The deep penetration of healthcare IT globally has created a conducive environment for the growth of the market. Other factors fueling the growth of the market include government initiatives to transform the healthcare sector and reduce the burden of chronic diseases. On the contrary, market growth might be hindered by the inflated cost of EHR-EMRs. The global EHR-EMR market, as per the latest report published by Market Research Future (MRFR), is a rapidly expanding market and is poised to reach USD 42,427.27 Mn at a CAGR of 5.82% by the end of the forecast period of 2018-2027. EHR-EMRs help to significantly improve quality and coordination of medical services due to which are being increasingly adopted across the globe.
Koninklijke Philips NV, GE Healthcare, Athenahealth, Inc., Meddbase (Medical Management Systems Ltd), Cerner Corporation, eClinicalWorks, Agastha, Inc., AdvancedMD Inc., Allscripts Healthcare Solutions, Medical Information Technology, Inc. (MEDITECH), Advanced Data Systems Corporation, and Epic Systems, are the key players in the global EHR-EMR market.
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The EHR-EMR market has been segmented based on component, application, mode of delivery, and end-user.
By components, the EHR-EMR market has been segmented into software, hardware, and service consulting. The software segment accounts for the lion’s share of almost 60% of the market and is projected to be the fastest-growing segment as well. The segment is likely to reach a valuation of USD 25,823.57 Mn by the end of 2027.
By application, the EHR-EMR market has been segmented into specialty-based, and general applications. The specialty-based segment has been further segmented into neurology, cardiology, oncology, radiology, and others. The cardiology segment is expected to be the largest segment, while the neurology segment is expected to be the fastest-growing segment over the forecast period.
By mode of delivery, the HER-EMR market has been segmented into on-premise and cloud-based. The majority share of 55% has been captured by the on-premise segment; however, both the segments are likely to exhibit fierce competition with each other. The cloud-based segment is estimated to expand at a faster CAGR over the forecast period.
By end-user, the HER-EMR market has been segmented into ambulatory care, hospitals clinics, diagnostic centers, and others. The hospitals clinic segment has captured a 51.2% share of the market and is likely to expand with the same momentum over the forecast period. The ambulatory segment is likely to be the fastest-growing segment over the forecast period.
Region-wise, the EHR-EMR market has been segmented into the Americas, the Middle East Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas account for 48.9% share of the global market and is expected to expand at a CAGR of 6.07% over the forecast period. The US is the most significant market within the Americas. Most of the major market players are concentrated in the US, which gives the region leverage over others. The tendency of the region to adopt the latest technologies has impacted the market positively.
Europe is the second-largest EHR-EMR market. Growing incidences of chronic diseases and escalating government support for the incorporation of information technology within the healthcare sector is favoring the growth of the market.
The APAC EHR-EMR market is slated to capture the highest CAGR over the forecast period. The region stores immense potential for market expansion due to the presence of a number of untapped markets. Fast track digitalization and towering government support for the modernization of the healthcare system is working in favor of the market. Other factors which are poised to augment the growth of the market include growing interest among major players to venture into the region.
Recently, Cerner, an American supplier of health information technology solutions, services, devices, and hardware, announced the development of the Cerner Learning Health Network. The new program is developed in collaboration with Duke Clinical Research Institute (DCRI) and will help clinicians use EHR data insights with greater ease.
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