The hospital electronic medical record (EMR) market is projected to grow at a CAGR of 8.8%
LONDON, Nov. 27, 2018 /PRNewswire/ -- The hospital electronic medical record (EMR) market is projected to grow at a CAGR of 8.8%.
The global hospital electronic medical records market is valued at an estimated USD 12.0 billion in 2018 and is projected to reach USD 18.3 billion by 2023, at a CAGR of 8.8% during the forecast period. The key factors driving the growth of this market include the government support for the adoption of EMRs and the rising need to curtail healthcare costs. However, the high cost of EMR solutions is one of the major factors that is expected to restrain the growth of this market during the forecast period.
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By component, the services segment to witness the highest growth during the forecast period (2018–2023).
Based on component, the hospital electronic medical records (EMR) market is further segmented into services, software, and hardware.The services segment is expected to grow at the highest CAGR during the forecast period.
This can be attributed to the recurring nature of services such as training and education, installation, consulting, and maintenance services.The healthcare IT industry relies heavily on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades.
The demand for services is expected to grow rapidly in the coming years due to the introduction of complex software and the integration and interoperability of software, which requires extensive training and upgrades.
Asia Pacific to witness the highest growth during the forecast period (2018–2023).
Asia Pacific is expected to witness the highest growth during 2018 to 2023. The highest growth rate of the Asia Pacific market is attributed to various investments and reforms to modernize China's healthcare infrastructure, the digital healthcare scenario in India, the "One Singaporean, one health record" initiative in Singapore, and the implementation of e-health initiatives in Australia.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1–39%, Tier 2–45% and Tier 3–16%
• By Designation – C-level–24%, Director Level–18%, Others–58%
• By Region – North America–42%, Europe–21%, Asia Pacific–26%, RoW–11%
The key players in the global hospital EMR market are Cerner Corporation (US), Epic Systems Corporation (US), athenahealth, Inc. (US), eClinicalWorks (US), Allscripts Healthcare Solutions, Inc. (US), Medical Information Technology, Inc. (US), MEDHOST (US), CPSI (US), and Intersystems Corporation (US).
Research Coverage:
The report analyzes the hospital EMR market and aims at estimating market size and future growth potential of this market based on various segments such as component, mode of delivery, type, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies.
This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the hospital EMR market. The report analyzes the market based on product, usability, vessel type, application, and region
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the hospital EMR market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various hospital EMR solutions across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the hospital EMR market
• Competitive Assessment: In-depth assessment of strategies, products, distribution networks, and manufacturing capabilities of the leading players in the hospital EMR market
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