Electronic Medical Records – Digital
Transformation in Managing Patient’s Records
The global healthcare sector is undergoing a wave
of transformation, with digitization being the core focus area of
service providers. Healthcare IT products and systems are in high
demand in emerging nations such as India, China, Brazil, Indonesia,
and also Israel, as part of the ongoing upgrade of healthcare
infrastructure in these countries. This is expected to propel growth
of the electronic medical records market in these regions. Deployment
of EMR systems involves long-term collaboration between the system
developer and user. This service offering generates a continuous
revenue model for electronic medical record service providers. The
global market is therefore expected to grow at a sustainable rate
over the foreseeable future.
The question for sustainability of this system
arises on account of the existence of electronic health records
(EHR), which allows easy access to patient health records
irrespective of the time and physical location of the user. The EHR
system, however, finds major applicability in large hospitals, and
diagnostic centers thus paving the opportunity for EMR in smaller and
medium-sized private clinics and health centers, which account for a
major share of the healthcare practices.
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The global electronic medical records market was
valued at US$ 21,444.4 million in 2015 and is expected to witness a
CAGR of 6.9% during the forecast period (2016 – 2024).
Figure 1. Global Electronic Medical
Records Market Share, By Region (%)
Source: Coherent Market Insights Analysis (2017)
Ever-evolving patient needs ably met by
easy to access EMR
Patients demand efficient healthcare service with
access to proper medical records. Hospitals, clinics, diagnostic
laboratories and ambulatory centers are constantly improving their
healthcare infrastructure. Installation of electronic medical record
system significantly reduces physician’s time and improves decision
making. A digital mode of storing patient’s medical records allows
the physician to revisit the patient’s medical history under
his/her medical therapy and guidance. Increasing inclination of
patients towards gaining easy access to their medical records through
digital mode would propel implementation of electronic medical
records. Moreover, this factor is also driving upgrade of the
existing EMR systems making it more efficient and integrated to offer
better patient care services. Catholic Health Services (CHS) and
University of Maryland Medical System (UMMS) achieved Stage 6
recognition (almost fully automated/paperless medical records) by the
Healthcare Information and Management Systems Society (HIMSS)
Analytics in March 2017. Thus, demand for better technology-enabled
care will drive growth of the electronic medical records market.
Inconsistent return on EMR systems
hindering market growth
As age increases, risk for chronic diseases such
as obesity, cardiovascular attack, neurological conditions, and
cancer also increases. This in turn increases patient visits to
specialty centers or hospitals equipped to treat and monitor such
diseases. Thus, multiple doctor visits leads to uncertainty and
redundant load on the electronic medical record system. Thus,
healthcare facilities are facing challenges in quantifying monetary
return on EMR systems. Moreover, competing priorities of healthcare
facilities compromises on the use EMR system. Furthermore,
affordability is a major challenge in emerging economies, deterring
adoption and growth of electronic medical records market.
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Digital transformation to underpin the
adoption of EMR in emerging economies
Healthcare industry in emerging economies such as
India, China, and Brazil is at the cusp of digital transformation.
This could be the best opportunity for the electronic medical records
market players to capitalize on the opportunity. Deployment of proper
IT infrastructure coupled with personnel training would be required
to support the growth of EMR market in these regions. As majority of
population in Asia Pacific, Latin America and Africa belong to bottom
of the pyramid, cost would be a major hindrance for growth of the EMR
market. Local players are expected to gain ground by offering low
cost products. Supportive regulations and favorable government
incentives to implement EMR systems would be a major boosting factor
for healthcare facilities in emerging economies.
About Coherent Market Insights:
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prominent market research and consulting firm offering action-ready
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services, and competitive analysis through various recommendations
related to emerging market trends, technologies, and potential
absolute dollar opportunity
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