An electronic medical record is a digital version of paper-based medical information of patients. Such electronic medical records are aimed at improving the overall quality of care. Electronic medical record comprises combination of clinical, financial, demographic and coded healthcare data. Many government organizations have also stressed upon the significance of electronic medical records. For instance, according to the World Health Organization, the proper collection, management and use of information within healthcare systems will determine the system’s effectiveness in detecting health problems, defining priorities, identifying innovative solutions and allocating resources to improve health outcomes. Currently, a number of hospitals and clinics are using electronic medical records to store important documents related to the patient’s illness. The information repository of individual patients would lead to better security and quick data retrieval whenever required.
Based on software delivery mode, the electronic medical records market can be segmented as follows:
- Cloud: Cloud computing software allows centralized data storage and online access to services with multiple sites across geographic locations but do not support remote access to existing network. The software possesses the flexibility to allow anywhere and anytime access of data records.
- On-premise: On-premises software, also known as shrink wrap, is installed and operated from the premises of the person or any organization. It makes use of the organization’s local computing resources and requires a licensed software copy from an independent software vendor
Based on end users, the electronic medical recordsmarket can be segmented as follows:
- Clinics and nursing homes
- Home health agencies
Geographically, the electronic medical recordsmarket can be segmented into four major regions: North America, Europe, Asia Pacific and Rest of the World (RoW). Out of these four regions, North America holds a leading position in the market followed by Europe. The prime factors driving the growth of the electronic medical recordsmarket in these regions are increased portability and accessibility of medical document management systems, and growing demand for paperless environment to minimize human error. Furthermore, technological advancement and modernization in the healthcare management system and improved clinical studies are also expected to augment the growth of the electronic medical records market in North America and Europe. Asia Pacific is one of the fastest growing regions globally and is expected to emerge as the most promising market for the growth of the electronic medical records market. The factors which would boost the growth of the market in Asia Pacific are growing demand for better quality of care, and increasing government initiatives to opt for patient flow management solution and electronic health records (EHRs). Moreover, better management of patient’s information record and increasing need to minimize records retention costs is also expected to accentuate the growth of the electronic medical recordsmarket in Asia Pacific.
Various companies offer novel systems and software for the management of health information. Such companies have simplified the complex medical records, hence achieving quality outcomes. Some of the top companies operating in the electronic medical recordsmarket are 3M Company, Toshiba Medical Systems Corp., Hyland Software, Siemens Medical Solutions, McKesson Corporation, Henry Schein, Inc., Allscripts Healthcare Solutions, Inc., WRS Health, Medical Information Technology, Inc. (Meditech), Cerner Corporation,Quest Diagnostics, GE Healthcare, Epic Systems, SequelMed, Kofax Limited and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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