The global hospital EMR systems market is valued at an estimated USD 12.0 billion in 2018 and is projected to reach USD 18.3 billion by 2023, at a CAGR of 8.8% during the forecast period. The growth in this market is primarily attributed to factors such as government support for the adoption of EMRs and the rising need to curtail healthcare costs.
By component, services segment is expected to be the largest contributor in the hospital EMR market during the forecast period.
The healthcare IT industry relies heavily on service providers for consulting, storage, implementation, training, maintenance, and regular technology upgrades. Introduction of complex software and the integration and interoperability of software, which requires extensive training and upgrades is expected to boost the demand for services in the coming years.
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Recent Developments
- In 2018, the Veterans Affairs Department in the US announced the implementation of the Cerner EHR system. The deal size was USD 10 billion.
- In 2018, Mayo Clinic Rochester (US) went live with the Epic EHR system and completed a massive overhaul of nearly all of Mayo’s computerized systems. The deal size was USD 1.5 billion.
- In 2018, Epic launched Sonnet, an EHR solution designed for the smaller hospital with fewer modules and a reduced feature scope.
- In 2018, MEDITECH established MEDITECH UK with the aim of delivering Expanse to customers in the UK and Ireland. This expansion was aimed at increasing the company’s global presence and customer base.
North America is expected to account for the largest market size during the forecast period
North America is the major revenue generating region in Hospital EMR Systems Market. Federal mandates in the US, growing digitalization in healthcare coupled with favorable government policies, and continuous support in the form of grants by the federal government in Canada are some of the factors contributing to the large share of this segment.
