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 |
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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.
