Electronic medical records (EMR, Electronic Medical Record) are also called as a computerized medical record system or computer-based patient record (CPR, Computer-Based Patient Record). It uses digital equipment to save, manage, transmit, and reproduce digitized patient medical records, replacing handwritten paper medical records. Its content includes all the information of the paper medical record. Electronic medical records not only refer to static medical record information, but also related services provided. Information about the lifelong health status and medical care behavior of individuals is managed electronically, involving all process information of patient information collection, storage, transmission, processing, and utilization.
The global hospital EMR systems market size was valued at USD 13.64 billion in 2019 and expected to generate USD 23.72 billion by 2027, growing at a CAGR of 6.87% during the forecast period, 2020-2027. The growth of the market is driven by the increasingly large number of hospitals adopting EMR solutions globally. The growing need to reduce escalating healthcare costs and government support to increase the adoption of hospital EMR solutions. Additionally, the rapid pace of digitization in healthcare services, and rise in demand in hospital EMR systems for improving productivity in medical practices and improving the quality of care for patients will spur the global hospital EMR systems industry. The mounting awareness about the importance of EMR for enhancing the efficiency of patient care and maintenance of patient records will augment the growth of the hospital EMR systems market.
Moreover, the rise in the adoption of software solutions such as data mining, clinical decision support system, and clinical trial management systems will foster the growth of the hospital EMR systems market. The rising efforts by various governments in several countries to streamline in-patient care and growing need to cut down the cost of healthcare in hospitals for patient population will complement the industry. The increasing adoption of electronic healthcare records for streamlining workflow and enhancing patient care delivery is anticipated to increase hospital EMR systems’ demand. Furthermore, the swelling of government expenditure in developing countries and funding for the development of healthcare IT solutions for better diagnosis and treatment of patients will stimulate the global hospital EMR systems market share. The flexibility in customization in meeting the needs of various general and specialized health professionals will accelerate the robust growth of the hospital EMR systems industry in the analysis timeframe.
According to WHO, the global healthcare expenditures are rising rapidly, especially in low- and middle-income countries. The average annual growth of health expenditure in these countries is 6%, and the average annual growth rate of high-income countries is 4%. Healthcare expenditures consist of government expenditures, out-of-pocket payments, voluntary health insurance, employer-provided medical plans, and NGOs’ activities. New data shows that more than half of health expenditures go to primary healthcare in low- and middle-income countries. But less than 40% of all primary healthcare expenditure comes from the government.
Various government has put millions into training health information technology workers and establishing regional extension centers to provide technical and other advice. Hospitals’ requirements to implement information transformation become more urgent, simplify procedures, and improve medical efficiency. It is necessary to organically integrate these two relatively independent systems into a complete hospital information management platform. The integrated hospital information center will provide digital hospitals with support for HIS, PACS, LIS, CIS, EMR, R1S, EMR, R1S, and other business systems. It ensures that the entire system can provide maximum data throughput and the fastest response speed and reliable and quality data protection.
Recently, the outbreak of COVID-19 has vigorously affected the healthcare system of developed and developing countries globally. The surge in demand for hospital services during the COVID-19 pandemic, EMR solutions are changing the rules of the game, such as the need for temporary bubble-out respiratory monitoring beds as needed to accommodate the changing number of cases and track the health of employees who have exposed to COVID-19. These solutions help to manage cases, analyze data, and remotely assess the health status of patients.
Based on the component, the global hospital EMR systems market segregated into software, services, and hardware. The services segment was identified as the largest component segment in the year 2019 due to the recurring nature of services, including training and education, installation, consulting, maintenance services, and the rise in the number of patients admitted to hospitals.
The software will grow at a significant rate during the forecast period due to the surge in adoption of EMR for prioritizing task donut, patient cards & physician dashboard to unify all roles of practice to improve clinical care.
Based on the delivery mode, the global hospital EMR systems market classified into cloud-based and on-premise. The cloud-based segment accounted for the largest share of the hospital EMR systems market in 2019 and will witness to gain maximum market revenue by 2027. It is attributable to the benefits such as the users with multiple payment models, convenience for clinics, pharmacies, small-scaled laboratories, and limited hardware infrastructure requirements that reduce the cost of system installation.
The on-premise segment is poised to witness the highest CAGR significant growth in 2019 as on-premise offer enhanced control, inventory data safety, and cost benefits in the long term.
Based on the type, the global hospital EMR systems market categorized into General EMR Solutions and Specialty EMR Solutions. The general EMR solutions are projected to expand at a higher CAGR from 2020 to 2027. It is attributed to the multifunction, multi-specialty capabilities of general EMRs, enabling their use in various specialties through flexible functioning and incorporated plugins.
Based on the hospital size, the global hospital EMR systems market classified into small and medium-sized and large hospitals. Small and medium-sized are expected to be the highest revenue share for hospital EMR systems during the forecast period. The segment’s growth is primarily attributed to the faster adoption of EMRs in small and medium-sized hospitals on account of factors such as ease of transfer of patient data among healthcare providers, lower upfront costs, and ease of deployment.
The large hospitals will witness a lucrative growth rate in the estimated period due to the EMR offering computerized physician order entry, clinical data repository, clinical decision support, and controlled medical vocabulary.
Based on geography, the global hospital EMR systems market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to gain a maximum growth rate over 2020-2027. It is owing to the government mandates for implementing EHR solutions in hospitals, rapid digitalization of patient care, and increasing the adoption of EMR in primary care across the region.
The Asia Pacific will capture a prominent share of the hospital EMR systems market by 2027. Due to the growing awareness about electronic healthcare record systems and their increasing importance and supportive government programs and policies.
Companies such as Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions, Inc., MEDITECH, CPSI, GE Healthcare, Athena health Inc., MEDHOST, eClinicalWorks, NextGen Healthcare, Intersystems Corporation, MTBC, Cantata Health, Advanced Data Systems Corporation, and CureMD are the key players in the global hospital EMR systems market.
By Delivery Mode
By Hospital Size