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Hospital EMR Systems Market is Expected to Generate $ 23.4 Billion by 2027

New York, United States: The Report on Hospital EMR Systems Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Hospital EMR Systems Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Hospital EMR Systems market gathered revenue around USD 15.0 Billion in 2020 and market is set to grow USD 23.4 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 9.2% during the prediction period 2021 to 2027.

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Growth Factors:

Market growth can be attributed to the growing number of hospitals adopting EMR solutions worldwide, the need to curtail escalating healthcare costs, government mandates and support to increase adoption of hospital EMR solutions, and growing patient volume due to the global COVID-19 pandemic. However, the high deployment cost of EMR solutions and data security concerns are major factors limiting market growth to a certain extent during the forecast period.

By component,
Based on components, the market is segmented into services, software, and hardware. In 2019, the services segment accounted for the largest share of the hospital EMR systems market. Growth in this segment is mainly due to the recurring nature of services, such as training and education, installation, consulting, and maintenance services, as well as the increase in the number of patients being admitted to hospitals.

By delivery mode,
Based on the delivery mode, the market is segmented into on-premise and cloud-based solutions. The cloud-based segment is expected to be the fastest-growing segment during the forecast period. An increasing number of hospitals have shifted their preference for EMR systems from on-premise models to cloud-based models, which has contributed towards its market growth.

By type,
Based on type, the market is segmented into general EMR and specialty EMR solutions. In 2019, the general EMR solutions segment accounted for the largest share of the hospital EMR systems market. The large share of this market segment can be attributed to the multifunction, multi-specialty capabilities of general EMRs, enabling their use in various specialties through flexible functioning and incorporated plugins.

By hospital size,
Based on hospital size, the hospital EMR systems market is segmented into small and medium-sized hospitals and large hospitals. In 2019, the small and medium-sized hospitals segment accounted for the largest share of the hospital EMR systems market. The large share of this segment can be attributed to the faster adoption of EMRs in small and medium-sized hospitals owing to factors such as ease of transfer of patient data among healthcare providers, lower upfront costs, and ease of deployment.

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COVID-19 Impact on Hospital EMR Systems Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Hospital EMR Systems market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Hospital EMR Systems market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Hospital EMR Systems market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Hospital EMR Systems market include:

Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions, Inc. (US), MEDITECH (US), CPSI (US), GE Healthcare (US), athenahealth, Inc. (US), MEDHOST (US), eClinicalWorks (US), NextGen Healthcare (US), Intersystems Corporation (US), MTBC (US), Cantata Health (US), Advanced Data Systems Corporation (US), and CureMD (US)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Component

By Delivery Mode

By Type

By Hospital Size

Why Buy this Report?

The purpose of Nova one advisor’s Hospital EMR Systems market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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