Worldwide Electronic Medical Records Industry to 2026 - Initiatives by the Governments are Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Electronic Medical Records Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Electronic Medical Records Market is expected to register a CAGR of 7.5 % during the forecast period (2021-2026)

Companies Mentioned

• Allscripts Healthcare Solutions, Inc
• Cerner Corporation
• eClinicalWorks
• Epic Systems Corporation
• GE Healthcare
• Greenway Health, LLC
• McKesson Corporation
• Meditech
• NextGen Healthcare, Inc
• CPSI
• athenahealth, Inc.
• MEDHOST
• Intersystems Corporation
• CareCloud, Inc.
• Cantata Health

Key Market Trends

Cloud Based Segment is Expected to Hold Major Market Share in the Electronic Medical Records Market

Cloud-based solution are comparatively newer approaches and are mostly used by the organizations that lack the internal infrastructure to support it. The installation cost for these systems is lower than the client server-based systems. Moreover, these software eradicate the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand.

The ongoing pandemic is putting healthcare systems under strain worldwide and forcing hospitals and other medical facilities to scramble to make sure data can be shared effectively. The 'digital front door' is really key to how providers should be responding to the COVID-19 situation in terms of access, triage, and even treatment.

In April 2020, Allscripts have introduced package of COVID-19 solutions for hospitals. The Allscripts Hospital Management Package provides a series of COVID-19 workflows that addresses disease-specific needs within SunriseTM EHR, ParagoN EHR and Allscripts Care Director.

Some of the factors that are driving the segment growth include rise in number of benefits, such as low licensing and start-up cost, low cost of maintenance and infrastructure requirements, and wider accessibility. In addition, a cloud-based EHR system provides enhanced productivity and faster and smoother implementation.

The cloud-based model makes the software extremely flexible, regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow, by eliminating departmental silos of clinical information.

The large and reputed vendors are entering the cloud market. The cloud infrastructure also guarantees true disaster-recovery and business continuity solutions, to support the quality of patient care. Hence, cloud-based EHR are expected to register good growth in the market.

Additionally, the increasing volume of data and growing demand for cloud storage due to COVID-19 are also expected to augment the demand globally. In June 2020, Allscripts and Microsoft extended their strategic alliance focused on the development and innovation of new cloud-based healthcare EHR technologies with the focus is on the cloud-based Sunrise platform, with Azure, Power BI and other tools helping improve security, scalability and flexibility to build out analytics and add third-party apps. Hence, owing to above mentioned factors it is expected to drive segment growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

Some of the factors which are driving the market growth in North America region include technological advancements, high investments in healthcare by the government and private sector and presence of key market players.

The healthcare IT market in the United States is one of the most established markets, compared to other geographical regions. Additionally, most hospitals and clinics in the region have widely implemented EHR solutions, due to stringent regulatory norms. Canada and the United States are the leading countries in this region that have implemented EHR systems.

In addition, according to the Canada Health Infoway, in 2018, 93% of physicians who use an electronic medical record said EMRs allow them to provide improved patient care, while 100 per cent of Canadians have at least one hospital clinical report, or their immunization record, available in electronic form, and their authorized clinicians can access this information outside of a hospital..

Furthermore, several companies are starting various strategies like collaboration, new product launch, merger and acquisitionin order to maintain and increase their market share. For instance, in August 2019, Allscripts Inc, a United States-based healthcare IT company announced the availability of Apple Health records for Allscripts Sunrise, TouchWorks, and Professional EHR clients and their patients. Apple Health Records brings together hospitals, clinics, and the existing Apple Health app to allow patients to access their personal health data in one platform.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Initiatives by the Governments

4.2.2 Technological Advancements

4.2.3 Low Maintenance and Wider Accessibility

4.3 Market Restraints

4.3.1 Data Breaching

4.3.2 Shortage of Proper Trained Staff

4.4 Porter's Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Component

5.2 By End User

5.3 By Application

5.4 By Type

5.5 By Mode of Delivery

5.6 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/44ozsv