Electronic Medical Record Market - Forecasts from 2023 to 2028

The electronic medical record (EMR) market is predicted to grow at a CAGR of 5.24% from US$16,922.319 million in 2021 to US$24,191.731 million by 2028.

The growing digitalization of infrastructure within the healthcare setting is a primary driver of the global electronic health record market. Additionally, the inclusion of artificial intelligence (AI) in creating EHRS software and rising healthcare spending by non-government and governmental organizations is anticipated to fuel market expansion. Furthermore, governments worldwide are encouraging the use of IT solutions in the healthcare industry. Through the use of electronic medical records, the entire healthcare system may easily access information on patients and other users.

North America is expected to constitute a high market share during the forecast period. The region's EMR market is being boosted by government funding promoting the widespread significant use of certified technology, such as health and medical records technology, supplemented by increasing pressure to control healthcare costs and a rise in demand for higher-quality medical services.

Rising government initiatives and technological advancements drive the electronic medical record (EMR) market.

The adoption of EMR solutions is being aided by the development of electric medical record systems with better delivery modes, which is made possible by the increase in R&D spending on healthcare information technology. For instance, according to the National Institute of Health Statistics, the research and development expenditure on healthcare information health was 1.2% in 2021 over 2020. Furthermore, technological advancement is supporting the expansion of this industry.

The increasing EMR's minimal maintenance requirements and increased accessibility are also leading to market growth. HHS Cyber Security Programme claimed in an article from February 2022 that EMRs are frequently used interchangeably and enable the electronic entry, storage, and preservation of digital medical data. They allow the sharing of patient data, which enhances the standard of care.

Market Developments:

• Seqster PDM Inc. invested USD 12 million in April 2021, with OmniHealth Holdings LLC and Takeda Digital Ventures leading the investment. The goal was to increase Seqster's capacity to develop and improve its technology and accelerate the adoption of its healthcare data interconnection platform. These expenditures are predicted to have a beneficial effect on the expansion of the electronic medical record market.
• Northern Inyo Healthcare District and Cerner Corporation collaborated in February 2021 to convert its EHR. The Northern Inyo Healthcare District is converting to an updated, computerized system to enable data sharing among physicians, nurses, and clinicians on several sites. These partnerships are increasing the use of EMRs and fostering the expansion of the market under investigation.
• NeuTrace was purchased by Anumana in November 2022. The acquisition establishes Anumana as a leading developer of AI-based medical software for cardiac electrophysiology globally. Integrating a patient's electronic medical record with pertinent electrocardiograms obtained from the body's surface and cardiac electrograms obtained from the heart is a joint development.

The specialty EMR segment will witness robust growth over the forecast period.

Specialty EMRs are electronic medical record systems specifically designed to meet the needs of specific medical specialties, such as cardiology, dermatology, oncology, and pediatrics. These systems provide healthcare providers with specialty-specific workflows, templates, and clinical decision support tools that enable them to document patient encounters, order tests, and create treatment plans more efficiently and effectively. These templates can be tailored to match each practice's specific workflows and documentation requirements, which can help improve documentation quality and reduce the risk of errors. Specialty EMRs also improve patient outcomes by providing physicians access to specialty-specific clinical decision support tools, such as dosage calculators, drug interaction alerts, and disease-specific guidelines. This can lead to more accurate diagnoses, better treatment plans, and improved patient outcomes.

North America accounted for a major share of the global electronic medical record (EMR) market in 2021.

The electronic medical record (EMR) market has been segmented by geography into North America, South America, Europe, Middle East and Africa, and Asia Pacific.

Government regulations and incentives, such as the HITECH Act and Meaningful Use, drive the adoption of EMRs in North America. These regulations provide financial incentives to healthcare providers who adopt and demonstrate "meaningful use" of certified EMRs, which has led to a significant increase in EMR adoption rates in the region. The Health Information Technology for Economic and Clinical Health (HITECH) Act, passed in 2009, provides financial incentives to healthcare providers who adopt and demonstrate "meaningful use" of certified EMRs.

The increasing amount of patient data generated in healthcare settings has created a need for efficient and effective ways to manage and access this data. EMRs provide a centralized platform for healthcare providers to access patient records, streamline communication, and improve patient outcomes. The trend toward cloud-based solutions is driving growth in the EMR market. Cloud-based EMRs provide healthcare providers with flexibility, scalability, and cost-effectiveness, as they do not require expensive hardware or software installations.

Market Segmentation:

BY COMPONENT

• Hardware
• Software
• Services

BY TYPE

• General EMR
• Specialty EMR

BY MODE OF DELIVERY

• Cloud-Based
• On-Premise

BY GEOGRAPHY

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Italy
• Others
• Middle East and Africa
• UAE
• Saudi Arabia
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Australia
• Others