A growing number of healthcare institutions around the world are adopting electronic medical record (NYSE:EMR) systems. Electronic medical records form an integral part of the advancing healthcare IT industry. The technological benefits of EMRs are projected to drive the overall efficiency of healthcare institutions. In addition to this, the higher efficiency of paperless administration is also supporting the growth of the global electronic medical records market.
Increasing Portability and Accessibility of EMRs to Drive Global Market
A paperless administration in a healthcare setting is a more sustainable and scalable set up. Furthermore, this setup helps minimize errors in a healthcare facility and also helps store data in a centralized repository, which will further fuel the global electronic medical records market.
Besides the rising demand for paperless administration, the global electronic medical records market will also benefit from the rising portability and accessibility of medical document management systems. Moreover, the global electronic medical records market will also be driven by the rising technological developments and modernization in the healthcare management system.
It is now widely accepted that the broad adoption of electronic medical record systems will result in major healthcare savings, improved efficiency, and improved health outcomes for patients. On the basis of end users, the global electronic medical records market is segmented into home health agencies, clinics and nursing homes, and hospitals.
North America to Lead Global EMRs Market
By geography, the global electronic medical records market is divided into North America, Asia Pacific, Europe, and Rest of the World (RoW). The Western markets of North America and Europe are projected to witness good growth in the coming years. North America is leading the global electronic medical records market, trailed by Europe.
The North America electronic medical records market is driven by the favourable healthcare reforms and federal incentives to contain healthcare-related costs. In addition to this, this regional electronic medical records market also benefits from the growing demand for integration of healthcare systems, improved patient care due to EMR implementation, rising share of IT in healthcare expenditure, and the elevated return of investment (NYSE:ROI) via efficient utilization of EMRs.
Asia Pacific is expected to emerge in the global electronic medical records market as the most promising regional market. Some of the factors supporting the growth of this regional EMR systems market are the rising demand for better quality of care and growing initiatives from governments to opt for patient flow management solutions and electronic health records (EHRs). Further, the accelerating need to improve management of patient data and reduce record retention costs will also drive this regional electronic medical records market.
Companies in Global EMR Systems Market Offering Novel Solutions
The global electronic medical records market is highly competitive in nature and is marked with the presence of several international and domestic key players. The firms operating in the global electronic medical records market are offering novel systems and software to drive demand for digital management of health information. These companies have helped simplify the complex medical records and successfully achieved quality incomes. Two of the key software delivery modes in the global electronic medical records market are cloud and on-premise.
Some of the top companies operating in the global electronic medical records market are 3M Company, Hyland Software, Toshiba Medical Systems Corp., McKesson Corporation, Allscripts Healthcare Solutions, Epic Systems, and GE Healthcare. In 2010, Allscripts stood out as the market leader in the U.S. electronic medical records market.
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