Stairlifts Market: Foresees Skyrocketing Growth in the Coming Years Electronic Medical Records Market

Electronic Medical Records Market Future and
Technological Advancement
The global healthcare sector is undergoing a wave of transformation, with digitization being the core
focus area of service providers. Healthcare IT products and systems are in high demand in emerging
nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of
healthcare infrastructure in these countries. This is expected to propel growth of the electronic
medical records market in these regions. Deployment of EMR systems involves long-term
collaboration between the system developer and user. This service offering generates a continuous
revenue model for electronic medical record service providers. The global market is therefore
expected to grow at a sustainable rate over the foreseeable future.
The question for sustainability of this system arises on account of the existence of electronic health
records (EHR), which allows easy access to patient health records irrespective of the time and
physical location of the user. The EHR system, however, finds major applicability in large hospitals,
and diagnostic centers thus paving the opportunity for EMR in smaller and medium-sized private
clinics and health centers, which account for a major share of the healthcare practices.
The global electronic medical records market was valued at US$ 21,444.4 million in 2015 and is
expected to witness a CAGR of 6.9% during the forecast period (2016 – 2024).
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Inconsistent return on EMR systems is expected to hinder the market growth
The risk associated with chronic diseases such as obesity, cardiovascular attack, neurological
conditions, and cancer increases with age. This further leads to patient visits to specialty centers or
hospitals for the treatment and monitoring of such diseases and data being stored in the electronic
medical record system increases with multiple doctor visits. Therefore, quantifying monetary return on
EMR systems is one of the major challenges faced by the healthcare facilities. Moreover, competing
priorities of healthcare facilities compromises on the use EMR system. Another major restraint
affecting the market growth is the affordability of EMR system in emerging economies.