Global EHR-EMR Market– overview:
EHR / EMR or Electronic Health Records/Electronic Medical Record are the modern technologies of the healthcare services sector and are separated by a very thin line for differentiation. EHR is a modality in which the information related to health issues of patients are gathered, managed and created. These generated information is transferred to and from various licensed clinics, consultants as well as between the individual staff of the healthcare organization. Contrary to it, in EMR the information gets gathered, managed and curated by multiple organizations. EHR-EMR services are extensively for emergency care and perioperative care in both the on premise and cloud based settings. Both the industries witnessed a huge growth during the past few years. Indian Brand Equity Foundation in 2016 stated that the Indian healthcare sector was one of the fastest growing industries and is estimated to reach USD 280 billion by 2020. Moreover, there have been huge incorporation of the telemedicine to deliver the healthcare services to the rural areas. In the presence of such factors, exploitation of the EHR-EMR market is expected to grow. On the contrary parts factors such as high cost of installation of EHR-EMR systems in the presence of lack of technological advancements in the middle and low income countries restraints the growth of the market during the forecast period.
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The Global EHR-EMR market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the Global EHR-EMR market is s expected to reach USD 120 billion in 2023 from USD 70 billion in 2016 while growing at a CAGR of 10.9% during the projected period 2017-2023.
Global EHR-EMR Market- competitive Analysis
The global market for EHR-EMR is marked by the presence of several well-established and small players. Thus, the global EHR-EMR market is estimated to be highly competitive and fragmented. International players in the market are focused on strategies like expanding their footprint in the developing economies. This makes it difficult for regional vendors to compete with such huge brand identity company. The market witnesses this in terms of features, product quality and portfolio followed by pricing. Such an intense competition in the market guides the bargaining among marketers.
Well established players in the global EHR-EMR market grows on the strategy of acquisition, collaboration, partnership, expansion, and product launches. This makes the companies to gain competitive advantage and also to maintain market position of the market.
In Feb-2015, Cerner Corporation announced that they have completed the acquisition of Siemens Health Services’ in terms of client relationships and related associates. Thus, the combined Cerner Corporation and the Siemens business was estimated to have annual research and development investment value of around USD 650 million.
In March-2016, GE won an EHR contract for the Summer Olympic Games of 2016 in Rio.
Global EHR-EMR Market - Regional Analysis:
The Americas leads the Global EHR-EMR Market due to a well-developed healthcare sector, increasing adoption of healthcare IT, followed by huge patient population and growing prevalence of chronic diseases within the region. Moreover, the presence of the global players like General Electric and growing healthcare expenditure within the region fuels the market growth during the forecast period. Europe is second in the global EHR-EMR due to a variety of factors facilitating the market growth within the region. Factors such as huge patient population, well developed healthcare sector, and rising acceptance of the new technologies drives the market growth within the region. Asia Pacific is the fastest growing region due to a huge patient population and continuously growing healthcare sector by the developing economies like India, China, and Australia. Additionally, the growing geriatric population fuels the market growth. Contrary to such backgrounds, the Middle East & Africa have the least share of the market due to poor healthcare infrastructure and low per capita income within the African region. A majority of the market within the region is held by the Middle East region owing to huge healthcare expenditure and presence of developed economies like Dubai, Kuwait, Oman and others.
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Global EHR-EMR Market Key Players:
Cerner Corporation (U.S), Epic Systems Corporation (U.S), Allscripts (U.S), QSI Management, LLC (U.S), General Electric Company (U.S), eClinicalWorks (U.S), McKesson Corporation (U.S), Greenway Health, LLC (U.S) and otEHRs are the prominent players at the forefront of competition in the Global EHR-EMR Market and are profiled in MRFR Analysis.
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