CAGR: 8.1%Current Market Size: USD 15.4 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global hospital EMR systems market is expected to grow from USD 15.4 billion in 2022 to USD 31.0 billion by 2030, at a CAGR of 8.1% during the Projection period 2023-2030. The hospital EMR systems market mainly drives the growth of the healthcare sector.
Hospital EMR systems are digital representations of health-related data that may have previously been kept in paper charts for patients. It can collect clinical data, enables searching, management, centralization, and normalization of the transmission of healthcare information. The demand for hospital EMR systems is anticipated to rise as a result of factors such as simpler population health modelling, tracking of community health issues, strict government mandates to maintain patient data, rising government support through funds to adopt software and solutions to maintain data, growing patient volume due to a global pandemic, and improved patient quality care/rising trend of patient-centric hospital services. The hospital management system, which aids in maintaining organised clinical records, includes the hospital EMR. By assisting with patient registration, billing, workflow, and inventory management, such software improves operational efficiency. The patient's emergency contact information, allergies, health insurance information, physician information, old prescriptions, notes on various medical progress over time, past and upcoming appointments, treatment plans, discharge summaries, weight, height, body temperature, BMI, etc. are all stored in the EMR. By assisting with the maintenance of important information, it supports the work on facilitating the functioning of medical care procedures. The EMR can move important patient record information from one department to another. The ability to store data digitally opens up additional space for the collection of massive patient population data.
Sample Request: - Global Hospital EMR Systems Market
Market Dynamics:
Drivers:
As people's disposable income has increased in many countries, healthcare costs have gone up everywhere. Additionally, government agencies and healthcare organisations are taking the lead in meeting population needs by increasing healthcare spending, which is anticipated to support the expansion of the global electronic medical records (EMR) market.
Restraints:
On-premise solutions' and EHR services' high maintenance costs could stifle the market's expansion in the years to come. With regard to electronic medical records, there are numerous privacy and security concerns (EMR). The electronic medical records (EMR) industry is therefore expected to be constrained by worries about patient privacy and safety, as well as the frequency of security breaches, the maintenance costs of on-premise solutions, and high implementation costs.
Opportunities:
The COVID-19 pandemic's impact on government backing for the development of EMR systems is expected to advance the hospital EMR systems market globally. Additionally, the industry for hospital EMR systems has grown tremendously as a result of the pandemic's increased health awareness and patient traffic. Due to favourable government efforts and regulations, the sector is also expected to experience a sizable increase during the projection period. The industry for hospital EMR systems is anticipated to benefit from the increased investment in ICT infrastructure, interoperability, and research and development as a result of this.
Challenges:
Electronic medical records' biggest drawback is their vulnerability to ransomware and other data breaches. The NHS has regrettably suffered from ransomware attacks in the past. Cybercriminals can block access to the records and demand payment to restore access. After you defeat the infection or pay the ransom, you will eventually successfully restore full system access, but there is no guarantee that the offender did not copy patient records. Such security lapses put your patients' safety at danger as well as your facility's reputation.
Segmentation Analysis:
The global hospital EMR systems market has been segmented based on component, delivery mode, hospital size, and region.
By Component
The component segment is services, hardware, and software. The software segment led the largest share of the hospital EMR systems market with a market share of around 36.8% in 2022. Due to the global pandemic and other quickly spreading infections and disorders, there has been an increase in the number of patients registering for care. The aid of EMR software facilitates communication and information sharing between departments.
By Delivery Mode
The delivery mode segment is on-premise and cloud-based. The cloud-based segment led the largest share of the hospital EMR systems market with a market share of around 52.9% in 2022. This is mostly due to the increase in cloud-based EMR software being installed at new and multi-specialty hospitals. When compared to on-premise EMR, cloud-based EMR has improved functionality for data sharing, data storing, and data presenting.
By Hospital Size
The hospital size segment is small & medium-sized hospitals, and large hospitals. The small & medium-sized hospitals segment led the largest share of the hospital EMR systems market with a market share of around 56.8% in 2022. Due to small- and medium-sized hospitals acquiring EMR more quickly. This acquisition was primarily motivated by the advantages that EMR software offers over conventional patient data software, such as simplicity of deployment and patient data transfer.
Global Hospital EMR Systems Market - Sales Analysis.
The sale of the hospital EMR systems market expanded at a CAGR of 7.2% from 2016 to 2022.
A provider's paper chart's entirety, including the patient's medical history, diagnosis, prescriptions, immunisation records, allergies, lab findings, and doctor's notes, are all digitally represented in an electronic medical record (EMR). Online medical records, or EMRs, are used primarily by doctors and other healthcare professionals to diagnose and treat patients. In order to ensure optimal care throughout the provider's clinic, thorough and correct documenting of a patient's medical history, testing, diagnosis, and treatment in an EMR is essential. EMR serve more purposes than merely replacing paper records. For the best possible patient care, they provide communication and coordination between members of a healthcare team.
The global demand for EMR among hospitals and different clinics is increasing, which is boosting the market's overall growth. The market is expanding as a result of the increasing technological developments in EMR software and services. The leading market participants are putting a lot of effort into several new releases. EMRs' low maintenance requirements and increased accessibility are key factors in the market's increasing demand. The adoption of artificial intelligence (AI) in the creation of EHR software as well as improvements in software and the healthcare industry are also anticipated to hasten the market's expansion overall. In enterprises all across the world, the electronic records management process is intelligently automated and made simpler with EHR solutions.
Thus, owing to the aforementioned factors, the global hospital EMR systems market is expected to grow at a CAGR of 8.1% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the hospital EMR systems market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the hospital EMR systems market and held a 40% share of the market revenue in 2022.
Global Hospital EMR Systems Market - Country Analysis:
Germany's hospital EMR systems market size was valued at USD 1.08 billion in 2022 and is expected to reach USD 2.02 billion by 2030, at a CAGR of 8.2% from 2023 to 2030. This is because electronic medical records (EMR) have been widely adopted, and as technology advances, the industry is growing even faster in the region.
China’s hospital EMR systems market size was valued at USD 1.15 billion in 2022 and is expected to reach USD 2.2 billion by 2030, at a CAGR of 8.5% from 2023 to 2030. The market is anticipated to experience considerable expansion in the area throughout the course of the Projection period as a result of the expanding use of electronic medical records (EMRs) in healthcare settings, the rising number of product releases, and rising technical improvements.
India's hospital EMR systems market size was valued at USD 0.89 billion in 2022 and is expected to reach USD 1.6 billion by 2030, at a CAGR of 8.4% from 2023 to 2030. Greater access to medical records may be made possible by the increased usage of healthcare information systems and the simpler integration and sharing of patient clinical data. Electronic medical records (EMR) can offer a number of benefits in terms of security measures, as well as enhancing the accuracy and completeness of patient records, which is predicted to fuel the expansion of the worldwide EMR market.
Key Industry Players Analysis:
To increase their market position in the global hospital EMR systems market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
8.1% |
Market Size |
15.4 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Component, By Delivery Mode, By Hospital Size, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Epic Systems Corporation, CPSI, NextGen Healthcare, Inc., Allscripts Healthcare Solutions, Inc., MEDITECH, GE Healthcare, eClinicalWorks, Athenahealth, Cantata Health, MEDHOST, Intersystems Corporation, MTBC, Inc., Advanced Data Systems Corporation, and CureMD Healthcare. |
By Component |
|
By Delivery Mode |
|
By Hospital Size |
|
Regional scope |
|
Scope of the Report
Global Hospital EMR Systems Market By Component:
Global Hospital EMR Systems Market By Delivery Mode:
Global Hospital EMR Systems Market By Hospital Size:
Global Hospital EMR Systems Market By Region:
Global hospital EMR systems market is expected to reach USD 31.0 billion by 2030.
The hospital EMR systems market is projected to have a CAGR of 8.1%.
Based on the component, the hospital EMR systems market is segmented into services, hardware, and software.
As people's disposable income has increased in many countries, healthcare costs have gone up everywhere. Additionally, government agencies and healthcare organisations are taking the lead in meeting population needs by increasing healthcare spending, which is anticipated to support the expansion of the global electronic medical records (EMR) market.
Leading market players active in the global hospital EMR systems market are Epic Systems Corporation (US), CPSI (US), NextGen Healthcare, Inc. (the US), Allscripts Healthcare Solutions, Inc. (the US), MEDITECH (US), GE Healthcare (US), eClinicalWorks (US), Athenahealth, (US), Cantata Health (US), MEDHOST (US), Intersystems Corporation (US), MTBC, Inc. (the US), Advanced Data Systems Corporation (US), CureMD Healthcare (US), among other
Political Factors- High political stability results in a favorable, steady commercial environment with predictable market growth patterns. Political turbulence, however, deters investment, undermines stakeholders' faith in the economy, and as a result, has a negative impact on organizational performance. There are several countries with active markets for hospital EMR systems, and each has its own political instability. The escalating political upheaval and instability worldwide may hinder both the gold market's growth and the hospital EMR systems market. Frequent changes in government policy make the world more unpredictable and prevent corporate growth.
Economic Factors- A country's financial health directly impacts organizational performance. Expanding economies provide several opportunities for the market for hospital EMR systems. In a similar vein, it's important to understand where the industrial lifecycle is at. Entry into mature sectors may be more difficult than entry into enterprises in the growth stage due to market saturation. How much money the government of the host country invests in building infrastructure has an impact on the financial performance of the market sector for hospital EMR systems. A strong infrastructure makes it easier for businesses to operate, which raises the prospect of the nation's gold sector flourishing.
Social factors- Population aging, migration trends, and socioeconomic considerations are important demographic trends to watch for in markets like the hospital EMR systems industry. The hospital EMR systems market can choose the appropriate market segment or sectors with high growth potential by carefully evaluating the demographic data. Plans for business and marketing are impacted by migration as well. The ability of enterprises to hire foreign management in the host country may be impacted by how people feel about migration generally, thus it is vital for the hospital EMR systems industry to comprehend this.
Technological Factors- The hospital EMR systems market should carefully assess recent technological advancements in order to stay ahead of the competition. It's important to consider how 5G might enhance user experience, speed, and access to boost productivity. These technical developments have the potential to radically change an economic sector and the rules that determine market actors' success. The technology's stage of development and maturity within the pertinent industry are other crucial factors to take into account. The market for hospital EMR systems can increase its market share by focusing on recently developed technical improvements and entering sectors where technology development has not yet reached maturity.
Environmental Factors- Utilizing green or eco-friendly products is growing in popularity. Utilizing green business methods, the market for hospital EMR systems can embrace the opportunity and draw competitors. Due to regulatory organizations' emphasis on maintaining compliance with environmental standards, priorities for product innovation are changing. Environmental friendliness must come first in the hospital EMR systems market marketing plan over traditional value propositions. If the hospital EMR systems market repeatedly exhausts its resources, the media, environmental organizations, consumers, and the general public could condemn the market.
Legal Factors- The market for hospital EMR systems must adhere to employee/labor health and safety requirements because certain countries have severe laws protecting worker safety. The market for hospital EMR systems has a moral and ethical obligation to give employees a safe working environment. Similar to the above, it is important to carefully consider anti-discrimination laws (such as equal employment opportunity laws) when developing human resource practices because discriminatory lawsuits against employers damage an organization's reputation and limit its ability to attract and retain talent. Data protection has become a critical problem as a result of consumer worries about their security and privacy. The hospital EMR systems industry must include data protection rules in order to protect consumer data.
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