Rising Healthcare Expenditure To Boost Electronic Medical Record (EMR) Systems Market Growth

An electronic medical record (EMR) signifies the methodical approach for gathering patients’ health records in a digital format. This information can be sent easily over enterprise-wide information systems, network connected, or other information exchanges and networks. Electronic medical records might entail personal data such as weight & age, laboratory test results, billing information, radiology images, and vital signs. It may comprise digitalized pictures of paper document and diagnostic techniques like X-rays.

The global electronic medical records (EMR) market is expected to register growth during the forecast period owing to factors such as the rising healthcare expenditure. Further, the growing need for restructuring electronic healthcare systems together with technological developments in the healthcare IT field is anticipated to drive the market growth in the near future. In addition, the growing alertness regarding the significance of electronic medical records for improving the patient records maintenance and adeptness of patient care will boost the market expansion. Apart from this, factors like big data trends within healthcare sector, increasing requirement for integrated healthcare system, and technological improvements in the data storage field are also fueling the market growth.

The global electronic medical records (EMR) market can be classified based on component, application, end-user, mode of delivery, type, and region. The market, by component, is segregated into hardware, software, and services. The market, by end user, is divided into hospital-based EMR and physician-based EMR. The market, by application, is segmented into neurology, cardiology, oncology, radiology, and other applications. The market, by type, is categorized into traditional EMR, interoperable EMR, speech-enabled EMR, and other types. The market, by mode of delivery, is classified into on-premise and cloud-based model.

Regionally, the global electronic medical records (EMR) market is projected to be ruled by North America with highest share. This regional expansion can be credited to the hastening implementation of healthcare information technology and the execution of numerous norms to boost the EHR implementation in this region. Asia Pacific is also projected to witness substantial growth rate during the forecast period owing to the elevated need for healthcare IT services within healthcare because of rising government spending.

The leading players within the global electronic medical records (EMR) market consist of Epic Systems Corporation; Cerner; McKesson Corporation; Allscripts; Healthcare Management Systems; MEDITECH; eClinicalWorks; CureMD Healthcare, NextGen Healthcare; and Healthland; among other. These players are concentrating on implementing partnership approaches to extend their product portfolio. To cite, in October 2019, a partnership was announced between Northwell Health and Allscripts to build the next-gen electronic health record (EHR).

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