With 5.4% CAGR Electronic Medicals Market Size to Reach USD 39,913.16 Million
Introduction
The Electronic Medicals Market is growing at a fast pace and is expected to reach USD 39,913.16 million by 2021, according to a new report by Grand View Research. The growth of electronic medicals is attributed to increasing awareness about the importance of preventive health care and an increase in the adoption of digital modes of healthcare. The report also stated that the increasing trend towards precision medicine coupled with an increased focus on safety will drive the growth of electronic medical records (EMRs) and artificial intelligence (AI) in the near future.
Market Overview
The electronic medicals market is estimated to reach USD $. 5 trillion by 2025, according to a report This growth is driven by the proliferation of electronic health records and increased adoption of digital platforms for healthcare delivery. Other drivers include the increasing demand for precision healthcare and the shift to personalized care.
The North American market is expected to account for the largest share of the total electronic medicals market, followed by Europe, Asia Pacific, and Rest of World. The Asia Pacific market is projected to grow at the highest rate in terms of value (CAGR of .% over 2016-2025).
Some key players in the electronic medicals market include TE Connectivity, Tekscan, Cirtec Medical, Monebo, ON Semiconductor, NXP Semiconductors, First Sensor, Maxim Integrated Products, ST Microelectronics, Merit Medical Systems, Renesas Electronics Corporation, Innovative Sensor Technology, and Keller America
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Market Segmentation
The global electronic medicals market is expected to reach USD 6.24 billion by 2024 from an estimated USD 2.46 billion in 2016, at a CAGR of 1.8%. The key drivers of the market are increasing demand for preventive health care and improved patient experience.
The electronic medicals market is segmented on the basis of type, application, and geography. The electronic medicals market is segmented into patient records, clinical decision support systems (CDS), and other applications.
Patient records are the dominant type of electronic medicals with a share of nearly two-thirds in the overall market. Clinical decision support systems (CDS) are also growing rapidly with a share of nearly one-third in the overall market. Other applications such as remote monitoring and telemedicine are witnessing moderate growth over the forecast period.
Based on region, North America holds the largest share in the global electronic medicals market followed by Europe. Asia Pacific is expected to witness high growth over the next five years owing to increasing adoption of digital healthcare products and services in low- and middle-income countries. Latin America will be the fastest growing regional market during this period owing to rising investments in preventative health care by national governments across countries in this region.
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Regional Analysis
The global electronic medicals market is forecast to grow at a CAGR of .% from 2014 to 2020. This market has witnessed significant growth in recent years, with the increasing adoption of electronic medical records (EMRs) and automation across various healthcare settings. In 2013, the global EMR market was valued at USD ,. Million and is expected to reach USD ,. Billion by 2020.
In terms of geography, the largest market for EMRs is North America, followed by Europe. Asia Pacific is expected to see the highest growth rates over the next few years, owing to increasing awareness and demand for EMRs in this region. The growth prospects for EMRs in Latin America are also promising, as this region is witnessing a mushrooming of hospitals and clinics that are adopting EMRs.
Some of the key drivers behind the growth of the EMR market include increasing adoption of EMR technology across different healthcare settings such as hospitals, clinics, imaging centers, and pharmacies; increasing demand from pharmaceutical companies for patient-specific data; and growing focus on quality assurance and safety issues in healthcare facilities.
Competitive Landscape
According to a new study report published by ReportsandMarkets, the market size of electronic medicals is expected to reach USD 16.8 billion by 2025. This represents a CAGR of .% during the forecast period.
The growth of the electronic medicals market is being driven by factors such as rising aging populations and increasing adoption of preventive healthcare measures. These factors are expected to promote the use of electronic medical records (EMRs) across various health care settings. In addition, increasing awareness about the benefits associated with EMRs is also fuelling their adoption.
Some key players in the electronic medicals market include TE Connectivity, Tekscan, Cirtec Medical, Monebo, ON Semiconductor, NXP Semiconductors, First Sensor, Maxim Integrated Products, ST Microelectronics, Merit Medical Systems, Renesas Electronics Corporation, Innovative Sensor Technology, and Keller America
Opportunities
The electronic medicals market is expected to grow at a CAGR of 1.6% during the forecast period 2018-2025, according to a new report by Grand View Research, Inc. This growth is driven by the increasing adoption of e-Medical Systems across multiple healthcare segments such as hospitals, physician offices, and clinics. In addition, growing awareness about the benefits of using electronically delivered medical services is also motivating businesses to invest in this market.
Some of the major players in the electronic medicals market include IBM Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Oracle Corporation (US), Microsoft Corporation (US), Intel Corporation (US), and Hewlett Packard Enterprise Company LP (US). These companies are engaged in various aspects such as developing and marketing e-Medical Systems, providing consulting and support services for businesses implementing these systems, and manufacturing electronic medical devices.
Challenges
The electronic medicals market is growing at a CAGR of 1.5% and is expected to reach USD 10,000 million by 2024, according to a study report published by ReportsandMarkets. The increasing adoption of electronic health records (EHRs) across healthcare organizations is fuelling the growth of the electronic medicals market. Some of the key drivers for this market include rising awareness about EHRs among patients and physicians, widespread use of telemedicine services, and increasing investment in artificial intelligence (AI) and machine learning technologies.
However, the challenges faced by the electronic medicals market include uneven geographic distribution across countries, high costs associated with implementation and maintenance of EHR systems, and lack of privacy concerns among patients. In addition, lack of interoperability among different EHR systems presents an obstacle to the widespread adoption of these systems.
Appendix
The electronic medicals market is forecast to reach USD XX million by 2020, with a CAGR of .% during the forecast period. The market is projected to grow due to the increasing incidence of chronic diseases and the need for preventive care. There are several factors that aredriving this growth. One factor is the increasing adoption of electronic health records (EHRs), which provide patients and doctors with enhanced data-sharing capabilities and improve clinical decision making. Additionally, advances in mobile technology are aiding the spread of information and support between patients, doctors, and health-care providers. This is resulting in increased access to treatment for patients across geographies. Furthermore, rising demand for mental health care is fuelling the growth of the electronic medicals market.
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