Electronic medical record (EMR) also termed as digital medical records or computerized medical record is a systemic digital collection of health information of a patient’s medical history. Electronic medical record is a digital record that can be shared across different healthcare settings. EMR helps in storage and tracking of patient’s charts, demographics, medications, histories, test results, SOAP notes and others. EMRs are considered as great improvement over paper records as they allow more storage of patient’s information and eliminate illegible handwriting. EMRs are currently being considered as the most common way to boost patient’s safety, improve efficiency of practice, efficient way of medication prescription and mange chronic illness.
The market for electronic medical records is also being encouraged by federal government initiatives by the release of “Meaningful Use” standards in 2010. Additionally, in 2009 a funding for EMRs was introduced as a part of the American Recovery and Reimbursement Act which focused on increased adoption of EMRs. Moreover, for avoiding the Medicare penalties many of the hospitals in the U.S. have implemented EMRs that would increase the market revenue of EMRs. Similarly, the market for electronic medical records would be driven by increasing demand for healthcare cost containment and growing need for the improvement of healthcare services.
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The market for medical records can be segmented on the basis of various types of components, end users, applications and geography. Electronic medical records market by components is further categorized on the basis of EMR hardware and EMR software. EMR software market can be further analyzed on the basis of web based EMR and client based EMR. Based on application areas electronic medical records market is classified as general application EMR and specialty specific EMR. Hospitals and physicians remain the endusers of the market.
Geographically, North America accounts for the largest share of the global electronic medical records market. The region currently holds a market share of more than 45% globally. The dominance of North America in this market is seen due to technological advancements, presence of various market leaders which allows easy penetration in the North America region. Additionally, growing acceptance of EMR solutions across the healthcare industry in the U.S., increasing government initiatives and development of health information network across the U.S are some of the factors that are expected to drive the growth of this region in near future. European region accounted for the second largest share of the market due to slow economic recovery that inhibited the growth of EMR in this region However, in near future, growth in this region is expected due to government funding especially in the Nordic countries, Germany and the U.K. Asia-Pacific region currently accounts fora small share of the global electronic medical records market but due to growing government initiatives and increasing awareness, this region is expected to show promising growth in next five to ten years. Additionally, implementation of United Health Systems is expected to show lucrative growth in the Latin American countries such as Brazil.
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Major players operating in this market includes Cerner Corporation, eClinicalWorks LLC, Allscripts-Misys Healthcare Solutions Inc., Ingenix, GE Healthcare, Athenahealth Inc., Mckesson Corporation, Greenway Medical Technologies Inc., Nextgen Healthcare Information Systems Inc., E-MDS INC., Wellsoft Corporation, Quadramed Corporation, Bizmatics Inc., Siemens Healthcare, Epic Systems, Aprima Medical Software Inc., Isoft Group Ltd. and others.
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