The Ambulatory Electronic Medical Records Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Ambulatory Electronic Medical Records Global Market Report 2024, The ambulatory electronic medical records market size 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 in the historic period can be attributed to government initiatives, rise in chronic diseases, improved patient care, rise in population health management, 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 growth in the forecast period can be attributed to rising telehealth, global expansion, rise in patient engagement, data security and privacy, rising healthcare expenditure. Major trends in the forecast period include cloud-based solutions, integration of artificial intelligence (ai), user experience (ux) design, genomic data integration, patient portals.
The rising prevalence of chronic diseases is expected to propel the growth of the ambulatory electronic medical records market going forward. Chronic diseases refer to conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living, or both. The rising prevalence of chronic diseases is fuelling the growth of ambulatory healthcare services as it requires ambulatory electronic medical records for patient management. For instance, according to The Treasury, a Government-based lead economic adviser, in 2020-21, nearly half of Australians of all ages (46.6 %) had one or more chronic conditions, and almost 1 in 5 (18.6 %) had two or more chronic conditions. Therefore, the rising prevalence of chronic diseases is driving the growth of ambulatory electronic medical records.
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The ambulatory electronic medical records market covered in this report is segmented –
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 Centres, Independent Centres
Technological advancement is a key trend gaining popularity in ambulatory electronic medical records. Major companies operating in the ambulatory electronic medical records sector is focused on developing new technological solutions to strengthen their position in the market. For instance, Cerner Corporation, a US-based health information technology company launched CommunityWorksSM Foundations, a cloud-based version of the Cerner Millennium electronic health record created to help critical access and rural hospitals reduce financial burdens across the US. This new technology provides a fixed-fee payment structure with no up-front capital spending for reducing costs and lengthy implementation processes. It has been designed to expedite implementation with a six-month kick-off to go-live timeline and will make it easier for small hospitals to better serve their patients.
The ambulatory electronic medical records market report table of contents includes:
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