The global electronic medical record market is expected to grow at a CAGR of 9.13% over the forecast period to reach a total market size of US$20,880.859 million by 2025, increasing from US$12,360.489 million in 2019.The electronic medical record is a systematic collection of the patient electronically stored health information in the digital format. Favorable government policies are expected to drive the growth of the market during the forecast period. Besides, increasing the use of mobile data coupled with the augmenting usage of cloud-based services will also propel the growth of the electronic medical record market over the forecast period. However, the high cost associated with it is anticipated to restrain the growth of the market in the coming years.
Favorable government initiative
Governments around the globe are supporting the adoption of IT solutions in the healthcare sector and thus making an electronic medical record as an integral component of the whole process. The use of electronic medical records enables the easy access to patients and other stakeholder’s information in the whole healthcare system. Also, the government is taking initiative in the form of incentives and other programs to increase the adoption of electronic medical records which is expected to boost its adoption during the forecast period. For instance, in the United States, the Office of National Coordinator for Health Information Technology’s (ONC) work on health IT and is authorized by the Health Information Technology for Economic and Clinical Health (HITECH) Act. The HITECH Act establishes ONC in law which provides the US Department of Health and Human Services with the authority to establish programs or policies to improve health care safety, quality and efficiency through the promotion of health IT, which uses electronic health records (EHRs). Also, in December 2016, ONC implemented several provisions of the bipartisan 21st Century Cures Act into law. In India, the government has implemented many initiatives such as electronic health record standards, National Health Policy 2017, National Metal Healthcare Act among others with the aim to make the country’s healthcare system impeccable. Furthermore, various rewards programs are also introduced to attracted more stakeholders in the market. For instance, in the United States, for physicians willing to adopt electronic medical records, the financial incentive officered by the Federal Government are significant, an average physician with at least thirty percent of his/her patient covered by Medicare is eligible up to US$44,000 in total incentive.
Rising concerns regarding data loss, security breaches are expected to hinder the growth of the market in the coming years. To solve the concerns related to the security of data many regulatory bodies are making standards and guidelines to improve the state of security. For instance, the Office the National Coordinator is presently engaged in an 18-month-long effort to draft standards and guidelines to improve the state of cybersecurity across the healthcare information technology spectrum and such initiatives are implemented to help stakeholders to install IT systems securely, educating the community regarding security issues and also creating support function to help in case of security emergencies.
Rising aging population
The geriatric population is more prone to diseases and it is becoming important to track old age people's health records. Also, electronic medical records to most beneficial for those old age patients who are unable to travel long distances to take medical facilities. The increasing geriatric population in many parts of the world is indirectly supporting the adoption of electronic medical records during the forecast period. For instance, the World Health Organisation in its recent report has projected a 50% rise in annual cardiovascular disease events between 2010 and 2030 based solely on the growing geriatric population in a developing country like China. Also according to the World Bank, the population ages sixty-five and above as the percent of the total population in France and Italy has increased from 16.64% and 20.22% in 2006 to 20.03% and 22.75% respectively by the end of 2018. In addition, rising disposable income is encouraging people to demand better quality healthcare solutions enabled with advance IT solutions for which they are ready to pay high premiums which is also boosting the adoption of electronic medical records.
North America is holding a significant share in the market
By geography, the electronic medical record market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America is expected to hold a significant share in the market owing to the early adoption of technology and the presence of major market players. In the region, the United States is holding a dominant share on account of world-class health infrastructure and rising government initiative to enable healthcare IT solutions in the country. Asia Pacific region is anticipated to witness substantial growth in the coming years due to expanding healthcare industry and increasing investment by both public and private players in the countries like China and India. Further, Europe is holding a significant share and is expected to create ample opportunities for market players as the region is focusing on cloud-based solutions.
Prominent key market players in the Indian electronic medical record market include Cerner Corporation, Cantata Health, Epic Systems Corporation., Medical Information Technology, Inc., InterSystems Corporation, MEDHOST, and Epic Systems Corporation among others. There is intense competition; different companies are adopting different strategies to improve their margins over the competitors. Big market players look for strategic partnerships including mergers and acquisitions and joint ventures to boost their market share. Also, market players are investing heavily in research and development. For instance, in 2018, Centra Health went live with multimillion USD Cerner electronic medical records implementation as a part of its two-year effort to replace previously used HER systems across the health care system. Major market players in the global electronic medical record market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global electronic medical record market.