Electronic Medical Record Market

Market Overview

The electronic medical record market size was valued at USD 27,100 million in 2019 and is expected to grow with a CAGR of 6.3%.

Electronic medical record (EMR) systems are, as defined by the U.S. Department of Health and Human Services, an electronic record of health-related information that can be created, queried, managed, updated, and conferred by authorized medical personnel within the appropriate healthcare network. Several state and federal agencies, industry leaders, and medical practitioners believe that EMR has immense potential to provide substantial benefits to physicians, clinic practices, and health care organizations in providing better medical care and accurate diagnosis.EMR typically consists of general information regarding an individual that is collected by the medical practitioners.

Perhaps the most striking importance is that EMR records are universal, which helps the treatment and makes the process more accurate. Instead of having different prescriptions and charts at different healthcare facilities, a patient has one electronic chart that is maintained throughout and can be accessed from any healthcare facility during diagnostics.

Market Dynamics

Growing Patient Numbers and Need for Quick and Accurate Medical Care

The growing number of patients has surged the need to provide accurate and safe medical care, further burgeoning the use of EMRs. The statistical on eHealth reported by the World Health Organization (WHO) suggests that there has been healthy growth in the adoption and usage of national electronic health record (EHR) systems over the last decade, which is up by 46% globally. The recent global healthcare crisis, the Coronavirus Pandemic, has put the EMRs through the extremes. With a huge surge in patient volume, the market leaders are pressurized in innovating and developing a more accurate and faster-paced EMR system that would provide a quick narrative about the patient's medical history and stimulate a faster treatment process.

Government Policies and Support to Increase the Adoption of Hospital EMR Solutions Drives the Market Growth

The government support and active participation in rising awareness regarding the use of EMRs drive market growth. The healthcare reform under the Patient Protection and Affordable Care Act (PPACA) approved by the United States Supreme Courts one such milestone. The PPACA requires the installation of electronic medical record for all medical practitioners and healthcare-based institutes.

The U.S. federal government has also introduced incentives to ensure these measures are taken seriously and implemented as per commission. For instance, the healthcare professionals meeting these federal requirements can be reimbursed with up to USD 44,000 from the Medicare Electronic Health Records Incentive Program. Also, incentives for institutions that have installed the EMR system as per the requirements are significantly higher, starting at USD 2 million.

Segmental Analysis

On-Premises Segment to Hold More Than Half of the Shares in the Electronic Medical Record Market 

The on-premise segment dominates the market, with a share of 55%, as it provides the user with a safer alternative to store the data into in-house storage via private servers/clouds. Public concern has been a prime hindrance to the implementation of EMRs. One of the oldest and consistent markets leading on-premises EMR providers include PPC (Physicians Computer Company). Moreover, the on-premise electronic medical record software eliminates the need for an internet connection; thus, it is relatively considered secured from cyber-attacks.

Low Upfront Cost of Cloud-Based EMR Drives the Segment Growth

The cloud-based segment is projected to grow at a decent pace during the forecast period. The infrastructural cost of an installment is one of the prime restraints of the market. Cloud-based software solves the financial stringency as the hardware cost is minimized. Besides, low upfront costs and the introduction of novel cloud-based electronic medical record fuel the segment growth. For instance, in 2018, a Chicago based company,Allscripts, introduced its first cloud-based electronic health record system with machine learning features at the Healthcare Information and Management Systems Society. Allscripts charges monthly subscription fee of USD 100 touse the software, giving users the option to pay for the EHR solution in smaller installments.

Rising Use of EMRs in Hospital to Drive the Market Growth

The rising use of EMRs in small and medium-sized hospitals due to ease of transfer of patient data between healthcare providers lowered upfront costs, and ease of deployment drives the market growth. Surging healthcare spending supports segmental growth. Developing and industrialized nations around the world are investing heavily in healthcare facilities. In addition, an increasing emphasis on the convergence of health information technology (IT) and digital health solutions fuels market growth. Canada’s Information Technology Organization recommends the accelerated implementation of emerging technologies for both the private and public sectors.

Regional Analysis

Favorable Government Incentives to Surge the Adoption of EMR in North America Drives the Market Growth

North American holds the largest share in the EMR market on account of the government support and favorable incentives that help implement EHR solutions in hospitals, clinics, and medical help institutes. The region is also backed by the robust presence of leading market players, including 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.).Further, the constant technological advancements in Silicon Valley have played a massive role in the development of next-generation EMR software solutions that are cloud-based, cost-effective, and innovative. As a result, in the U.S. itself, 85.9% of office-based physicians are using EMR/EHR systems, and 79.7% office-based physicians have a certified EMR/EHR system.

India: World’s Fastest Growing Digital Economies and Largest User Of EMR

India spearheads Asia-Pacific's EMR market on account of a steady spike in the usage of electronic medical record and other electronic and digital equipment in the healthcare industry. Due to the digitization movement in India that was initiated by the Indian government, India has emerged as one of the fastest-growing digital economies within the developing nations, characterized by a 90% growth in terms of digital adoption in the past 6–8 years.

The digitization initiatives undertaken by the Indian government include the introduction of digital biometric identification cards (Aadhaar), which have created a favorable ecosystem for the digital healthcare market. Today, various e-Gov initiatives such as the National Health Portal, e-Hospital, and Integrated Health Information Program (IHIP) provide an impetus to the market growth. For instance, some renowned private hospital franchises in the country, such as Fortis, Max, and Apollo, along with government hospitals, such as All India Institutes of Medical Sciences (AIIMS), are heavily investing in EMR technology.

Recent Developments

• In August 2020, the Indian government, under the National Digital Health Blueprint, aimed to improve healthcare delivery across the country and has launched an initiative to introduce health ID cards for citizens
• In September 2020, Science 37 launched the Integrated Electronic Health Records. The patients, using Science 37's technology platform, can now upload their health record directly on the platform, eliminating paper documentation

Electronic Medical Record Market Segmentation

By Component

• Software
• Services
• Hardware

By Application

• General Application
• Specialty-Based

By Delivery Mode

• Cloud-based

• On-Premise

By End-User

• Hospital and Clinics
• Diagnostic Centers
• Ambulatory Care
• Research Laboratories

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• Germany
• The U.K.
• France
• Italy
• Spain
• Russia
• The Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Korea
• Australia
• Southeast Asia
• The Rest of Asia-Pacific

Central and South America and the Caribbean

• Brazil
• Argentina
• Chile
• The Rest of Central and South America and the Caribbean

The Middle East and Africa

• South Africa
• Egypt
• The UAE
• Saudi Arabia
• The Rest of MEA