Growing Adoption of Voice Recognition and Artificial Intelligence in Electronic Medical Records to Propel Revenue Growth: Market to Surpass US$ 32 Bn by 2033

The global electronic medical records (EMR) market size is expected to be worth US$ 17.6 Bn in 2023, rising to US$ 32.3 billion by 2033. The adoption of electronic medical records (EMR) is anticipated to grow at a CAGR of 6.2% during the forecast period.

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Global market growth for electronic medical records (EMR) is estimated to be fueled by increased healthcare spending by non-government and governmental entities over the forecast period. The market for electronic medical records is expected to expand as a result of increased healthcare spending. Due to the need for scalability, multiple healthcare providers purchase electronic health records as software-as-a-service.

The market is expanding as a result of an increase in the number of benefits, including lower infrastructure and maintenance expenses, lower license and start-up costs, and greater accessibility. Improved productivity and quicker, simpler adoption are two benefits of cloud-based EMR solutions. The application is incredibly scalable because of its cloud-based architecture (pay-as-you-go storage utilization). It removes departmental silos of healthcare data to streamline and consolidate storage resources in order to reduce costs and boost efficiency.

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Large, well-known firms are starting to enter the cloud sector. In order to maintain the level of patient care, the cloud infrastructure also provides real solutions for business continuity and disaster recovery. As a result, it is anticipated that the market for cloud-based EMR would expand dramatically. To give medical staff relatively easy access to patient records, digital revolution in healthcare is essential. During the projection period, it is predicted that growing need for systems and software that connect hospitals, clinics, and other healthcare facilities would become a growth driver.

A greater emphasis is placed on strategic partnerships between leading suppliers of electronic medical record solutions as market rivalry intensifies. Additionally, it is projected that the constantly growing need for knowledge sharing and technology upgrades to improve healthcare efficiency will foster partnerships between important actors.

Key Takeaways from the Electronic Medical Records (EMR) Market 

The US electronic medical records (EMR) market is anticipated to expand at a CAGR of 6% over the forecasted period.
By 2033, it is anticipated that the cost of implementing electronic medical records (EMR) in the US will surpass US$ 18.4 Bn.
The UK electronic medical records (EMR) market is anticipated to expand at a CAGR of 8.4% throughout the anticipated time frame.
By 2033, the UK's sales of electronic medical records (EMR) systems are anticipated to surpass US$ 1.6 billion.
The market for electronic medical records (EMR) in India is anticipated to expand at a CAGR of 8.2% over the forecasted period.
By 2033, the Indian market for electronic medical records (EMR) is anticipated to reach more than US$ 255.0 Mn.
In 2021, the market for electronic medical records (EMR) was dominated by cloud-based EMRs, which accounted for more than 50.0% of total revenue.
Hospital electronic medical records (EMR) are expected to increase at a CAGR of 6.4% over the course of the forecast period as a result of rising pandemic and epidemic infections, as well as the requirement for global vaccination against a wide range of diseases.

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Who is Winning?

According to Future Market Insights (FMI), top EMR solution providers are building alliances with the local healthcare system, engaging in mergers and acquisitions, and bolstering their distribution networks in an effort to develop and explore the underdeveloped markets of Asia and Latin America. To break into middle-income and emerging markets, market companies are also concentrating on raising awareness, lowering the price of EMR software and related services, and fusing EMR with contemporary technologies.

Microsoft Corp. acquired Nuance Communications, Inc. in April 2021 with the goal of empowering healthcare providers with the power of ambient clinical intelligence and other Microsoft cloud services.
Capital Health, a regional leader in providing cutting-edge, high-quality patient care, introduced a new electronic health record (EGR) in the acute care divisions of both of its hospitals in February 2021 to better serve its patients.
The "Patient" database personal health record (PHR) of the patient will now be able to safely transfer the patient's existing health records from the "Patient" database onto the Apple Health app, according to a May 2021 announcement from DrChrono. This should simplify the procedure and make it easier to access medical data more quickly.

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Key Segments Covered in Electronic medical records (EMR) Market Study

By Product Type:

Hospital EMR
Ambulatory EMR

By Component:

EMR Software
EMR Services

By Application:

Client Server Setup EMR
Hybrid Server Setup EMR
Cloud Based EMR

By End User:

Hospitals
Specialized Clinics
General Physician Clinics
Ambulatory Surgical Centers

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.