In recent years, many hospitals have switched from paper to Electronic Medical Records (EMRs) to manage data more effectively. These systems are designed to collect and store information such as patient demographics, disease symptoms, past medical history, progress notes, immunizations and medications, just to name a few. The increasing adoption of EMR systems in various healthcare organizations is a huge reason why the Global EMR Market is expected to grow at a CAGR of 7.46 percent for the 2012-2016 period.
In addition to the increased demand for advanced health monitoring systems, there are other several reasons for the surge in demand for EMR systems, like the three detailed below, which are expected to fuel market growth for the forecast period.
- Increased Demand from Emerging Markets
To cope with the vast increase of patients, emerging markets such as Malaysia, Thailand, Brazil, Russia, India and China have begun to adopt EMR technology to improve efficient and effective medical care. Since the Americas and EMAC regions have already switched over to EMR systems, the majority of market growth is expected to come from emerging markets.
- Increase in Government Initiatives
Governments, especially in emerging markets, are investing heavily into their healthcare sectors and encouraging hospitals to adopt EMR systems to keep up with the growing number of patients worldwide. Many governments have already taken initiatives to educate both medical professionals and patients about the benefits of this new technology.
- The Need to Enhance Quality of Healthcare
Since EMR systems enhance efficiency and eliminate the need for manual transcription of patient data, the quality of healthcare in hospitals is greatly improved. In addition, high expectations for patient safety is prompting many healthcare organizations to adopt modern technological medical systems to reduce human error and increase favourable patient outcomes.
As you can see from the table above, all of these factors are expected to have an extremely high impact on the hospital-based EMR market. Here is another table detailing the impact of EMR technology on the three major markets.
While the impact of EMR systems is expected to be moderately high worldwide, the APAC region is expected to have the largest influence on market as more countries continue to adopt modern medical technology to improve healthcare sectors. The increase in global EMR adoption has also caused a few trends to emerge which are expected to aid market growth like cloud-based EMR solutions, developments in mobile EMR applications and support from non-profit organization. All things considered, we at TechNavio believe that as long as the global healthcare market continues to improve, there will always be a need for EMR systems.
For more information, please view our 2012-2016 Global Hospital-Based EMR Market report.
