Hospital EMR Systems Market is projected to reach USD 20.7 Billion by 2025, at a CAGR of 7.8%. 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.
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Browse in-depth TOC on “Hospital EMR Systems Market”
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Key Player
The prominent players in this market are 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).
Cerner Corporation (US) is one of the major players in the hospital EMR systems market in 2019. The company has a comprehensive product portfolio and provides services such as consulting, record retrieval, and IT management. Its dominance in the market can be attributed to its active R&D activities and strong geographical footprint through strategic acquisitions and partnerships. To garner a larger share of the hospital EMR systems industry, the company continuously focuses on product innovation and collaborations with other companies.
Epic Systems (US) is one of the major players in the hospital EMR systems market in 2019. Epic’s position in the market is mainly due to the innovative EHR solutions offered by the company. The company also focuses on improving its geographic presence across the globe and integrating its hospital EMR solutions with other healthcare IT solutions to improve the quality of care and enhance productivity for healthcare providers. In this regard, in 2019, the company partnered with Teledoc Health (US) with the aim to integrate Epic’s EHR solutions with telehealth solutions and tools that can deliver real-time pharmacy data. The company also focuses on R&D activities to develop its hospital EMR systems that meet the customers’ demands.
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“North America to hold the largest regional market share in 2019.”
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 factors such as government mandates to implement 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.
Recent Development
- 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 & virtual care platform with Epic & App Orchard that would help the company conduct telehealth video visits.
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