What’s Driving Growth in the Electronic Medical Records Market? Insights into Key Trends and Opportunities
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What key factors are powering the surge in the electronic medical records market right now?
The market size for electronic medical records has seen considerable growth in the recent past. Estimates suggest that it will increase from $38.34 billion in 2024 to $40.32 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.2%. This growth during the historic period is a result of advancements in healthcare information technology, escalated government engagement, rising demand for digital overhaul in healthcare, and the emergence of the COVID-19 pandemic.
How fast Is the electronic medical records market expected to grow, and what’s its future value?
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What are the leading drivers of growth in the electronic medical records market?
The surge in healthcare information technology is notably propelling the expansion of the electronic medical records market within the healthcare sector. Electronic medical records are integral applications that can be designed, controlled, and accessed by sanctioned personnel within a single healthcare entity to deliver expedited healthcare services electronically. The swift surge in the adoption of electronic medical records necessitates further advancements and user-friendly applications, achievable through the progressive IT sector within the healthcare domain. A research survey conducted by the BMC Health Services Research, an unrestricted healthcare journal, revealed that the adoption rate for electronic health records was 52.8%, indicating substantial preparedness among healthcare professionals towards electronic medical records. Therefore, the surge in healthcare information technology is predicted to stimulate the expansion of electronic medical records in the healthcare market.
What are the key segments defining the electronic medical records market?
The electronic medical records market covered in this report is segmented –
1) By Type: Acute, Ambulatory, Post-Acute
2) By Product: Client-Server-Based EHR, Web-Based EHR
3) By Mode of Delivery: Cloud-Based Model, On-Premise Model
4) By Business Models: Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Other Business Models
5) By Application: E-Prescription, Practice Management, Referral Management, Patient Management, Population Health Management, Other Applications
Subsegments:
1) By Acute: Hospital EMR Systems, Emergency Care EMR
2) By Ambulatory: Outpatient EMR Systems, Specialty Practice EMR
3) By Post-Acute: Long-Term Care EMR, Rehabilitation Facility EMR
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Who are the key players steering the development of the electronic medical records market?
Major companies operating in the electronic medical records market include Cerner Corporation, Allscripts Healthcare Solutions Inc, General Electric Company, Athenahealth, NextGen Healthcare Inc, Epic Systems Corp, eClinicalWorks, CPSI, Intersystems Corporation, AdvancedMD Inc, Innovaccer, Pharm Easy, 1mg, Practo, Mfine, GE Healthcare, Honeywell Lifesciences, Philips Healthcare, Systems Healthcare Solutions, McKesson Corporation, Medical Information Technology Inc, Health Information Management Systems, CureMD Healthcare, Greenway HealthLLC, WELL Health Technologies Corp, Indivica Inc, OSCARwest, MV Sistemas, Philips-Tasy, Siemens
What emerging trends are influencing the growth of the electronic medical records market?
Prominent corporations in the electronic medical records (EMR) industry are concentrating their efforts on enhancing interoperability and data analytics innovations such as Patient Risk Identification. This is done in order to improve patient care, optimize clinical workflows, and assist healthcare providers in providing more efficient and coordinated services. Patient Risk Identification is a method used to determine individuals who are more susceptible to negative health outcomes based on a variety of clinical, demographic, and behavioral information. An example of this was seen in February 2024 when KAID Health, an American software firm, unveiled its Patient Risk Identification & Data Extraction (PRIDE) application and established its Coding Services Group. This new technology, along with the medical coding services group, aid providers in achieving more precise and comprehensive coding thereby enhancing care. The application examines each new medical note, amalgamates its data with previous EMR data, and proposes advantageous, patient-specific clinical and coding interventions.
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Which regions are most influential in expanding the electronic medical records market?
North America was the largest region in the electronic medical records market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electronic medical records market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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