DUBLIN--(BUSINESS WIRE)--The "U.S. Electronic Medical Records (EMR) Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The U.S. Electronic Medical Records (EMR) Market was valued at USD 5.92 billion in 2023, and is expected to reach USD 8.10 billion by 2029, rising at a CAGR of 5.36%.
The U.S. electronic medical records (EMR) market report contains exclusive data on 37 vendors. The EMR software and services market is highly competitive and characterized by rapidly evolving technology, solution standards, user needs, and frequent introduction of new solutions and services. Many emerging med-tech companies pose a considerable threat to global players due to their innovative products and technologies. The competition will continue to increase because of potential incentives provided by government programs and consolidation in the I.T. and healthcare industries.
MARKET TRENDS
Integration of EMR with Emerging Technologies
Integrating EMR systems with emerging technologies is poised to revolutionize the healthcare sector. Advanced technologies like artificial intelligence (AI), machine learning, and blockchain are increasingly incorporated into EMR systems to enhance their capabilities. AI and machine learning algorithms are used for predictive analytics, improving diagnostic accuracy, and personalizing patient care plans. Blockchain technology is emerging as a key player in securing EMR data, ensuring tamper-proof records, and enhancing patient privacy.
Additionally, integrating Internet of Medical Things (IoMT) devices facilitates real-time health monitoring and data collection, directly feeding into EMR systems for more comprehensive patient profiles. These technological integrations promise to streamline healthcare operations and significantly improve patient outcomes by providing more accurate, efficient, and secure healthcare services.
Shift Toward Workflow Automation
Automating workflow and tighter integration with EHRs is becoming increasingly important for healthcare providers. These solutions comprise the patient's health information repository, including medical images. Having image management solutions integrated with EHRs can improve data accessibility and collaboration between healthcare professionals, which drives the department's overall efficiency, enhances the ability to follow best-practice protocols, and improves the overall delivery of care.
With an integrated solution, healthcare providers have access to the patient's images and health information in a single system, which means they have a complete view of a patient's state and thus can make faster and more informed decisions about the care to be provided. Additionally, EHR integration can reduce the chances of duplicate tests so that hospitals can save time and money.
MARKET RESTRAINTS
Need for Streamlined EMR Interfaces
Physicians express concerns about the time-consuming nature of data entry and navigation within EMR interfaces, often citing it as a barrier to seamless patient care. The demand for accurate documentation competes with the limited time available for direct patient interaction. This dichotomy strains the physician-patient relationship and highlights the need for streamlined EMR interfaces that complement rather than hinder the clinical workflow.
The influx of digital data sometimes detracts from the essential human element of medicine. Physicians worry that excessive screen time may compromise the depth of their interactions with patients. Balancing the documentation requirements of EMR systems with the need for genuine patient engagement emerges as a critical challenge in this technological shift.
SEGMENTATION INSIGHTS
INSIGHT BY DEVELOPMENT TYPE
The U.S. electronic medical records (EMR) market by development type is segmented into web/cloud-based EMR. The web/cloud-based EMR segment dominated the 2023 market with over 62% share. The increase in healthcare digitalization drives the demand for cloud-based EMR solutions and the adoption of cloud-based healthcare systems. The cloud-based EMR requires a minimal upfront investment, is highly scalable, and is easily accessible. However, security concerns remain. Healthcare organizations must carefully consider the factors of cost, security, accessibility, and scalability before deciding on it.
INSIGHT BY COMPONENT TYPE
The U.S. electronic medical records (EMR) market by component type is categorized into software and services. The software segment showcases prominent growth, with the fastest-growing CAGR of 5.69% during the forecast period.
The increase in healthcare digitalization, the incorporation of AI/ML algorithms, and the adoption of cloud-based healthcare systems were the major reasons for this segment's dominance. EMR software technology has revolutionized healthcare practices by automating administrative tasks and streamlining chart creation, leading to significant cost savings through reduced paperwork and unnecessary tests.
INSIGHT BY APPLICATION TYPE
The specialty care segment holds the largest U.S. electronic medical records (EMR) market share in 2023. The growing installation of specialty EMR software was the factor for this dominance. It is observed that selecting the perfect EMR and EHR software for the specific practice can be overwhelming as several factors must be considered before the software selection. A generic EMR/EHR Software solution will not work for a specialty practice like oncology, dermatology, family practice, cardiology, internal medicine, or nephrology. These modules require unique features that would perfectly fit the medical practice.
INSIGHT BY END-USER TYPE
The specialized clinics segment is growing significantly, with the highest CAGR of 6.15% during the forecast period. The segment is growing accurate and systematized. Specialty-specific EHRs also offer a standardized system for maintaining peak performance. Errors and redundancies are minimized, which helps the staff operate smoothly while reducing the patient wait time.
KEY QUESTIONS ANSWERED
- How big is the U.S. electronic medical records (EMR) market?
- What is the growth rate of the U.S. electronic medical records (EMR) market?
- What are the U.S. electronic medical records (EMR) market trends?
- Who are the major U.S. electronic medical records (EMR) market players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $5.92 Billion |
| Forecasted Market Value (USD) by 2029 | $8.1 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | United States |
COMPETITIVE LANDSCAPE
Key Vendors
- Epic Systems Corporation
- Praxis EMR
- Oracle
- eClinicalWorks
- MEDITECH
- Veradigm
Other Prominent Vendors
- NextGen Healthcare
- TruBridgem
- Practice Fusion
- Greenway Health
- G.E. Healthcare
- Nextech
- DrChrono
- AdvancedMD
- Athenahealth
- CompuGroup Medical
- Carecloud
- CureMD
- PrognoCIS
- Kareo
- Azalea Health
- Modernizing Medicine
- Integrated Practise Solutions
- Altera Digital Health
- American EMR
- Virence Health
- Valant
- TherapyNotes
- Netsmart
- RXNT
- Amrita Medical Solutions
- Askesis Development Group
- Cantata
- Qualifacts
- Medhost
- Optum
- Harris Healthcare
For more information about this report visit https://www.researchandmarkets.com/r/gn3o64
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