The global demand for EMR among hospitals and clinics is increasing, boosting the market's overall growth. The market is expanding as a result of the increasing technological developments in EMR software and services. Additionally, the adoption of artificial intelligence (AI) in the creation of EHR software and improvements in software and the healthcare industry are also anticipated to hasten the market's expansion. The leading market participants are putting a lot of effort into several new releases. EMRs' low maintenance requirements and increased accessibility are key factors in the market's increasing demand. Moreover, as people's disposable income has increased in many countries, healthcare costs have increased everywhere. Additionally, government agencies and healthcare organizations are taking the lead in meeting population needs by increasing healthcare spending, which is anticipated to support the expansion of the global electronic medical records (EMR) market.
COVID-19 has a marginally positive effect on the adoption of EHR by healthcare systems. By enabling researchers to communicate and have access to precise clinical data that has benefited them in COVID-19 trend analysis and drug development, the electronic health record software is also used to support clinical research activities. In hospitals with integrated EHR software, this has also helped with the management of enormous patient databases. Industry insiders are also helping the government prepare for a pandemic.
More Government Initiatives and Partnerships are Opening up New Prospects for Market Growth
Growing government initiatives to implement plans for lowering administrative burdens on healthcare providers related to the use of EHR are a major factor creating new opportunities for players, as are company acquisitions, collaborations, and implementation of electronic health record software globally. For instance, My Health Record is Australia's regional national digital health record platform. Every Australian citizen has access to the "My Health Record" program. By the end of 2022, according to the Australian Digital Health Agency (ADHA), all Australian healthcare providers will be able to contribute to and access the platform's database of medical data. Such government actions promote market expansion.
High Prices for Electronic Health Record Software are Impeding Market Expansion
The high cost of electronic health record software is hampering the market's expansion. Implementing, creating, and upkeep software for electronic health records are expensive. The expensive cost of EHR prevents widespread adoption in many emerging economies. Additionally, the cost of developing AI algorithms and programs is high for developing countries, which has slightly hampered the market. The market for electronic health record software is anticipated to be hampered by a lack of IT infrastructure in low-income nations and a shortage of individuals with the necessary skills and knowledge to apply complicated AI and machine learning algorithms. Therefore, the high price of EHR software is limiting market expansion.
Based on type, the electronic health record software market is segmented into ambulatory, acute and post-acute. The acute category dominated the market in 2021. Due to the adoption of electronic health records in small-scale services, this market is expanding. For instance, Medicare incentive payment systems are available to acute care clinics in the United States that are covered by the Prospective Inpatient Billing System (IPPS). The electronic health record for acute care generates patient data that can include all the clinical specifics. These specifics may also be utilized in the operating room, acute care unit, and emergency services.
By product, the market is segmented into web-based and client-server-based. The web-based category dominated the market in 2021. This industry is expanding because it is well-liked by doctors and healthcare professionals who practice on a small basis. Web-based EHRs can be set up without internal servers, providing extensive customization and improvements.
By end-user, the market is segmented into hospital, ambulatory, physicians' clinic, pharmacy and laboratories. The hospital category dominated the market in 2021. The massive amount of medical data amassed in hospitals is credited with this segment's expansion. Additionally, EHR software installation is less expensive than ambulatory care centers, further stimulating the market.
North America is projected to hold the largest electronic health record software market share over the forecast period. EHR software and the availability of a robust healthcare infrastructure with high levels of digital literacy are credited with driving the increase. Akira by TELUS Health, a virtual care service geared for employers, will now be digitally integrated with TELUS HealthCare's electronic medical records, the company said in March 2021.
On the other hand, the Asia Pacific electronic health record software market is anticipated to grow significantly over the forecast period due to the increased need for high-quality services and standards, which supports the region's move toward digitalizing healthcare. The market for EHR software is also expanding due to the expanding use of AI-derived solutions and supportive government initiatives for its implementation in many pharmaceutical industries.
LIST OF KEY COMPANIES PROFILED:
- Allscripts Healthcare, LLC
- GE Healthcare
- Cerner Corporation
- Epic Systems Corporation
- McKesson Corporation
- NextGen Healthcare, Inc.
- CureMD Healthcare
- Medical Information Technology, Inc.
- AdvancedMD, Inc.
- Greenway Health, LLC
KEY INDUSTRY DEVELOPMENTS:
- October 2021: Allscripts introduces guided scheduling, utilizing artificial intelligence (AI) to boost healthcare operational effectiveness and patient care.
- March 2021: Launched by Simbo.ai, SimboAlpha is the company's principal cloud-based API platform. It enables the delivery of smart voice-based electronic medical records (EMR) to surgeons by electronic medical record (EMR) providers, health app developers, and hospital chains.
|Market Size in 2021||USD 30.6 Billion|
|Market Forecast in 2028||USD 47.2 Billion|
|Compound Annual Growth Rate||7.50 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Product, By End-User and By Geography|
|By End User||