Electronic Medical Records Market Research Report - Segmentation By Component (Hardware, Software, and Services), By Deployment Mode (Cloud, On-Premise, and Web-Based); By End-User (Hospitals & Clinics, Pharmacies, Ambulatory and Surgical Centers, Diagnostic Centers, and Others); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

Electronic Medical Records Market Size (2024-2030)

The Electronic Medical Records Market achieved a valuation of USD 33.16 billion and is poised to attain a market size of USD 49.86 billion by the conclusion of 2030. Projected to grow at a CAGR of 6% over the forecast period from 2024 to 2030.

Electronic Medical Records Market

Historically, the cumbersome process of managing and analyzing medical data involved manual entry on paper, susceptible to tampering, human error, and inaccuracies in patient illness analysis. The United States saw the development of the first EMR system in 1972 by the Regenstrief Institute, initially costly. Technological advancements led to the evolution of cloud-based and web-based EMR software, enhancing efficiency, reducing errors, minimizing manual work, and providing cost-effective remote solutions for medical professionals. Presently, data analytics contributes AI-driven insights, reducing treatment decision delays and enhancing patient care.

The future outlook for the EMR market is optimistic, with AI and machine learning facilitating diagnosis, prediction of disease outbreaks, and increased demand for secure EMR data management using blockchain technology.

Key Market Insights:

• HIMSS survey reveals that approximately 58% of medical professionals use mobile-optimized patient portals.
• CDC reports 88.2% of office-based physicians utilize EMR systems.
• According to the HHS Cybersecurity Program, Epic Systems commands a 34.1% market share (2021), followed by Cerner at 23.7%, widely adopted by hospitals.
• The Economic Forum predicts AI expenditure in India to reach USD 11.78 billion by 2025 and contribute USD 1 trillion to India's economy by 2035.

Electronic Medical Records Market Drivers:

Increasing health risks drive demand for electronic medical records.

 Growing health issues, especially among the elderly, necessitate centralized storage, segregation, and analysis of health data, fueling demand for EMR software and hardware. EMRs enable healthcare centers to analyze and manage patient data related to chronic illnesses and drug responses, leading to informed treatment decisions. Additionally, EMR fosters communication and collaboration, ensuring immediate treatment and enhanced patient safety. EMR software provides global medical data and trends related to chronic diseases, aiding in the analysis of potential risk factors, outbreaks, and their effects on specific populations.

Rising demand for health analytics boosts the need for electronic medical records.

Technological adoptions in healthcare enhance efficiency and productivity, with data analytics improving patient care by offering data-driven insights and immediate treatment recommendations. EMR software features population health analytics tools, enabling the analysis of potential health risks based on previous virus outbreaks. Predictive analytics assists in foreseeing potential outbreaks and their effects by leveraging historical medical data. Moreover, EMR software provides a secure network for cost-effective patient data management, prompting health tech firms to incorporate analytics tools for sector enhancement.

Electronic Medical Records Market Restraints and Challenges:

Data leaks and security concerns pose a threat to electronic medical records demand. EMRs, hosted on online and cloud-based platforms, face the risk of data breaches and privacy issues, potentially impacting EMR software usage in the market.

Moreover, the complexity of handling and a lack of proper knowledge among medical professionals regarding EMR software use can impede market growth for electronic medical records.

Electronic Medical Records Market Opportunities:

The Electronic Medical Records Market presents lucrative opportunities for businesses, including acquisitions, partnerships, collaborations, product launches, and agreements during the forecasted period. The increasing demand for efficient medical data management and analysis tools, coupled with rising trends in telehealth, especially in developing nations, is expected to drive market growth for electronic medical records and enhance future opportunities.

Electronic Medical Records Market Segmentation

By Component:

• Hardware
• Software
• Services

In 2022, the software component holds the largest market share at approximately 33%. Software is a key element in Electronic Medical Records (EMR), facilitating the seamless collection, analysis, management, and access of patient medical data on a unified platform. EMR software provides flexibility and enhanced scalability to healthcare professionals, streamlining the storage and analysis of extensive datasets encompassing patient medical history and genetic information, surpassing the limitations of traditional paper-based records susceptible to tampering and data loss.

The hardware segment experiences the highest growth during the forecast period. Hardware systems support the functionality of EMR software, encompassing cloud-based servers for data storage, terminals, workstations, EMR-connected devices such as computers, laptops, IoT-based medical devices, scanners, and more. This integration facilitates the transfer, storage, and analysis of medical data, ultimately enhancing workforce efficiency.

By Deployment Mode:

• Cloud
• On-Premise
• Web-Based

In 2022, the cloud segment commands the highest market share at around 28.5%. Cloud-based EMR servers offer user-friendly remote monitoring and maintenance of medical data on third-party servers. Additionally, they grant healthcare professionals easy accessibility to medical data, enabling remote work and analysis for treatment procedures. Specialized cloud servers provide high scalability with robust encryption, handling substantial amounts of data cost-effectively, thus furthering their applicability in the healthcare sector.

The web-based segment demonstrates the highest growth during the forecast period. Web-based EMRs, being online software solutions, enable healthcare professionals to log in remotely and manage medical data on cloud-based platforms. This segment's momentum in the healthcare sector is attributed to its robust security network, real-time data access, minimal installation and configuration requirements, and seamless operation on EMR-connected devices.

By End-User:

• Hospitals & Clinics
• Pharmacies
• Ambulatory & Surgical Centers
• Diagnostic Centers
• Others

In 2022, hospitals & clinics represent the largest end-user group, holding a share of approximately 35%. These institutions are major consumers of EMR for storing patient data, integrating it with medical devices, and enabling quick analysis for treatment decisions. Diagnostic centers emerge as the fastest-growing segment, utilizing both EMR software and hardware solutions for storing and managing medical data gathered from laboratory testing and imaging, thereby facilitating informed treatment decisions.

Regional Analysis:

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

In 2022, North America dominates the market with a share of about 34%. The region's increased health risks, robust medical infrastructure, and growing trends in health tech contribute to the demand for EMR. In Asia-Pacific, the fastest-growing region, rapid digitization, post-pandemic trends in telemedicine, and emerging health-tech startups drive the demand for EMR.

COVID-19 Impact Analysis on the Electronic Medical Records Market:

The pandemic positively impacted the electronic medical records market. Increased healthcare service demand led hospitals and clinics to extensively use EMR software for managing patients' virus-related data. Telemedicine trends during the pandemic boosted demand for EMR software with telehealth features, enhancing communication between individuals and healthcare providers. Diagnostic and clinical centers utilized EMR software for tracking, analyzing, and transferring infected patients' data to expedite treatment procedures.

Latest Developments:

The electronic medical records market is undergoing transformations, driven by the increased applications of AI, machine learning, and data analytics in healthcare. The rising demand for smart telehealth and telemedicine solutions, especially cloud-based software, is contributing to market growth. EMR systems' versatility and easy integration with other devices and software further fuel the demand.

Key Players:

1. Care360
2. Sevocity
3. Cerner
4. Optum Physician
5. EpicCare
6. Kareo Clincial
7. CampDoc
8. Greenway Health
9. QD Clinical
10. Advanced MD
11. Cerner PowerChart

In April 2023, Wemex introduced Medicom-HRF, an integrated EMR system in Japan, based on a hybrid cloud for seamless switching between cloud and on-premise operations. MyHealthcare launched a single-screen EMR in India in July 2022, offering an integrated CDSS for improved patient care, structured templates, and AI-based analytics for efficient medical data recording and management.