Cloud-based Medical Records Management Market size was valued at USD 1.71 billion in 2022. The Cloud-based Medical Records Management Industry is projected to grow from USD 2.03 Billion in 2023 to USD 5.83 billion by 2030, exhibiting a CAGR of 14.91% during the forecast period (2023 - 2030).
Market Dynamics
The expanding implementation of electronic health records (EHR), improved infrastructure, and increased acceptance of healthcare information systems are the main drivers of market growth. The use of electronic health records (EHR) has grown recently on a global scale. EHR adoption is being fueled by expanded government initiatives and physician acceptance of EHR. Moreover, EHR systems support healthcare professionals in effectively maintaining patient records. EHR adoption is fueled by the numerous advantages that EHR offers in medical evaluation, such as greater care coordination and better decision-making. Also, there has been a significant focus on and investment in enhancing healthcare IT infrastructure globally in recent years.
Competitive Analysis
Leading market players are investing a lot of money in R&D to broaden their product portfolios, which will spur further growth in the market for cloud-based medical records management. Moreover, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and collaborating with other organizations in order to expand their global presence. In order to grow and thrive in a market that is becoming more competitive and growing, competitors in the cloud-based medical records management sector must offer affordable products.
The key players include Oracle Corporation (US), Epic Systems Corporation (US), 3M Company (US), McKesson Corporation (US), Siemens Medical Solutions USA Inc. (US), Allscripts Healthcare, LLC (US), GE Healthcare (US), Canon, Inc. (Japan), Hyland Software (US), AthenaHealth (US), and others.
Market Segmentation
The Cloud-based Medical Records Management Market outlook segmentation, based on product & service, includes solutions and services. In 2022, it was anticipated that the market for cloud-based medical records management will be dominated by the services sector. This is because more healthcare practices that are safe, patient-centered, and effective are being adopted.
The medical records attributed to dominate the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The doctor, patients, and other healthcare professionals may all benefit greatly from the medical records that are made available through solutions. The benefits include encouraging workflow efficiency, providing flexibility and scalability, strengthening patient security, improving patient care overall, and finding patients who need preventive care. They also include improving communication and identifying patients who need preventive treatment
Based on end user, the global cloud-based medical records management industry has been segmented into the hospitals & clinics, ambulatory surgical centers, nursing homes, and others. In 2022, the hospitals and clinics category held the greatest market share because of the aging population, increased multimorbidity, and the strong desire for improved health. Also, the prevalence of chronic diseases throughout the world is boosting demand for cloud-based records management software, which is propelling the market's expansion.
Regional Analysis
Due to rising comorbidity and widespread acceptance of technology, North America had the greatest market share in 2022 for cloud-based medical records management. In 2022, Europe held the second-largest market share for cloud-based medical records management. It is anticipated that national adoption of digital health policies would encourage reforms to European regulatory frameworks governing the preservation of patient health records. The market for cloud-based medical records management in the UK is anticipated to develop at the quickest rate in the area of Europe, while the market for cloud-based medical records management in Germany is said to have the biggest market share.
From 2023 to 2030, it is anticipated that the Asia-Pacific cloud-based medical records management market would expand at a high rate. The infrastructure for hosting databases on servers is well-developed in Singapore, Australia, China, and Japan. The emerging nations in the area offer potential for developers to work with national health authorities to digitize medical records. Also, the Asia-Pacific region's cloud-based medical records management market is predicted to develop at the highest rate in 2022, with China holding the greatest market share.
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