Hospital EMR Systems Market Projected to Witness Vigorous Expansion by 2026
Posted: Mar 31, 2019
Global Hospital EMR Systems Market: Overview
Electronic medical record (EMR) systems, sometimes used synonymously with electronic health records (EHR) systems, have gained widespread traction in medical practices across the globe. Hospital EMR systems can be in the form of hardware, software, and services, and can be deployed as on-premise or as cloud-based model. They serve a range of functions, such as offering computerized physician order entry, clinical data repository, clinical decision support, and controlled medical vocabulary.
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The demand for EMR systems rides on the back of rapid pace of digitization in healthcare services, including those offered by hospitals. The drive for hospital EMR systems stems from the need for improving productivity in medical practices, improving the quality of care for patients, and boosting revenue cycles of hospitals. In addition, stringent adherence to government regulations and legislations, such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA), for streamlining patient care has also bolstered the uptake of hospital EMR systems.
The study evaluates the potential of the hospital EMR systems in various regions and shines light on lucrative avenues. The insights and projections are helpful for stakeholders to identify key investment pockets and gain clarity on profitable segments during the assessment period 2018–2026.
Global Hospital EMR Systems Market: Trends and Opportunities
The growing need to bring down the cost of quality care in hospitals for patient population is a key factor underpinning the evolution of the hospital EMR systems market. The demand has gained considerable momentum from rising efforts by governments in several countries to streamline in-patient care. Flexibility in customization in meeting the needs of various general and specialized health professionals will expand the potential of the global hospital EMR systems market. On-premise hospital EMR systems are witnessing vast uptake in various regions. This is on account of their reduced risk of data breaches, ease of transition from one system to another, access to services or products from multiple vendors. However, in recent years, cloud-based hospital EMR systems have also made rapid strides, thus unlocking promising prospects.
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However, there are still some genuine considerations to take into account for companies in the hospital EMR systems market. The interoperability of software with different hospital EMR systems and the lack of skilling opportunities for clinicians operating these systems are some of the most notable concerns. Moreover, there still remains a dearth of user-friendly hospital EMR systems that can be used by medical professionals of different specialties.
Global Hospital EMR Systems Market: Regional Outlook
On the regional front, developed regions, particularly North America, have emerged as increasingly lucrative regional markets for hospital EMR systems. Various factors account for sizeable demand in North America. Rapid digitalization of patient care, coupled with substantial favorable regulatory impetus, is a key trend underpinning the attractiveness of this regional market. Developing regions in all likelihood are expected to present large lucrative prospects to vendors of hospital EMR systems.
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Global Hospital EMR Systems Market: Competitive Landscape
The study offers a granular assessment of the competitive dynamics of the global hospital EMR systems market. The analyses evaluate the impacts of recent strategic moves by various players on the dynamics. The report also sheds light on major product development efforts by key players and technological improvements they have brought in recent years. Some of the prominent companies in the hospital EMR systems market are Intersystems Corporation, MEDHOST, Medical Information Technology, Inc., Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, and Cerner Corporation.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Transparency Market Research (Tmr) is a U.S.-based provider of syndicated research, customized research, and consulting services.