According to Future Market Insights (FMI) in its most recent market report, the electronic medical records (EMR) market will grow at a 7.8% CAGR from 2021 to 2031. Pandemics and an increased burden on the healthcare system drove significant growth in the EMR market in 2021.
The EMR market grew 5.5% year on year in 2021 and is expected to exceed a valuation of US$ 21.5 billion by the end of 2021. Increasing government support for EMR implementation in the United States under the Health Information Technology for Economic and Clinical Health (HITECH) Act is a key factor driving regional demand for EMR.
Furthermore, efforts by various governments to encourage digital transformation in healthcare will benefit the market. As policies are implemented to help health care systems go paperless by digitising medical records, EMR deployment will increase.
FMI’s Electronic Medical Records (EMR) Market Study Highlights
- The North American electronic medical records (EMR) market is expected to grow at an 8.2% CAGR during the assessment period, owing to stringent data protection laws, favourable insurance policies, and a thriving healthcare industry in the United States and Canada.
- Because of rising demand for better patient experiences and medical record digitization in the United Kingdom and Germany, the Europe EMR market will grow at a 7.5% CAGR during the forecast period.
- Australia is expected to grow dramatically as a result of increased government spending on integrating artificial intelligence with electronic health report solutions and the development of a unified EMR service for easy access to patients’ medical details from anywhere in the country.
- As of 2021, Japan is expected to account for 31.5% of the East Asian market. East Asia’s economic development and population growth will create lucrative opportunities for growth.
- Service-based EMR is expected to be in high demand and to account for more than 60.12% of the global EMR market during the assessment period.
- The clinical end-use segment will grow rapidly and is expected to account for more than 27% of the global market by the end of 2031.
Who is the victor?
According to FMI, the top EMR market players are Cerner Corporation, Epic Systems Corporation, Allscripts Healthcare Solutions Inc., GE Healthcare, McKesson Corporation, and NextGen Healthcare. They control approximately 65% of the global market.