Increasing importance of organized healthcare systems is one of the key factors driving growth of global electronic medical records market. Increasing patient population has led to an increasing need for healthcare providers to organize patients’ data. The electronic health records (EHR) or electronic medical records (EMR) help healthcare providers to manage care for patients, and provide better healthcare by storing error free data and patients’ reports for future use. Additionally, awareness among patients’ about benefits of electronic health records also increases adoption of these systems in the healthcare industry.
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The EHR have advantages such as less paper work, fewer storage issues, and higher quality of care that helps to increase efficiency and productivity, and better patient care. Owing to these benefits, there has been growing adoption of these technology tools for administrative purposes in the healthcare industry. Growth of the EMR market is attributed to increasing digitization, investment, and standard of healthcare providers.
The pharma companies using EMR technology to collect patient data for the development of personalized healthcare services or treatment platform. For example; in 2018, Alcon a subsidiary of Novartis Ag focused on developing SMART Suite digital health platform for cataract surgery by using data generated by electronic medical record (EMR) systems
Increasing adoption of digitalization in healthcare is driving growth of the global electronic medical records market
Increasing digitalization across the globe and adoption of digital tools and technologies in the healthcare system is a major factor boosting growth of the market. The 2009 passage of the Health Information Technology for Economic and Clinical Health (HI-TECH) Act offered system purchase subsidies and reimbursement incentives through Medicare and Medicaid to increase the prevalence of meaningful use of EMR. Survey of the U.S. Department for Health and Human Services revealed that the number of office physicians using EHR systems increased from 57% to 87% during 2011-2015.
Moreover, government initiatives are driving growth of the EHR market. For instance, in 2015, the government of India launched the Digital India Healthcare initiative to implement health IT products, and its public acceptance is one of the key to implement the vision on digital India. According to the data of Healthcare Information and Management Systems Society, in Asia Pacific, there are eight levels of acceptance of EHR, varying from 0 to 7. In level 0, there is little or no acceptance of EHR, while at level 7, there is complete implementation of EHR. According to the Healthcare Information and Management Systems Society (HIMSS) analysis adoption model of EHR in India, by the end of 2016, only 2.6% of hospitals crossed level 6. By 2020, at stage 7, around 1.5% of the hospitals of India are measured completely functioning.
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Electronic Medical Records Market - Competitive Landscape
Major players operating in the global electronic medical records market include Cerner Corporation, Allscripts-Misys Healthcare Solutions Inc., McKesson Corporation, Quadramed Corporation, Medical Information Technology Inc., Sage Software Healthcare Inc., Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, and GE Healthcare.
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