urban areas are adopting EMRs.
Key Players
- Cerner Corporation (THE U.S.)
- Google Health (GOOGLE)
- Epic Systems Corporation (THE U.S.)
- Allscripts Healthcare Solutions, Inc. (THE U.S.)
- MEDITECH (THE U.S.)
- GE Healthcare (THE U.S.)
- Intersystems Corporation (THE U.S.)
- Cantata Health (THE U.S.)
- Advanced-Data Systems Corporation (THE U.S.)
- CureMD (THE U.S.)
Recent Developments
- In August 2020, the Indian government under the National Digital Health Blueprint aimed at using technology to improve healthcare delivery across the country and launched an initiative to introduce health ID cards for citizens all across the nation.
- Science 37 launched an Integrated Electronic Health Records that patients using Science 37's technology platform can connect their health record directly. Thus, eliminating paper documentation and streamlining information sharing across platforms.
EHR EMR Market: Segmentation
By Product
- Software
- Hardware
- Services
By Application
- Specialty-Based
- Cardiology
- Neurology
- Radiology
- Oncology
- General Application
By Mode of Delivery
- On-Premise Model
- Cloud-Based
By End-User
- Hospital and Clinics
- Ambulatory Care
- Diagnostic Centers
By Region
- Americas
- Europe
- Asia-Pacific
- The Middle East and Africa
