Market Size of Electronic Medical Records Industry
Study Period | 2021 - 2029 |
Market Size (2024) | USD 32.82 Billion |
Market Size (2029) | USD 42.10 Billion |
CAGR (2024 - 2029) | 5.11 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electronic Medical Records Market Analysis
The Electronic Medical Records Market size is estimated at USD 32.82 billion in 2024, and is expected to reach USD 42.10 billion by 2029, growing at a CAGR of 5.11% during the forecast period (2024-2029).
The onset of COVID-19 marked the development of digital healthcare and significantly impacted the electronic medical record market. For instance, an article published in the journal JBMI in April 2021 reported that the COVID-19 pandemic led to large-scale data sharing worldwide and has played an essential role in public health responses during the pandemic. The article also quoted that hospitals were necessary to report a large volume of daily data related to COVID-19, and to meet this need, EMRs have played a significant role. Thus, the pandemic surged the use of EMRs globally. Currently, it is anticipated that the market will follow the same trend due to several advantages offered by EMR. Thus COVID-19 has boosted the growth of the electronic medical record market and is expected to follow stable growth over the forecast period.
The market growth factors include government initiatives, technological advancements, low maintenance, and broader accessibility of EMR. The increasing financial support governments provide through public budgets worldwide is leading to the development of healthcare systems and contributing to the growth of the studied market. For instance, in April 2021, Seqster PDM Inc. invested USD 12 million, led by OmniHealth Holdings LLC and Takeda Digital Ventures, to drive Seqster's capabilities to develop and enhance its technology and boost the adoption of its healthcare data interoperability technology in healthcare. Such investments are anticipated to positively impact the electronic medical record market's growth.
Furthermore, technological development is also fueling the growth of this market. For instance, in February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its EHR. The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District's multiple offices. Such collaborations are raising the adoption of EMRs and contributing to the growth of the studied market.
Moreover, the low maintenance and broader accessibility of EMR are fueling the studied market's growth. For instance, in February 2022, an article published by HHS Cyber Security Programme reported that EMRs are often used interchangeably and allow the electronic entry storage, and maintenance of digital medical data. As a result, they make patient data shareable with the improved quality of care. Thus, the easy accessibility of EMRs is fueling the growth of the studied market.
Thus, due to the initiatives taken by the governments, technological advancements, and the advantages of EMR, the market is expected to witness significant growth over the forecast period. However, data breaching and a need for more appropriately trained staff may slow down the development of the studied market.
Electronic Medical Records Industry Segmentation
As per the scope of the report, an electronic medical record (EMR) is a computerized version of a paper record that stores information securely and is visible to other authorized users/practitioners. It is a maintained electronic version of patient medical history. It includes all data related to the patient's care under a particular doctor, like demographics, progress notes, problems, medication, vital signs, past medical history, immunizations, laboratory data, and radiology reports. The Electronic Medical Records Market is segmented by component (hardware, software, services, and other components), end user (Hospital-based EMR, Physician-based EMR, and other end-users), Application (Cardiology, Neurology, Radiology, Oncology, and other applications), type (traditional EMRs, speech-enabled EMRs, interoperable EMRs, and other types), mode of delivery (cloud-based and on-premise model), and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in (USD million) for the above segments.
By Component | |
Hardware | |
Software | |
Services |
By End User | |
Hospital-based EMR | |
Physician-based EMR |
By Application | |
Cardiology | |
Neurology | |
Radiology | |
Oncology | |
Other Applications |
By Type | |
Traditional EMRs | |
Speech enabled EMRs | |
Interoperable EMRs | |
Other Types |
By Mode of Delivery | |
Cloud-based | |
On-premise Model |
Geography | ||||||||
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Electronic Medical Records Market Size Summary
The electronic health records market is poised for substantial growth, driven by the increasing adoption of digital healthcare solutions and the ongoing advancements in technology. The COVID-19 pandemic has significantly accelerated the adoption of electronic medical records (EMRs), as they played a crucial role in managing and sharing large volumes of health data globally. This trend is expected to continue, supported by government initiatives, technological advancements, and the inherent advantages of EMRs, such as low maintenance and broader accessibility. The market is characterized by a competitive landscape with numerous global players employing strategies like partnerships, mergers, and product launches to enhance their market presence.
The cloud-based segment of the electronic health records market is anticipated to experience significant growth due to its cost-effectiveness, ease of maintenance, and accessibility. The pandemic has further boosted the adoption of cloud-based solutions, which offer flexible scalability and improved workflow by consolidating storage resources. North America, in particular, is witnessing robust market growth, fueled by the increasing use of EMRs, technological advancements, and strategic collaborations among key players. The region's healthcare IT industry is well-equipped, with initiatives aimed at enhancing care coordination and patient experience. As a result, the electronic health records market is expected to expand steadily, with cloud-based solutions playing a pivotal role in this growth trajectory.
Electronic Medical Records Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Initiatives by the Governments
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1.2.2 Technological Advancements
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1.2.3 Low Maintenance and Wider Accessibility
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1.3 Market Restraints
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1.3.1 Data Breaching
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1.3.2 Shortage of Proper Trained Staff
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size By Value - USD Million)
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2.1 By Component
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 Services
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2.2 By End User
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2.2.1 Hospital-based EMR
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2.2.2 Physician-based EMR
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2.3 By Application
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2.3.1 Cardiology
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2.3.2 Neurology
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2.3.3 Radiology
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2.3.4 Oncology
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2.3.5 Other Applications
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2.4 By Type
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2.4.1 Traditional EMRs
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2.4.2 Speech enabled EMRs
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2.4.3 Interoperable EMRs
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2.4.4 Other Types
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2.5 By Mode of Delivery
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2.5.1 Cloud-based
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2.5.2 On-premise Model
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2.6 Geography
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2.6.1 North America
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2.6.1.1 United States
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2.6.1.2 Canada
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2.6.1.3 Mexico
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2.6.2 Europe
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2.6.2.1 Germany
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2.6.2.2 United Kingdom
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2.6.2.3 France
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2.6.2.4 Italy
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2.6.2.5 Spain
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2.6.2.6 Rest of Europe
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2.6.3 Asia-Pacific
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2.6.3.1 China
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2.6.3.2 Japan
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2.6.3.3 India
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2.6.3.4 Australia
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2.6.3.5 South Korea
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2.6.3.6 Rest of Asia-Pacific
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2.6.4 Middle East and Africa
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2.6.4.1 GCC
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2.6.4.2 South Africa
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2.6.4.3 Rest of Middle East and Africa
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2.6.5 South America
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2.6.5.1 Brazil
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2.6.5.2 Argentina
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2.6.5.3 Rest of South America
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Electronic Medical Records Market Size FAQs
How big is the Electronic Medical Records Market?
The Electronic Medical Records Market size is expected to reach USD 32.82 billion in 2024 and grow at a CAGR of 5.11% to reach USD 42.10 billion by 2029.
What is the current Electronic Medical Records Market size?
In 2024, the Electronic Medical Records Market size is expected to reach USD 32.82 billion.