by Electronic medical records refers to digital records of patient health information generated by health care providers. It usually includes patient demographics, progress notes, problems, medications, vital signs, past medical history, immunizations, laboratory data and radiology reports. EMRs allow for better coordination of care and access to information. Healthcare providers can easily access patient medical records electronically and share them with other healthcare organizations while maintaining compliance with regulations. This improves the quality of care and reduces duplication of testing. EMRs also enable improved disease management and reduced medical errors.
The global Electronic Medical Records Market is estimated to be valued at US$ 21237.73 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the electronic medical records market is the growing adoption of artificial intelligence. AI is being integrated into EMR systems to help physicians with various tasks like diagnostic support, clinical decision making, personalized medicine, and predictive analytics. AI powered EMR analysis patient data to identify trends, predict disease outbreaks and recommend treatments. This allows for more proactive, preemptive and personalized care. AI assists in reducing clinical workload and medical errors of healthcare providers.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial investment is required to establish a new enterprise capable of providing a comprehensive and integrated EMR solutions. However, rising demand and availability of various technology providers enable new entrants to establish with innovative and cost-effective solutions.
Bargaining power of buyers: The bargaining power of buyers is high as Electronic Medical Records solutions are necessities for healthcare providers. Buyers can negotiate on price and demand better functionality, customization, and services. This forces existing players to continuously innovate and upgrade their offerings.
Bargaining power of suppliers: The bargaining power of suppliers is low as major players integrate capabilities of multiple suppliers and vendors. This makes switching costs high for suppliers. Furthermore, suppliers lack differentiation in components and need to rely on a limited number of buyers.
Threat of new substitutes: The threat of substitutes is low as there are limited alternatives that can provide comprehensive and integrated EMR solutions. However, the threat may increase from best-of-breed healthcare IT solution providers or interoperable applications supporting specific functions.
Competitive rivalry: The competitive rivalry is high amongst global and regional players due to the presence of numerous suppliers offering EMR systems based on functionality and location. Players compete based on product features, pricing, customer services, and reputation.
Key Takeaways
The Global Electronic Medical Records Market Demand is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period 2023 to 2030, due to increasing need to improve clinical documentation, reduce healthcare costs and improve quality care.
Regional analysis: North America dominated the Electronic Medical Records Market in 2023, accounting for over 40% of global revenue, and is expected to maintain its dominance through 2030. This is attributed to presence of major players, rising healthcare expenditure, and government funding for healthcare IT adoption in the region. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period, owing to increasing healthcare digitization and rising chronic diseases.
Key players: Key players operating in the Electronic Medical Records Market are GE Healthcare, Epic Systems Corporation, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Computer Programs and System Inc., Medical Information Technology, Inc., Next Gen Healthcare Information Systems, LLC, and Greenway Health, LLC. Major players are focused on delivering differentiated and interoperable solutions to healthcare providers and gaining higher market share through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
