Hospital Electronic Medical Records (EMR) System Market Research Report: Forecast (2023-2028)

Market Definition

An Electronic Medical Record is a digital rendition of a chart having patient information stored on a computer.  Hospitals usually opt these systems to make patient-specific health plans.

Market Insights

The Global Hospital Electronic Medical Records (EMR) System Market is projected to grow at a CAGR of around 8.2% during the forecast period, i.e., 2023-28. The market is predominantly driven by a gradual technological integration of Hospital EMRs induced by the growing rate of hospitalization, research and development activities, etc. Furthermore, government initiatives such as the rising thrust on digitalization have led to the quick adoption of EMR systems in hospitals. In addition to this, several governments, willing to make relentless investments in training healthcare IT personnel and establishing regional extension centers while encouraging physicians to adopt EMR, are expected to revamp the industry for these systems during the forecast period.

Moreover, the inclination for advanced equipment in healthcare setups has called for technological advancements in these systems, such as voice recognition, mobile applications, and artificial intelligence (AI). These cutting-edge technologies and the big data concept have integrated the healthcare system more. Additionally, the ability of such devices to support teleconsultation has encouraged remote identification and treatment in case of emergency. Another major factor driving the hospital EMR systems market is the magnifying patient population suffering from chronic diseases necessitating a detailed health record of the illness. Other than this, the wider extent of accessibility alongside low maintenance swiftly augments the market growth in the coming years. However, a lack of adequate technical know-how and data breaching concerns might impede the industry growth in the coming years.

Key Trends in the Market

Go-Live Virtual Office Aiding 24/7 Remote Access

In a bid to recognize and escalate treatment for its sickest patients, several hospitals and trusts have deployed EHR/EMR functionality and created a go-live virtual office. With a definitive orientation process, comprehensive onboarding, EMR optimization, etc., the hospital has already achieved the most from a go-live engagement. This go-live concept enables health IT implementers to plan for EMR system go-live events, thereby enhancing remote access to the patients. For instance, On December 3, 2022, Sonoma Valley hospital, affiliated with the San Francisco-based UCSF Health, went live with a new Epic electronic health records and same can be expected for EMRs as well.

Market Segmentation

Based on Mode of Delivery,

• Cloud-Based
• On-Premise

Between the two, the Cloud-Based segment is anticipated to garner the majority share in the Global Hospital EMR System Market in the forecast years. The inadequate infrastructures in small hospitals and untapped approaches of cloud-based solutions have made it the most preferred over the On-Premise mode of delivery. The adoption has primarily elevated during and after the COVID-19 outbreak, where the on-site interactions were put on hold. With the cloud-based model, the scalability of the software ramps up, making it more simplified and flexible. Besides this, it combines storage resources, making it cost-effective and further streamlines workflow by reducing departmental silos of clinical information. By eliminating the need for in-house maintenance, cloud-based software is likely to witness maximum adoption in the coming years, thereby driving the EMR industry worldwide.

Regional Projection

Geographically, the Global Hospital Electronic Medical Records System Market expands across:

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

On the geographical front, North America grabbed the largest market share in the historical period, and this dominance is expected to prevail in the forthcoming years as well. It is primarily because North America, especially the United States, has the largest population suffering from chronic diseases stemming from an unhealthy lifestyle. Due to this, the need for more advanced EMR has emerged in the past few years to cater to the increasing pool of patients in the region. Moreover, governments across the region are formulating plans and mandates for securing and better utilization of patient records. As such, The US Department of Health Services has prioritized and is looking forward to promoting healthcare data interoperability. 

Recent Developments in the Global Hospital Electronic Medical Records System Market

• In September 2022, Epic Systems Corporation launched the data-driven clinical trial matchmaking in its electronic health record system. The trials seek to offer providers an opportunity to streamline treatments that are well-suited for their patients through their new Life Sciences program.
• In July 2022, MyHealthcare launched the first single screen EMR in India. The system allows clinicians and doctors to put all medical records of patient encounters on a single screen.

Market Dynamics

Key Driver: The Advent of the Robust and Technically Advanced EMRs

The integration of artificial intelligence (AI) in making EHRs software has propelled the adoption of such systems in the past few years. Other than this, mobile healthcare applications have also paved the way for healthcare solutions providers to come up with technologically advanced solutions as demanded by the hospitals. The healthcare ecosystem has recognized the importance of electronic medical records for tracking the patient's data and effectively dealing with diseases. Such acknowledgment has called for maximized adoption in hospitals, thereby propelling the industry's growth in the coming years.

Key Opportunity: Introduction of Voice-based EMRs

With the incorporation of a cloud-based API technology platform, Electronic medical record (EMR) systems will likely evolve in the coming years. The integration of artificial intelligence would facilitate doctors and health app providers to develop smart voice-based EMRs to be adopted in Hospitals. Voice recognition features not only smoothen the interface but also make the tracking process hassle-free. For instance, In March 2021, Simbo.AI announced a technology platform named SimboAlpha that supports voice-based EMRs.

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