Market Forecast by 2025
The global hospital EMR systems market is projected to reach USD 20.7 billion by 2025 from USD 14.2 billion in 2020, at a CAGR of 7.8% during the forecast period.
Market Growth Drivers:
Market growth can be attributed to the growing number of hospitals adopting EMR solutions worldwide, the need to curtail escalating healthcare costs, government mandates and support to increase adoption of hospital EMR solutions, and growing patient volume due to the global COVID-19 pandemic. However, the high deployment cost of EMR solutions and data security concerns are major factors limiting market growth to a certain extent during the forecast period.
Market Dynamics : Hospital EMR Systems Market
-Government support for the adoption of EMR solutions
-Growing patient volume due to the global outbreak of COVID-19
-Need to curtail escalating healthcare costs
-Need for significant investments in infrastructure development and high cost of deployment
-Reluctance to adopt EMR solutions in developing countries
-Increasing demand for cloud-based EHR solutions
-Shift towards patient-centric healthcare delivery
-Data security concerns
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Recent Developments: Hospital EMR Systems Market
- In 2020, MTBC acquired CareCloud Corporation that will help the company yield greater operating efficiencies, accelerate growth, and provide more flexibility for future expansion.
- In 2019, MEDITECH collaborated with Google to offer EHR data through the Google Cloud Platform. This helped to securely deliver patient data, enhance scalability, and facilitate interoperability.
- In 2019, NextGen Healthcare acquired OTTO Health that helped the company provide integrated virtual care capabilities to its software. The company has integrated the OTTO Health platform with the NextGen EHR platform.
- In 2019, Epic Systems partnered with Teledoc Health to integrate Teledoc Health’s virtual care platform with Epic’s App Orchard that would help the company conduct telehealth video visits.
North America will continue to dominate the hospital EMR systems market during the forecast period.
North America accounted for the largest share of the global hospital EMR systems market, followed by Europe. The large share of this region can be attributed to the government mandates for implementing EHR solutions in hospitals; the presence of major EHR vendors such as Epic Systems Corporation (US), Cerner Corporation (US), MEDITECH (US), CPSI (US), and Allscripts Healthcare Solutions, Inc. (US) in the region; and technological advancements for the development of next-generation EHR solutions.
Hospital EMR systems market: Key Leaders
Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions, Inc. (US), MEDITECH (US), CPSI (US), GE Healthcare (US), athenahealth, Inc. (US), MEDHOST (US), eClinicalWorks (US), NextGen Healthcare (US), Intersystems Corporation (US), MTBC (US), Cantata Health (US), Advanced Data Systems Corporation (US), and CureMD (US) are the leading players in the global hospital EMR systems market.