Electronic Medical Records (EMR) Market Estimated to Expand at a Double-Digit CAGR through 2025
Posted: Jun 22, 2018
The global electronic medical record (EMR) market was estimated to be valued at US$ 11.41 Bn in 2015, and is expected to increase at 5.6% CAGR through 2025. These insights are according to the report, "Electronic Medical Record Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025", by research and consulting firm Future Market Insights (FMI).
Rising need for integrated healthcare facilities, combined with operational efficiency benefits are the key factors driving adoption of electronic medical records in end-use sectors, such as hospitals and ambulatory settings. Government support and advocacy for implementation of EMR is also driving adoption in key regions, such as the US and Europe. For example, in the US, adoption and ‘meaningful’ use of health information technology through the Health Information Technology for Economic and Clinical Health (HITECH) Act is boosting adoption of EMR. In the U.K., over £4 Bn has been set aside for incorporating digital technology in healthcare; the country’s National Health Services (NHS) aims to go paperless by 2018.
FMI’s report offers market forecast on the basis of product, components, deployment, end-user, and region.
On the basis of product, the EMR market has been segmented into hospital EMR and ambulatory EMR. According to FMI’s analysis, the ambulatory EMS segment, worth US$ 3.74 Bn in 2015, is expected to increase at over 8% CAGR and surpass US$ 8 Bn by 2025.
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Key end-use segments in the EMR market include hospitals, general physician clinics, specialised clinics, and ambulatory surgical centres. Among these, hospitals segment holds the highest revenue share and the status quo is expected to remain so during the forecast period as well. Adoption of EMR technology in clinics is growing at a robust pace – by 2025, clinics segment is expected to hold over 27% revenue share of the global EMR market.
On the basis of deployment type, FMI’s report has segmented the market into cloud-based server setups, client server setups, and hybrid server setups. Among these, cloud-based server setups is anticipated to increase at the highest CAGR during the forecast period, owing to ease of installation and optimum cost.
On the basis of component, the report offers 10-year market forecast on the segments – software and services. The services segment accounted for over 60% revenue share of the global EMR market in 2015.
North America and Western Europe are currently the two largest markets for EMR in terms of revenue. North America’s dominance of the global EMR market is expected to continue during the forecast period. Adoption of EMR technology in Asia Pacific is anticipated to witness a spike in the next decade -- the Asia Pacific EMR market is expected to increase at a CAGR of 6.2% through 2025.
Key players in the global EMR market include Epic Systems Corporation, McKesson Corporation, Cerner Corp, Medical Information Technology Inc., NextGen Healthcare Information Systems, LLC, Greenway Health, LLC, and GE Healthcare. An analysis on the current and future strategies of these key players has been provided in FMI’s report.
Future Market Insights (Fmi) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature.