This study covers the market dynamics and trends in major countries that are expected to influence the current market scenario and future status of the Global EHR-EMR Market over the forecast period.
Pune, India -- (SBWIRE) -- 01/23/2018 -- The report titled "EHR-EMR Market -Forecast to 2023? is a direct appreciation by Market Research Future of the market potential of the EHR-EMR Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today's winner takes all market! Global EHR-EMR market is expected to reach USD 120 billion in 2023 from its previous worth of USD 70 billion in 2016 by growing at the CAGR of approximately 10.9% during the forecast period 2017-2023.
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EHR-EMR Market - Brief Insights:
Electronic health records (EHRs) and electronic medical records (EMRs) have become an essential part of Information Technology (IT) healthcare. The worldwide EHR-EMR market has witnessed healthy growth due to digitization. EHRs/EMRs are the digital versions of patients' medical histories. This form of data can be shared across various establishments, making 'information storage' very popular. It is today's demanding times that have driven patients to access mobiles for checking their health records.
An EHR/EMR contains vital data and includes administrative & billing info, patient demographics, progress rates, vital signs, and medical status. Moreover, it shows the diagnosis, medications, immunization dates, allergies, radiology & lab results, etc. This digital version offers much more health data than computerized paper charts. EHR-EMR systems are designed to share data with healthcare providers & organizations. Some of them comprise laboratories, specialists, medical imaging, pharmacies, emergency facilities, & school & workplace clinics.
EHR-EMR Market - Global Players & Strategies:
Major players of the EHR/EMR market include Cerner Corporation, Epic System Corporation, Allscripts, QSI Management, and General Electric Company. Their key strategies are collaborating with other firms and acquiring smaller companies to improve their sales and gain further traction.
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EHR-EMR - Market Synopsis:
The global HER-EMR market is projected to achieve over USD 119 billion in 2023. Previously in 2016, its net worth was around USD 69.7 billion. The industry would grow at a rate above 10.6% during 2018-2022 (forecast period). There are many factors that contribute in the growth of this market. Some of these comprise higher patient admissions, countless medical records, & the need for maintaining quality health records. The demand for easy & convenient medical services, switch from paper to electronics, and reduced chances of error are some additional drivers.
The benefits associated with market products also propel revenues. EHR/EMR products/systems have made a significant contribution in managing sensitive patient data. Formerly, these systems were operated manually. A lot of effort, time, money, & labor went into it. Managing the records using paper was tedious for hospital authorities. As soon as EHR-EMR hit the globe, majority of the healthcare facilities adopted it owing to its efficiency.
Novel EHR/EMR developments are another growth factor. Nowadays, these systems are connected to the web. Through the same, accessibility becomes easy. Furthermore, the adoption of software solutions; like data mining, clinical decision support systems, and clinical trial management systems is reported to propel the demand for EHR/EMR. However, the industry may experience hindrances; like high costs of software solutions. But on the other hand, rising medical expenses should drive market sales.
EHR-EMR Market - Segmentation:
The worldwide industry is divided into types, products, end users, and regions. On account of types, the market is fragmented on the basis of emergency care, perioperative care, mobile applications for doctors & nurses, and others. 'Others' is bifurcated into wound care and patient engagement. Perioperative care is expected to grow at a tremendous rate in the coming years.
Web based EHR system is a sub-segment of EHR products. It earned majority of the shares in 2016. Such systems are preferred by most of the healthcare providers. They are user friendly, leading to their adoption in clinics, pharmacies, and small scaled laboratories.
By end users, the industry is split into hospitals and ambulatory care. Hospitals are the largest shareholders, with them generating huge patient-data every day. Therefore, EHR-EMR systems are an integral part of patient-data management. Their advantages, such as low costs and time savings add market growth. Ambulatory care is expected to grow impressively over the forecast period.
In view of regions, the global EHR-EMR market is segmented into Americas, Europe, Asia Pacific, Middle East & Africa, and Rest of The World. Americas dominates globally. Hike in specialty & super specialty hospital services boosts regional demand. It is followed by Europe owing to the excessive use of healthcare IT. Even Asia Pacific is poised to expand till 2022.
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