AI Integration in Electronic Medical Records (EMR) to Push Growth at 7.8% CAGR through 2031: Future Market Insights finds in Latest Survey
- The electronic medical records (EMR) market report offers insights into chief growth drivers and restrains impacting the overall growth trajectory. The survey also provides insights into competitive landscape of global electronic medical records (EMR) market, identifying the key market players and analyzing the impact of their growth strategies.
DUBAI, UAE, Aug. 12, 2021 /PRNewswire/ -- According to a study by FMI, the global electronic medical records market is expected to register a CAGR of 7.8% during the forecast period between 2021 and 2031. The market is expected to reach a valuation of US$ 21.5 bn by the end of 2021.
The market grew by 5.5 % year-on-year between 2020 and 2021. Demand soared in 2020 as hospitals and healthcare centers invested in advanced technologies to maintain records of unexpected increase in patient pool during COVID-19 outbreak.
The global market registered a CAGR of 5.6% during the last five years as demand for error-free and efficient functioning of healthcare system soared. Digital transformation in healthcare sector has helped medical personnel to access patient's correct history with ease.
Systems and software are introduced to establish communication between clinics, hospitals, and other healthcare facilities. These developments also will help in growth of the electronic medical records market during the forecast period. As per Fact.MR, some of the leading companies partnering to share expertise and launch innovations.
For instance, Cerner Corporation acquired Kantar Health for US$ 375mn in April 2021. This acquisition will bring together Kantar Health's life science expertise and medical data and technology of Cerner for advancing life science research and enhancing patient care quality. Their collaborative efforts are expected to bode well for the overall market.
Electronic medical records also were employed in distributing COVID-19 vaccines during the pandemic. This has helped in increasing healthcare quality and improving workflow. For instance, eClinicalWorks, a Healthcare IT solutions market leader implemented its vaccination management module called "Vaccine Administration Management Solution (VAMS)" for COVID-19 in April 2021. VAMS is providing vaccine doses in almost 25 states in the U.S.
Considering this, the unprecedented COVID-19 outbreak, despite its challenges, has created scope for various advancements within the market. These developments are expected to push sales of electronic medical records in the coming years.
"Some of the key market players are collaboration with healthcare IT solution providers to cater to the rising demand for electronic medical records. Innovations are on cards as electronic medical record providers amplify their research initiatives," says a FMI analyst.
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Key Takeaways
- The U.S. is expected to dominate the global electronic medical records market as it has a well-established healthcare industry, presence of dominant players, and favorable insurance policies.
- Demand in Australia will increase as the Government is diligently working towards developing integrated electronic medical record solution to facilitate consistent system across the country's healthcare sector. For instance, in 2021, New South Wales Government invested approximately US$22.8bn in Single Digital Patient Record (SDPR) initiative to merge NSW's current electronic medical records system into a single central record system.
- Favorable policies will support growth in Germany. In March 2019, the German government passed a law named "The Appointment Service and Supply Act (TSVG)," which made it compulsory for German statutory health insurance funds to provide patients and policyholders with electronic medical records from 1st January 2021.
- The electronic medical records market in India is expected to witness substantial growth as leading players collaborate to make deeper inroads. For instance, in June 2021, AstraZeneca India signed an agreement with Docon Technologies to introduce electronic medical records system in 1000 identified clinics across India.
- Cloud based electronic medical records will gain momentum during the forecast period due to their low cost and easy installation features.
Growth Drivers
- Integration of healthcare IT and technologies such as artificial intelligence is expected to boost sales of electronic medical records.
- Increasing installation of electronic medical records in specialized clinics for result management, decision support, and clinical trials will fuel the demand for electronic medical records.
Key Restrains
- High cost installation and need of skilled workers to operate EMR are likely to restrain growth during the forecast period.
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Competitive Landscape
The market is dominated by Cerner Corporation, NextGen Healthcare, McKesson Corporation, GE Healthcare, Allscripts Healthcare Soultions, Inc., and Epic Systems Corporation. These players will account for 65% of global electronic medical records market in 2021.
The key players are adopting numerous strategies to tap into lucrative opportunities. They are forming partnerships with regional medical systems to strengthen their distribution channels.
For instance, DrChrono in May 2021 announced that it will open its fast healthcare interoperability resources application programming interface to allow secure transfer of patients;s existing records from "OnPatient" database personal health record to the Apple Health app.
Some of the key players operating in the global electronic medical records as profiled by FMI are:
- Cerner Corp
- McKesson Corporation
- Medical Information Technology Inc.
- Epic Systems Corporation
- NextGen Healthcare Information Systems, LLC
- Greenway Health, LLC
- GE Healthcare
More Insights on the Electronic Medical Records (EMR) Market:
FMI provides an unbiased analysis of the electronic medical records (EMR) market, presenting historical demand data (2016-2020) and forecast statistics for the forecast period 2021-2031. The study divulges compelling insights on the global electronic medical records (EMR) market with a detailed segmentation on the basis of:
Product
- Hospital
- Ambulatory
End Use
- Hospitals
- General Physician Clinics
- Specialised Clinics
- Ambulatory Surgical Centres
Components
- Software
- Services
Delivery Mode
- Client Server Setups
- Cloud-based Setups
- Hybrid Setups
Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
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Key Questions Covered in the Electronic Medical Records (EMR) Market Report
- The report offers detailed insights into electronic medical records (EMR) demand outlook for 2021-2031
- The market study also highlights projected sales growth for electronic medical records (EMR) product market between 2021 and 2031
- Electronic medical records (EMR) market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
- Arthroscopy procedure and product market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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