Image: The global EHR-EMR market is expected to grow to USD 120 billion by the end of 2023 (Photo courtesy of OpenPR).
The global EHR-EMR market is expected to grow at a CAGR of 10.9% from USD 70 billion in 2016 to USD 120 billion by the end of 2023, driven primarily by an increase in the volume of medical records which requires proper management and storage. These are the latest findings of Market Research Future (Pune, Maharashtra, India), a market research company.
The global EHR-EMR market is proliferating due to the advantages of better accessibility, improved communication, data aggregation, integration, and lower staffing requirements which reduce health care costs as well as the scope for human errors. Technological advancements in EHR-EMR technology such as Blockchain, Byod, Artificial Intelligence, Opensource are also fueling the market growth. Additionally, cloud-based solutions are also providing growth opportunities. Small healthcare providers who are unable to afford upfront investments are opting for free and web-based services, which also eliminates the need for infrastructure and maintenance.
Government funding is a key driver of the global EHR-EMR market. Governments in various economies are funding projects to automate health record systems, thereby driving the demand for EHR-EMR. The growth of the healthcare and life sciences industry is also contributing to the growth of the EHR-EMR market.
Geographically, the Americas dominates the global EHR-EMR market due to the broad adoption of EHR-EMR, presence of major players and growth in the number of services among hospitals in the region. Europe is the world’s second-largest EHR-EMR market due to the growing adoption of IT in the healthcare sector for patient administration and engagement. Asia Pacific is expected to emerge as the fastest growing EHR-EMR market in the world, driven by the escalated demand for software solutions in the healthcare sector and growing expenditure on healthcare facilities in the region’s developing economies.
However, several factors are expected to restrict the growth of the global EHR-EMR market. For instance, the global economic slowdown resulting in lack of capital and operational constraints is likely to affect the market growth. There is high interest among both the developed and developing countries in automating health records, although the insufficient availability of technology to support the systems and lack of funds to migrate from existing systems to electronic systems are acting as constraints to the introduction of EHR-EMR systems in these economies.
The high cost involved in implementing EHR-EMR systems is a key factor limiting the market growth. Switching to EHR-EMR requires computers, electrical wiring and a large amount of electricity supply, all of which involves huge costs. Health administrators and governments are resistant towards adopting EHR-EMR systems due to the high implementation costs. Additionally, the lack of skilled staff having adequate knowledge of computers and disease classification, resistance among medical professionals to switch to an electronic system and change their behaviors and attitudes, and lack of data processing facilities are acting as barriers to the implementation of EHR-EMR.
Market Research Future