An Incisive, In-depth Analysis on the Electronic Medical Records Market
This study offers a comprehensive, 360 degree analysis on the Electronic Medical Records market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Electronic Medical Records market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Electronic medical record systems are defined as healthcare information tools that captures and records patient data gathered from various authorized clinicians’ office under one healthcare organization. These systems enhances workflow efficacy and improves the quality of patient care. Whereas it also provides access to physicians regarding patient information such as lab results, diagnosis and medication. The EMR system is gaining high traction among healthcare service providers, mainly due to its operational efficiencies and the rising need for integrated healthcare facilities worldwide. Over the years, there has been a surge in the need to connect laboratories to hospitals and clinics, and hospitals or clinics to pharmaceutical centers. This has led to the rise in emphasis on product innovation. Thus, increasing number of players are entering the EMR market with varied service offerings.
The global electronic medical records market is estimated to account for US$ 11,417.5 Mn by the end of 2015, and is projected to witness a significant increase in its market value due to rising demand for EMR systems from the concerned end-use segments.
Drivers and Trends
Rise in number of diseases and increasing demand for quality care by the patients is paving the way for the overall growth of the electronic medical record technology globally. Advent of integrated healthcare services delivery platform with the help of EMR technology has led to the wide popularity of EMR software among hospitals and clinics. Rise in the number of hospitals and clinics is also expected to boost the overall demand for electronic medical record technology globally.
Currently, electronic medical record technology is widely used in North America due to the various supporting initiatives taken by the government in the region through The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009, which directed the Office of the National Coordinator (ONC) for Health Information Technology to promote the adoption and meaningful use of electronic medical records in the region. Also, there is an incentive plan for the hospitals and clinics in the U.S. for facilitating the ‘meaningful use’ of EMR technology.
The EMR market size is expected to expand at a significant CAGR in the regions such as Western Europe and Asia Pacific over the forecast period. Also, the EMR industry is consolidating, as the players in the electronic medical record industry are getting into partnerships, mergers and acquisitions, well-planned distribution strategies to capitalize over the opportunities present in the untapped markets in Latin America and Eastern Europe. Though this market is growing at a significant rate, the high cost of EMR software and implementation services, coupled with the negative perception about the electronic medical record technology, is proving to be a major hindrance in the overall growth of the market.
Analysis by Region
Globally, North America is expected to hold market dominance throughout the forecast period and is projected to expand at a CAGR of 5.5% over the forecast period. The U.S is expected to dominate the North America electronic medical records market throughout the forecast period in view of the supporting government policies imposed in accordance with the American Reinvestment & Recovery Act (ARRA). The North America EMR market share is followed by the Western Europe market as more number of players are expected to enter into the North America market over the forecasted period. Asia Pacific is expected to be the next lucrative market for EMR companies, as the market in this region is projected to witness an above average CAGR of 6.2% in terms of value during the forecast period.
Analysis by Product
The global electronic medical record market growth is segmented into hospital and ambulatory EMR. Among these products, it is estimated that, presently, the hospital EMR segment accounts for a major share of the global market, whereas the ambulatory EMR segment is expected to witness an impressive growth during the forecast period.
Analysis by Deployment
By deployment, the electronic medical records market is segmented into client server setups, cloud-based server setups and hybrid server setups. The cloud based segment is expected to dominate the overall electronic medical records market by the end of forecast period, i.e. by 2025. The client server setups segment is projected to register an average growth rate over the forecast period. Meanwhile, the cloud server setups segment is projected to register the fastest CAGR over the forecast period in terms of value, this is attributed to optimum cost and ease of installation of the software in clinical setups.
Analysis by End-use
Based on end user, the market has been segmented into hospitals, specialized clinics, general physician clinics and ambulatory surgical centers. In terms of value, the clinical segment is estimated to account for 27.2% share of the global market by 2025 end, whereas hospitals is expected to remain the most dominant segment in the overall market over the forecast period.
Market Segmentation, by Component
On the basis of components, the market has been segmented into software and services. The services segment is expected to emerge as the most lucrative components segment in the global electronic medical record market over the forecast period. The services segment is currently the most attractive segment in terms of revenue in the market, and is estimated to account for over 60.12% market share by 2015 end. However, market acceptance of new software products and rise in product enhancements and modifications is expected to drive the advent of innovative EMR systems over the forecast period.
Some of the key players identified in the global electronic medical records market report include Cerner Corp, McKesson Corporation, Medical Information Technology Inc., Epic Systems Corporation, NextGen Healthcare Information Systems, LLC, Greenway Health, LLC and GE Healthcare. The report is enriched through the identification of company-specific strategies related to software development, market consolidation initiatives and analyses of the various market players’ specific strengths, weaknesses, opportunities and threats.
Future Market Insights offers a 10-year forecast of the global electronic medical records market between 2015 and 2025. In terms of value, the market is expected to register a CAGR of 5.6% during the forecast period. This study demonstrates market dynamics and trends in all seven regions that are expected to influence the current environment and future status of the electronic medical records market over the forecast period.
This Future Market Insights report examines the electronic medical records market for the period 2015–2025. The primary objective of the report is to offer insights into developments in the electronic medical records market that are significantly helping transform the healthcare industry into a more integrated and digitised industry.
The global electronic medical records market report begins by defining ‘EMR’ and its types. It also lists the various end users opting for EMR technology. This is followed by an overview of the global electronic medical records market. The overview section includes FMI’s analysis of the key trends, drivers, restraints, trends and opportunities that are influencing growth of electronic medical records market currently. Impact analysis of the key growth drivers and restraints based on the weighted average model has also been included in the ‘global electronic medical market report’ to better equip customers and readers with region specific trends and insights.
The primary driving factors for the electronic medical record market are significant increase in the number of chronic infectious diseases and increasing need of patient health information exchange in hospitals, clinics and laboratories to facilitate faster decision making within a short time period. Furthermore, increase in demand for automated data management and quality care of patients by reducing hand-written records and errors has also triggered growth of the global electronic medical record market. Research indicates that there is a growing need from patients to access and share their health information with their physicians. Secondly, there is also an increasing need to automate the entire treatment procedure, starting from booking of the appointment till the end of the treatment session. These factors have been fuelling demand for electronic medical records in hospitals and clinics. The primary factors hampering growth of the EMR market are rising cost of implementing EMR software and lack of experienced healthcare IT professionals to integrate and analyse data from various sources for producing digitised records at the proper time.
On the basis of products, the global electronic medical record market is segmented into hospital EMR and ambulatory EMR. Furthermore, the market is also segmented based on end user into hospitals, general physician clinics, specialized clinics and ambulatory surgical centres. A detailed analysis of all the categories of end users has been provided in terms of market size, Y-o-Y growth rate, absolute $ opportunity and BPS analysis.
The report has been segmented based on components into software and services. It is also segmented based on deployment mode into client server setups, cloud based and hybrid EMR. A deep analysis, along with the market attractiveness index of each of these categories, has been provided in the report.
The next section of the report highlights the electronic medical record market by region. It provides the market outlook for 2015–2025 and sets the forecast within the context of the electronic medical record market. The study discusses the key regional trends and contracts contributing to growth of the electronic medical record market worldwide, as well as analyses the extent to which the drivers are influencing this market in each region. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa.
The above sections – by product, end user, component, deployment mode and region – evaluate the present scenario and growth prospects of the electronic medical record market for the period 2015 –2025. We have considered 2014 as the base year and provided data for the forecast period, i.e. 2015 - 2025.
To ascertain size of the electronic medical record market, we have also considered revenue generated by EMR software developing companies. The forecast presented here assesses the total revenue generated across the electronic medical record market globally over the forecast period. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the electronic medical record market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analysis, i.e. by supply side, downstream industry demand and the economic envelope.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse based on key parameters, such as Year-On-Year (Y-o-Y) growth rates, to understand the predictability of the market and to identify the right opportunities in it.
The electronic medical record market segments in terms of products, deployments, components, end users and regions are analysed on the basis of their respective Basis Point Share (BPS) to understand the individual segment’s relative contribution to market growth. This detailed level of information is important for the identification of various key trends in the electronic medical record market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective of the electronic medical record market.
To understand key growth segments, Future Market Insights developed the electronic medical record market ‘Attractiveness Index’. The resulting index helps providers to identify real market opportunities.
In the final section of the report on the EMR market, the ‘Competitive Landscape’ is included to provide report audiences with a dashboard view, to access the key differentiators among the competitor firms. Key categories of providers covered in the report are EMR software and service providers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the EMR value chain and the potential players with regard to the same. However, this section also includes market strategies and SWOT analysis of the main players in the market.
Detailed profiles of the healthcare IT companies are also included in the scope of the report to evaluate their long-term and short-term strategies. Some of the key players in the market include Cerner Corporation, Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Medical Information Technology, Inc., Computer Programs and System Inc., Allscripts Healthcare Solutions, Inc. and McKesson Corporation.
Key Segments Covered
By End Use
- General Physician Clinics
- Specialised Clinics
- Ambulatory Surgical Centres
By Delivery Mode
- Client Server Setups
- Cloud-based Setups
- Hybrid Setups
Key Regions/Countries Covered
- Rest of Latin America
- Rest of Western Europe
- Rest of Eastern Europe
Asia Pacific Excluding Japan (APEJ)
- Greater China
- Australia and New Zealand
- Rest of APEJ
Middle East & Africa
- South Africa
- Rest of MEA
- Cerner Corp
- McKesson Corporation
- Medical Information Technology
- Epic Systems Corporation
- Greenway Health, LLC,
- NextGen Healthcare Information Systems, LLC
- Computer programs and system Inc.
- Allscripts Healthcare Solutions, Inc.