Hospital EMR Systems Market to Hit 8.8% CAGR, to Reach US$ 18.3 Billion by 2023 Driven by Healthcare Infrastructure and Digital Healthcare Scenario

Study involved four major activities to estimate hospital EMR systems market size for global products. It enriches with multiple component like hardware, software, and services, mode of delivery like cloud based and on premise), with type called general EMR and specialty EMR.

The hospital EMR systems market report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies.

Hospital electronic medical records market further segmented into services, software, and hardware. The services segment is expected to grow at highest CAGR during the forecast period. This can be attributed to the recurring nature of services such as training and education, installation, consulting, and maintenance services.

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Report analyzes hospital EMR market and aims at estimating market size and future growth potential of this market based on various segments such as component, mode of delivery, type, and region. Report also includes competitive analysis of key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.

The global hospital electronic medical records 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 key factors driving the growth of this market include the government support for the adoption of EMRs and the rising need to curtail healthcare costs.

The key players in the global hospital EMR market are Cerner Corporation (US), Epic SystemsCorporation (US), athenahealth, Inc. (US), eClinicalWorks (US), Allscripts Healthcare Solutions, Inc. (US),Medical Information Technology, Inc. (US), MEDHOST (US), CPSI (US), and Intersystems Corporation (US).

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Asia Pacific is expected to witness the highest growth during 2018 to 2023. The highest growth rate of the Asia Pacific market is attributed to various investments and reforms to modernize China’s healthcare infrastructure, the digital healthcare scenario in India, the “OneSingaporean, one health record” initiative in Singapore, and the implementation of e-health initiatives in Australia.

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.

This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios of the top players in the hospital EMR market. The report analyzes the market based on product, usability, vessel type, application, and region
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the hospital EMR market
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various hospital EMR solutions across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the hospital EMR market

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EMR type, the general EMRs segment is expected to register highest CAGR during the forecast period. General EMRs are designed for use by universal practices. They have all the functions of EMR, such as CPOE, clinical decision support, controlled medical vocabulary, clinical data repository, ordering, and billing. Due to their multi-function, multi-specialty capabilities, these EMRs can be used in various specialties through flexible functioning and incorporated plugins.

Break of primary participants was as mentioned below:
• By Company Type – Tier 1–39%, Tier 2–45% and Tier 3–16%
• By Designation– C-level–24%, Director Level–18%, Others–58%
• By Region – North America–42%, Europe–21%, Asia Pacific–26%, RoW–11%

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