Global Hospital EMR Systems Market is anticipated to grow at a 8.6% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Hospital EMR Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global Hospital EMR System Market is estimated to be over US$ 10.0 Bn in 2017. It is anticipated to grow at a CAGR of 8.6% from 2019 to 2030.
The continual growth of the hospital EMR market can be attributed to wide scale adoption of EMR by hospitals, which are widely used to store patient’s medical history. Moreover, consolidation of hospitals and increasing healthcare expenditure to provide better healthcare has been a major factor to contribute to the substantial growth of the global hospital EMR system market between 2019 and 2030.
Adoption of EMR in Hospitals
Over the years, hospitals are widely adopting EMR systems as it has enabled hospitals to provide better healthcare, patient care, secure patient data and promote better communication between hospital and patient. Moreover, Medicare and Medicaid are promoting and encouraging hospitals to adopt EMR systems which indirectly results in better healthcare. According to Medicare EHR Incentive Program, 2016, Certified healthcare IT providers like Epic Systems, Cerner, McKesson and MEDHOST among various others have installed their systems in over 4500 hospitals in US. The numbers of installations are likely to increase in various geographic and emerging economic areas in coming years. With rising adoption rate and benefits offered by the EMR systems the market for EMR is likely to propel in coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Hospital EMR Systems Market by Component (Services, Software, Hardware) Mode of Delivery (Cloud Based, On-Premise, Web-Based) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/hospital-EMR-systems-market /11
Consolidation of Hospitals
Hospitals are under constant pressure to reduce its cost and provide better healthcare and facilities to its patients. To reduce its operational cost hospital have started to merge with large hospitals, this has led to a drastic reduction in operational cost, increase in providing better healthcare and sustainability of the hospital. The trend of merger and acquisition (M&A) in hospitals are increasing over the years. According to a report published by Kaufman Hall, in 2017, healthcare organization announced 115 merger and acquisition, which one of the highest in recent times. This rise in consolidation of hospitals will lead to rise in adoption of EMR systems and services and boost the market of EMR in hospitals.
Data breaches and Security threat related to EMR Market
Data is one of the most valuable resource and is prone to threat if a system fails to protect it. Major concern related to the EMR market is the data breaches and handling of sensitive patient data. Companies in the healthcare IT segment are pushing to provide a better security layer to protect its patient’s medical data. In 2018, more than 140 data breaches were recorded and data records of 3 million patients were affected. With the growing security concerns and data breaches related to patients medical history the growth of the EMR market is likely to be hampered to certain extent.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy, rising adoption of EMR and government and private institution support is anticipated to present a lucrative growth scenario for the hospital EMR system market in this region. Moreover, growing favorable regulations and norms are supporting EMR is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Hospital EMR Systems Market
The prominent players in the global Hospital EMR System Market are Cerner Corporation, eClinical Works, Epic Systems, McKesson, All Scripts, MEDITECH, Cantata Health, MEDHOST, CPSI, and NextGen Healthcare among others.
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