Electronic Medical Records Market Size to Reach Close to US$ 40 Billion by 2024

GLOBAL ELECTRONIC MEDICAL
RECORDS MARKET
INDUSTRY INSIGHTS, TRENDS, OUTLOOK, AND
OPPORTUNITY ANALYSIS, 2016–2024
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REPORT DESCRIPTION
Electronic Medical Records Market Overview
The Global Electronic Medical Records Market was valued at US$ 21,444.4 million in 2015
and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as
highlighted in a new report published by Coherent Market Insights. Increasing digitization is
propelling deployment of EMR across the global healthcare sector.
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Healthcare delivery is expected to undergo a drastic transformation through integration of
information technology and healthcare services. The market is presenting new growth
avenues for healthcare companies as well as major IT companies such as Apple and
Microsoft. These companies are working in close coordination with healthcare service
providers, understanding the various nitty-gritties of processes and problems and
accordingly developing integrated solutions. Besides, emergence of health monitoring
devices and applications and rising awareness among the populace about the ease of use
and various benefits of such services led to increases demand for digital solutions to track
health parameters and securely access personal medical records. Moreover, the advent of
on-cloud EMR solutions further provides significant growth traction for the electronic
medical records market.
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REPORT DESCRIPTION
There are plethora of electronic medical record solutions available in the market, which
makes the market highly competitive diverse scale of operations and unique requirements
of users. However, the market provides highly lucrative growth opportunities, given the
increasing inclination of various governments towards encouraging deployment of EMR in
hospitals and private clinics. For instance, the Dubai government, has installed EMR system,
Salama, across the Dubai Health Authority (DHA) network of health facilities. The
government will be rolling out its MER system across the DHA network in three phases
through 2017.
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Furthermore, facilities already using EMR systems are upgrading to improve healthcare
delivery. Catholic Health Services (CHS) and University of Maryland Medical System (UMMS)
achieved Stage 6 recognition (almost fully automated/paperless medical records) by the
Healthcare Information and Management Systems Society (HIMSS) Analytics on their
Outpatient EMR adoption model of HIMSS Analytics. Deployment of new EMR systems and
upgrading of systems would be significantly contributing towards growth of the global
electronic medical records market. At the same time, industry experts opine to have a
defined legal framework for EMRs to avoid unnecessary legal issues.
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REPORT DESCRIPTION
• Key takeaways of the market:
• The global electronic medical records market is expected to expand at a CAGR of
6.9% during the forecast period (2016–2024) as there exists a huge demand
especially in Asia Pacific, Latin America, Middle East and Africa markets
• Cloud-based solutions are expected to fuel the global electronic medical records
market growth exponentially during the forecast period. Chain of hospitals and
diagnostic laboratories who can afford cloud-based EMR systems find it very
beneficial for their patients.
• Hospitals are the major end users of EMR systems as these organizations deal with a
huge patient database and have high demand among their patients to access their
medical records
• The demand for EMR is growing in ambulatory/outpatient services, which is expected
to fuel the growth of this market in near future
• High healthcare spending and rapid digitization has supported the North America and
European regions to dominate this market. However, increasing funding in emerging
regions driving better healthcare infrastructure would drive substantial demand in
Asia Pacific and Latin America during the forecast period.
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The Global Electronic Medical Records Market was valued at US$ 21,444.4 million in 2015 and is projected to expand at a CAGR of 6.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing digitization is propelling deployment of EMR across the global healthcare sector.