Global Electronic Medical Records (EMR) Industry Set to Skyrocket to US$32.3 Billion by 2033, Fueled by Impressive 6.2%

The Global Electronic Medical Records (EMR) Industry is experiencing an unprecedented surge, with a projected valuation of US$32.3 billion by the year 2033, marking a significant leap from US$17.6 billion in 2023. This remarkable growth is underscored by a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period, emphasizing the accelerating adoption of electronic medical records (EMR) across the healthcare landscape.

The primary driver behind this exponential growth is the substantial increase in healthcare spending by both non-governmental and governmental entities. The forecasted period sees a surge in investments in healthcare infrastructure and patient care enhancement, propelling the EMR market towards unparalleled expansion.

In response to the evolving demands of the healthcare industry, many healthcare providers are embracing electronic health records as a software-as-a-service (SaaS) model. This strategic approach ensures seamless integration, improved data accessibility, and greater operational efficiency, all contributing to the overall momentum of the EMR market.

The future of healthcare is undergoing a transformation, with EMR systems reshaping the landscape by providing comprehensive, secure, and accessible patient data management. As the industry continues to evolve, the global EMR market is poised to play a pivotal role in enhancing healthcare delivery and ensuring a more efficient, patient-centric approach.

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The market is expanding as a result of an increase in the number of benefits, including lower infrastructure and maintenance expenses, lower license and start-up costs, and greater accessibility. Improved productivity and quicker, simpler adoption are two benefits of cloud-based EMR solutions. The application is incredibly scalable because of its cloud-based architecture (pay-as-you-go storage utilization). It removes departmental silos of healthcare data to streamline and consolidate storage resources to reduce costs and boost efficiency.

Large, well-known firms are starting to enter the cloud sector. To maintain the level of patient care, the cloud infrastructure also provides real solutions for business continuity and disaster recovery. As a result, it is anticipated that the market for cloud-based EMR will expand dramatically. To give medical staff relatively easy access to patient records, the digital revolution in healthcare is essential. During the projection period, it is predicted that the growing need for systems and software that connect hospitals, clinics, and other healthcare facilities will become a growth driver.

A greater emphasis is placed on strategic partnerships between leading suppliers of electronic medical record solutions as market rivalry intensifies. Additionally, it is projected that the constantly growing need for knowledge sharing and technology upgrades to improve healthcare efficiency will foster partnerships between important actors.

Key Takeaways from the Electronic Medical Records (EMR) Industry

• The US electronic medical records (EMR) market is anticipated to expand at a CAGR of 6% over the forecasted period.
• By 2033, it is anticipated that the cost of implementing electronic medical records (EMR) in the US will surpass US$ 18.4 Bn.
• The UK electronic medical records (EMR) industry is anticipated to expand at a CAGR of 8.4% throughout the anticipated time frame.
• By 2033, the UK’s sales of electronic medical records (EMR) systems are anticipated to surpass US$ 1.6 billion.
• The market for electronic medical records (EMR) in India is anticipated to expand at a CAGR of 8.2% over the forecasted period.
• By 2033, the Indian market for electronic medical records (EMR) is anticipated to reach more than US$ 255.0 Mn.
• In 2021, the market for electronic medical records (EMR) was dominated by cloud-based EMRs, which accounted for more than 50.0% of total revenue.
• Hospital electronic medical records (EMR) are expected to increase at a CAGR of 6.4% throughout the forecast period as a result of rising pandemic and epidemic infections, as well as the requirement for global vaccination against a wide range of diseases.

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Who is Winning?

According to Future Market Insights (FMI), top EMR solution providers are building alliances with the local healthcare system, engaging in mergers and acquisitions, and bolstering their distribution networks to develop and explore the underdeveloped markets of Asia and Latin America. To break into middle-income and emerging markets, market companies are also concentrating on raising awareness, lowering the price of EMR software and related services, and fusing EMR with contemporary technologies.

Microsoft Corp. acquired Nuance Communications, Inc. in April 2021 to empower healthcare providers with the power of ambient clinical intelligence and other Microsoft cloud services.
Capital Health, a regional leader in providing cutting-edge, high-quality patient care, introduced a new electronic health record (EGR) in the acute care divisions of both of its hospitals in February 2021 to better serve its patients.
The “Patient” database personal health record (PHR) of the patient will now be able to safely transfer the patient’s existing health records from the “Patient” database onto the Apple Health app, according to a May 2021 announcement from DrChrono. This should simplify the procedure and make it easier to access medical data more quickly.

Key Segments Covered in Electronic Medical Records (EMR) Industry Study

By Product Type:

• Hospital EMR
• Ambulatory EMR

By Component:

• EMR Software
• EMR Services

By Application:

• Client Server Setup EMR
• Hybrid Server Setup EMR
• Cloud Based EMR

By End User:

• Hospitals
• Specialized Clinics
• General Physician Clinics
• Ambulatory Surgical Centers

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Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.