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Electronic Medical Records Market To Surpass US$ 21,845.0 Million By 2027 - Coherent Market Insights
Electronic Medical Records Market To Surpass US$ 21,845.0 Million By 2027 - Coherent Market Insights
Electronic Medical Records Market Report- 2026 Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.

Electronic Medical Record (EMR)offers several advantages such as less paper work, fewer storage issues, andhigher quality of care that leads to better healthcare outcomes. EMRs containnotes and information collected by and for the clinicians. The global ElectronicMedical Records Market is estimated to account for US$ 21,845.0 Mn in termsof value by the end of 2027.

Global Electronic Medical RecordsMarket: Drivers

Increasing development ofintegrated healthcare solutions is expected to propel growth of the globalelectronic medical records market over the forecast period. For instance, inDecember 2019, Sectra, a medical imaging IT and cybersecurity company,collaborated with Leica Biosystems developing an integrated clinical pathologysolution. The Sectra digital pathology software solution is expected tofacilitate integration with leading pathology information systems and EMRs.

Global Electronic Medical RecordsMarket: Opportunities

Utilization of text fields inEMRs is expected to offer lucrative growth opportunities for market players.For instance, in January 2019, researchers UTSHC-ORNL Center for BiomedicalInformatics and University of Tennessee Health Science Center, reported thattext data in EMRs can improve the ability of structured data tools to predictserious patient outcomes after surgery.

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Global Electronic Medical RecordsMarket: Restraints

Some of the disadvantages of EMRinclude, changes in workflow, temporary loss of productivity associated withEMR adoption, privacy and security concerns, and several unintendedconsequences. EMR may result in disruption of work-flows for medical staff andproviders, which result in temporary losses in productivity. Such factors areexpected to hinder growth of the global electronic medical records market.

Key Takeaways:

The hospitals segment in theglobal electronic medical records market was valued at US$ 7,632.7 Mn in 2018and is expected to reach US$ 12,510.1 Mn by 2027 at a CAGR of 5.6% during theforecast period. Increasing incidence and prevalence of chronic diseases isanticipated to assist the growth of the segment during the forecast period. TheCloud-Base EMR segment held dominant position in the global electronic medicalrecords market in 2018, accounting for 54.4% share in terms of value, followedby Client Server Setup EMR, respectively. Technological advancement and increasinghealthcare infrastructure in developing economies is expected to drive thesegment growth during the forecast period.

Market Trends Machine learning isbeing used with EMR data to predict chronic diseases such as dementia. Forinstance, in December 2019, researchers from Indiana University PurdueUniversity at Indianapolis reported that EMR routine care data can be used topredict dementia. The research was published in the journal ArtificialIntelligence in Medicine. Lab integration through Laboratory Information System(LIS) is a major trend enabling labs and imaging centres to send and receiveorders electronically. This platform allows interaction by multiple physiciansusing different EMR systems.

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Global Electronic Medical RecordsMarket: Competitive Landscape

Major players operating in theglobal electronic medical records market include, GE Healthcare, Epic SystemsCorporation, McKesson Corporation, Cerner Corporation, Allscripts HealthcareSolutions, Inc., Computer Programs and System Inc., Medical InformationTechnology, Inc., NextGen Healthcare Information Systems, LLC, and GreenwayHealth, LLC.

Global Electronic Medical RecordsMarket: Key Developments

Key players in the market arefocused on product expansion to enhance their market share. For instance, inDecember 2019, Southwest Transplant Alliance (STA) announced an initiative toexpand its automated electronic referral technology to health systemsthroughout the state of Texas. The system automatically connects to ahospital's EMR. Key players in the market are also focused on adoptingpartnership strategies to enchant their market share. For instance, in October2019, electronic medical record vendor, Suncoast, partnered with Hospice of theWestern Reserve and pharmacy provider, Delta Care Rx in order to enhanceclinician workflow.

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