The global electronic medical record (EMR) systems market was worth $12,971.0 million in 2014, and it is expected to grow at a CAGR of 9.2% during 2015-2020. Among the applications, the hospital EMR systems accounted for the highest share in global EMR systems market in 2014, whereas, laboratory EMR system is expected to grow at the fastest rate during the forecast period. The EMR systems market is experiencing significant growth rate due to several favorable macro-economic factors, such as people’s growing fascination towards new healthcare technologies and increasing disposable incomes. Older people have less regenerative abilities and are more prone to diseases, syndromes and sickness, requiring better healthcare facilities. Increase in aged population worldwide is resulting in growth of global EMR systems market. This is due to the role played by EMR systems in delivering the efficient healthcare facilities.
Various healthcare reforms have been passed worldwide to reduce the cost and improve the quality of healthcare services. Governments of various countries are taking initiatives to encourage the use of EMR systems, as these systems help to reduce healthcare costs and maintain quality of healthcare services. EMR systems market in developing economies, such as Asia-Pacific, Africa, and Latin America, have been growing at a significant pace due to rising awareness for EMRs among population, and rising adoption rate for EMRs.
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Cloud-based technology is comparatively new in the EMR systems; and is gaining popularity due to advanced features offered with it that helps in improving healthcare facilities. The cloud-based EMR systems market grew at an average annual growth rate of 10.9% during 2011-2014; whereas, the web-based EMR systems dominated the global market in 2014 with largest market size in the global EMR systems. Increasing demand for powerful IT systems in diagnostic and medical laboratories is expected to provide significant opportunities for the growth of global EMR systems market.
The need for better healthcare facilities through improved and effective quality of treatments and lower costs is driving the demand for integrated healthcare systems. Integrated healthcare systems compiles services related to diagnosis, treatment, care and rehabilitation; and maintain all this in the form of EMRs. The increasing investments from healthcare IT players are also escalating the demand of EMR systems globally. In addition, number of hospitals is also increasing worldwide, which would require electronic medical record systems for cost-effective and efficient healthcare services. The hospital EMR systems have been contributing maximum to the global revenues of EMR systems during the period of analysis.
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The restraints associated with EMR systems market include high maintenance and service expenses for EMR systems. Purchase, installation and maintenance of information systems, which help in producing EMRs, are expensive processes; and require timely service. This elevates the cost of healthcare services provided. In addition, lack of skilled professionals for efficient handling of the EMR systems also restrains the market. Some of the other major restraining factors faced by the global EMR systems include interoperability issues and privacy and security issues.
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