February 25, 2024

The Growing Need for Digitalization is Driving the Electronic Medical Records Market

Electronic medical records (EMRs) are digital versions of paper-based medical records that allow doctors and other healthcare providers to store patient health information such as medical history, medications, immunization dates, laboratory test results and more. EMRs offer advantages over traditional paper records such as enhanced safety, improved quality of care, easy accessibility and sharing of patient health data across different healthcare facilities. With the growing shortage of medical staff and doctors, EMRs help accelerate clinical workflows, reduce medical errors and facilitate remote patient monitoring.

The global Electronic Medical Records Market is estimated to be valued at US$ 18,040.5 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:
The increasing demand for data analytics and artificial intelligence in healthcare is one of the major trends driving the growth of the electronic medical records market. EMR data when combined with AI and analytics helps providers gain valuable insights into patient outcomes, treatment patterns, risks of readmissions and more. This aids in improving clinical decisions, streamlining care processes and reducing costs. Another key trend is the growing focus on value-based care where reimbursements are linked to quality and patient outcomes rather than volume of services. EMRs play a critical role in capturing and sharing clinical data necessary for evaluating provider performance on metrics like readmission rates, complications, patient satisfaction and more under value-based programs. This is expected to further fuel investments in EMR systems by healthcare providers globally.

Porter’s Analysis
Threat of new entrants: The electronic medical records market requires significant capital investment and there are stringent government regulations. This poses moderate threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several vendors providing electronic medical records solutions.
Bargaining power of suppliers: A few major players dominate the supplier market, giving them significant bargaining power over buyers.
Threat of new substitutes: There is low threat of substitution as electronic medical records is an integral part of healthcare IT infrastructure with no close substitute.
Competitive rivalry: The electronic medical records market is highly competitive with the presence of global as well as regional players.

Key Takeaways
The global electronic medical records market is expected to witness high growth. The global Electronic Medical Records Market is estimated to be valued at US$ 18,040.5 Mn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.

Regional analysis The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing healthcare infrastructure, growing medical tourism industry and government initiatives promoting digitalization of healthcare sector across countries like India and China.

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. Rapid digitalization and integration of various healthcare services on a single platform will intensify competition among these players.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it