Hospital EMR Systems Market: Growing Need to Bring Down the Cost of Quality Care in Hospitals for Patient Population to Fuel the Market
Electronic medical record (EMR) systems, sometimes used synonymously with electronic health records (EHR) systems, have gained widespread traction in medical practices across the globe. Hospital EMR systems can be in the form of hardware, software, and services, and can be deployed as on-premise or as cloud-based model. They serve a range of functions, such as offering computerized physician order entry, clinical data repository, clinical decision support, and controlled medical vocabulary.
The demand for EMR systems rides on the back of rapid pace of digitization in healthcare services, including those offered by hospitals. The drive for hospital EMR systems stems from the need for improving productivity in medical practices, improving the quality of care for patients, and boosting revenue cycles of hospitals. In addition, stringent adherence to government regulations and legislations, such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA), for streamlining patient care has also bolstered the uptake of hospital EMR systems.
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The growing need to bring down the cost of quality care in hospitals for patient population is a key factor underpinning the evolution of the hospital EMR systems market. The demand has gained considerable momentum from rising efforts by governments in several countries to streamline in-patient care. Flexibility in customization in meeting the needs of various general and specialized health professionals will expand the potential of the global hospital EMR systems market. On-premise hospital EMR systems are witnessing vast uptake in various regions. This is on account of their reduced risk of data breaches, ease of transition from one system to another, access to services or products from multiple vendors. However, in recent years, cloud-based hospital EMR systems have also made rapid strides, thus unlocking promising prospects.
However, there are still some genuine considerations to take into account for companies in the hospital EMR systems market. The interoperability of software with different hospital EMR systems and the lack of skilling opportunities for clinicians operating these systems are some of the most notable concerns. Moreover, there still remains a dearth of user-friendly hospital EMR systems that can be used by medical professionals of different specialties.
On the regional front, developed regions, particularly North America, have emerged as increasingly lucrative regional markets for hospital EMR systems. Various factors account for sizeable demand in North America. Rapid digitalization of patient care, coupled with substantial favorable regulatory impetus, is a key trend underpinning the attractiveness of this regional market. Developing regions in all likelihood are expected to present large lucrative prospects to vendors of hospital EMR systems.
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The study offers a granular assessment of the competitive dynamics of the global hospital EMR systems market. The analyses evaluate the impacts of recent strategic moves by various players on the dynamics. The report also sheds light on major product development efforts by key players and technological improvements they have brought in recent years. Some of the prominent companies in the hospital EMR systems market are Intersystems Corporation, MEDHOST, Medical Information Technology, Inc., Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, and Cerner Corporation.