Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Ambulatory Electronic Medical Records Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global ambulatory electronic medical records market has grown strongly in recent years. It will grow from $6.96 billion in 2023 to $7.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historical period can be attributed to factors such as government initiatives, the increase in chronic diseases, improvements in patient care, the rise in population health management, and overall economic growth.
The ambulatory electronic medical records market size is expected to see strong growth in the next few years. It will grow to $10.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to factors such as the increasing adoption of telehealth, global expansion of healthcare services, a rise in patient engagement, emphasis on data security and privacy, and the overall growth in healthcare expenditure. Key trends expected in this forecast period include the prevalence of cloud-based solutions, the integration of artificial intelligence (AI) in healthcare systems, a focus on user experience (UX) design, the integration of genomic data, and the development of patient portals.
The growing prevalence of chronic diseases is anticipated to significantly boost the demand for ambulatory electronic medical records in the healthcare sector. For example, in 2020-21, The Treasury reported that nearly half of Australians across all age groups (46.6%) had one or more chronic conditions, with approximately 18.6% having two or more chronic conditions. This underscores the escalating need for ambulatory electronic medical records to cater to such health conditions, driving their increased utilization.
The surge in the adoption of Electronic Health Record (EHR) systems is poised to fuel the expansion of the ambulatory electronic medical records market. According to HealthIT.gov's data from 2021, nearly all non-federal acute care hospitals (96%) and around 78% of office-based physicians had integrated certified EHRs. Additionally, a high percentage of non-federal general acute care hospitals had implemented certified electronic health records (EHRs), signifying the momentum toward adopting such systems for effective patient management and healthcare delivery.
Technological advancements represent a pivotal trend gaining traction within the ambulatory electronic medical records sector. Companies in this field are actively developing novel technological solutions to bolster their market position. For instance, Cerner Corporation, a prominent US-based health information technology company, introduced CommunityWorksSM Foundations - a cloud-based variant of the Cerner Millennium electronic health record. This technology was specifically designed to assist critical access and rural hospitals across the United States by alleviating financial burdens. CommunityWorksSM Foundations offers a fixed-fee payment structure without substantial upfront capital investment, allowing for reduced costs and quicker implementation. Its purpose is to streamline the implementation process, providing a six-month kick-off to go-live timeline, and ultimately facilitating small hospitals in serving their patients more efficiently.
Major corporations within the ambulatory electronic medical records sector are implementing cutting-edge technologies, exemplified by the eNautilus Project, to amplify their competitive edge and market potential. The eNautilus Project introduces advanced features for medicine administration, targeted support for oncology specialties, and refined clinical services. Functioning as a comprehensive cloud-based system, it consolidates patient records into a singular and portable health record that accompanies patients during interactions with various caregivers across different locations. As an illustration, in September 2023, Georgian Bay Information Network (GBIN), a collaboration among six Ontario healthcare organizations, in conjunction with Oracle Health's electronic health records (EHR), launched the eNautilus project in collaboration with Oracle Health. This initiative aims to integrate new EHR features from Oracle Health, significantly enhancing patient care.
In December 2022, CompuGroup Medical, a notable e-health company based in Germany, made a strategic acquisition by purchasing eMDs for $240 million. This acquisition is poised to leverage eMDs' ambulatory information systems and revenue cycle management expertise, consolidating CompuGroup's position in the ambulatory EHR sector. eMDs, a United States-based electronic health record developer specializing in ambulatory EHRs, provides a substantial addition to CompuGroup's operational and product portfolio, facilitating further growth and diversification in their offerings.
North America was the largest region in the ambulatory electronic medical records market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ambulatory electronic medical records market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the ambulatory electronic medical records market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Scope
Markets Covered:
1) By Component: Hardware; Software
2) By Practice Type: Large Practices; Small-To-Medium-Sized Practices; Solo Practices Freestanding
3) By Delivery Mode: Cloud-Based; On-Premise
4) By Application: Practice Management; Patient Management; E-Prescribing; Referral Management; Population Health Management; Decision Support; Health Analytics
5) By End Users: Hospital- Owned Ambulatory Centers; Independent Centers
Key Companies Mentioned: Cerner Corporation; Epic Systems Corporation; Allscripts Healthcare LLC; Medical Information Technology Inc.; Computer Programs and Systems Inc.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare LLC
- Medical Information Technology Inc.
- Computer Programs and Systems Inc.
- General Electric Company
- Athenahealth Inc.
- MEDHOST Inc.
- eClinicalWorks LLC
- NXGN Management LLC
- InterSystems Corporation
- CareCloud Inc.
- Cantata Health Solutions Inc.
- Advanced Data Systems Corporation
- CureMD Healthcare Inc.
- Practice Fusion Inc.
- eMDs Inc.
- Virence Health Inc.
- McKesson Corporation
- CPSI Inc.
- Veradigm Inc.
- Greenway Health LLC
- DrChrono Inc.
- Eyefinity Inc.
- Amazing Charts LLC
- Kareo Inc.
- iPatientCare LLC
- Azalea Health Innovations Inc.
- Harris Healthcare Inc.
- ICANotes Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x1zlsp
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