The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s electronic medical records market report forecasts the electronic medical records market size to grow to $45.46 Billion by 2027, with a CAGR (compound annual growth rate) of almost 6%.
Learn More On The Electronic Medical Records Market Report 2023 – https://www.thebusinessresearchcompany.com/report/electronic-medical-records-global-market-report
Electronic Medical Records Market Size Forecast
The global electronic medical records market is expected to grow from $33.99 billion in 2022 to $36.13 billion in 2023 at a compound annual growth rate (CAGR) of 6.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electronic medical records market size is expected to grow to $45.46 billion in 2027 at a CAGR of 5.9%.
North America held the largest electronic medical records market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Electronic Medical Records Market Driver – Growth In Healthcare Information Technology
According to a research survey published by the BMC Health Services Research, an open access healthcare journal, the electronic health records adoption rate stood at 52.8% which indicates good readiness among healthcare professionals for electronic medical records. Hence, growth in healthcare information technology is expected to propel the growth of electronic medical records in the healthcare market in the forecast period.
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Key Electronic Medical Records Market Trend – Incorporating Artificial Intelligence
Incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes is shaping the electronic medical records market. Artificial intelligence (AI) is the robotic capacity of a computer to do activities that normally require human intelligence and judgment. AI is used in EMR to analyze, display, and comprehend complicated medical and healthcare data in a way that mimics human behavior. For instance, in October 2021, Suki, USA-based AI-powered voice solutions for a healthcare company, launched a Windows version of Suki Assistant that provides an end-to-end voice-enabled clinical digital assistance. It uses AI to listen to and understand the words spoken by the doctor and translate them into a written form.
Electronic Medical Records Market Segment
1) By Type: Acute, Ambulatory, Post-Acute
2) By Product: Client-Server-Based EHR, Web-Based EHR
3) By Mode of Delivery: Cloud Based, On-Premise Model
4) By Business Models: Licensed Software, Technology Resale, Subscriptions, Professional Services, Other Business Models
5) By Application: E-prescription, Practice Management, Referral Management, Patient Management, Population Health Management
Electronic Medical Records Market Major Players and Strategies
Major players in the electronic medical records market are AdvancedMD Inc., Allscripts Healthcare, Athenahealth, Cerner Corp., CureMD Healthcare, EClinicalWorks, Epic Systems, GE Healthcare, Greenway Health, McKesson Corporation, NextGen Healthcare Inc., GoodWill, IBM, Modernizing Medicine Inc., Neusoft, and PCCW Solution.
In June 2022, Oracle Corporation, an American computer technology company, acquired Cerner for $28 billion. The acquisition would help Oracle to strengthen its footprint into the healthcare technology vertical. Cerner is an American healthcare records company.
The Electronic Medical Records Global Market Report 2023 covers regional data on electronic medical records market size, electronic medical records market trends and drivers, opportunities, strategies, and electronic medical records market competitor analysis. The countries covered in the electronic medical records market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Electronic medical records refer to a digital version of patient information. The electronic medical record includes organizing, presenting the storing clinical data or documents of patients over long periods interpreting health conditions, placing orders, and providing ongoing care, scheduling, billing, and prescription.
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