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The market dynamics of cloud-based medical records management reflect the transformation of healthcare systems worldwide. Cloud technology has revolutionized the way medical records are stored, accessed, and managed, offering numerous benefits in terms of efficiency, accessibility, and data security.
The market is undergoing a radical transformation from the conventional paper-based and on-premises electronic medical record (EMR) systems to the cloud based solutions. The change is powered by the need for smooth data exchange, better interoperability and access of patient data from anywhere to allow better healthcare process.
Security issues and regulatory compliance determine market dynamics for a huge extent. Cloud-based medical records management systems utilize high-end security protocols, including encryption and multi-factor authentication for the protection of delicate patient data. Compliance with norms such as HIPAA (Health Insurance Portability and Accountability Act) is crucial for the development of the market.
Telemedicine revolution has boosted the need for cloud-based medical records management. The health care professionals are allowed to access the patient’s records from a remote area making more effective the virtual consultation and a more personalized care. This dimension of market dynamics is congruent with the nascent trend of digital healthcare services.
The AI, together with analytics tools integration into cloud-based systems is changing market dynamics. Data analysis, predictive modeling, and decision support are improved by these technologies, offering valuable insights to healthcare providers for better patient outcomes and operational efficiency.
Competition in the market is very aggressive among cloud service providers and the healthcare technology companies. Continuous innovation in the form of updates to the platform involving news features, improved security measures, and user-friendly interfaces, determines the market dynamics. The vendor competition critically drives the course of the cloud-based solutions for medical records management.
The cloud-based systems help in patient empowerment by allowing the patients to gain access to their medical records in a secure way. This part of the market dynamics trend with the increasing focus on patient engagement which involves allowing individuals to be involved in their healthcare decisions and treatment plans.
The adoption of cloud-based medical records management varies globally, influenced by factors such as healthcare infrastructure, regulatory environments, and technological readiness. Market dynamics encompass understanding these regional variances, tailoring solutions to local needs, and addressing challenges related to data sovereignty and privacy regulations.
Cloud based Medical Records Management Market Highlights:
Global Cloud-based Medical Records Management Market Overview
Cloud-based Medical Records Management Market size was valued at USD 1.71 billion in 2022 and is projected to grow from USD 2.03 Billion in 2023 to USD 5.83 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.91% during the forecast period (2023 - 2030).
The major factors contributing to the market growth are increasing adoption of electronic health records (EHR) and improving infrastructure & rising adoption of healthcare information systems.
Cloud-based Medical Records Management Market Trends
Increasing adoption of electronic health records (EHR) fuels market growth
Global adoption of electronic health records (EHR) has increased in recent years. Increased government programs and physician acceptance of EHR are driving factors driving EHR adoption. Furthermore, EHR systems assist providers in successfully managing the patient record, and the various benefits that EHR provides in medical assessment, such as improved care coordination and better decision making, are driving EHR adoption. According to the Office of the National Coordinator for Health Information Technology (ONC), non-federal acute care hospitals adopted 96% certified EHRs in 2021 in the US.
In addition, in recent years, there has been a strong focus and investment in improving healthcare IT infrastructure around the world. In January 2021, under the Hospital Future Act (KHZF) in Germany, the federal government invested USD 3,640.86 million and the federal states invested USD 1,577.71 million. Hence, growing adoption of EHRs and healthcare information systems (IT) are fueling market growth.
Cloud-based Medical Records Management Market Segment Insights
Cloud-based Medical Records Management Product & Service Insights
The market segmentation of Cloud-based Medical Records Management, based on product & service, includes solutions and services. The solutions segment is further bifurcated into standalone and integrated. The services segment is divided into medical planning and management services and product support services. The services segment was expected to hold the majority market share in 2022 of the Cloud-based Medical Records Management. This is due to increased adoption to improve patient healthcare, which includes safety, patient-centeredness, and effectiveness.
Cloud-based Medical Records Management Application Insights
The Cloud-based Medical Records Management Market segmentation, based on application, includes medical records, medical billing records, admission & registration, and others. 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 medical records provided through solutions provide tremendous advantages to the physician, patients, and other healthcare providers. The advantages include promoting workflow optimization, offering customization and scalability, making communication effective, enhancing patient security, improving overall patient care, and identifying patients that require preventive care.
Figure 2: Cloud-based Medical Records Management Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cloud-based Medical Records Management End User Insights
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. The hospitals and clinics segment were accounted for the largest market share in 2022, owing to the increasing elderly population, rising multimorbidity, and high preference for better health. Moreover, high incidences of chronic diseases across the globe are increasing the demand for cloud-based records management software, which is driving the growth of the market.
March 2019: Allscripts Healthcare, LLC (US) collaborated with Alfardan Group (Qatar) and Northwestern Medicine (US) to provide EMR solutions to ambulatory care services across the Middle East.
Cloud-based Medical Records Management Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America cloud-based medical records management market was accounted for the largest market share in 2022, due to increasing comorbidity and high adoption of technology. Additionally, the presence of key players such as Allscripts Healthcare Solutions, Inc. (US), McKesson Corporation (US), Athenahealth (US), and Cerner Corporation (US) is propelling the market in US in during the forecast period.
Further, the major countries studied are: The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: CLOUD-BASED MEDICAL RECORDS MANAGEMENT MARKET BY REGION 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe market of cloud-based medical records management was accounted for the second-largest market share in 2022. Adoption of digital health strategies at the national level is expected to support regulatory changes in Europe for maintaining patient health records. Furthermore, the Germany market of cloud-based medical records management was attributed to hold the largest market share, and the UK market of cloud-based medical records management is estimated to be the fastest growing market in the Europe region.
The Asia-Pacific cloud-based medical records management market is expected to grow at a significant share from 2023 to 2030. Japan, Australia, China, and Singapore have well-developed infrastructure for hosting databases on servers. The region's developing countries provide opportunities for developers to collaborate with national health departments to digitize health records. Moreover, China market of cloud-based medical records management attributed to held the largest market share in 2022, and is estimated to be the fastest growing market in the Asia-Pacific region.
Cloud-based Medical Records Management Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the cloud-based medical records management market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the cloud-based medical records management industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Oracle Corporation (US) provides integrated cloud applications and enterprise platform services. The company offers cloud infrastructure, applications, and hardware systems. Additionally, it provides integrated cloud solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS). In June 2022, the company purchased Cerner Corporation (US) in order to transform healthcare delivery by providing medical professionals with a new generation of healthcare information systems.
Key Companies in the Cloud-based Medical Records Management Market includes
- 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), among others
Cloud-based Medical Records Management Industry Developments
- September 2021: Epic Systems Corporation (US) and Walmart (US) partnered to provide Epic’s patient portal to Walmart’s customers to simplify their health care.
- March 2019: Allscripts Healthcare, LLC (US) partnered with Ephraim McDowell Health (US) to enhance its patient portal tool, FollowMyHealth. The portal tool is useful for patient data access and enables secure direct messages with patients and providers.
- July 2018: Cerner Corporation (US), a subsidiary of Oracle Corporation (US) collaborated with Mubadala Healthcare (UAE) to provide its EMR offerings in their hospitals.
Cloud-based Medical Records Management Market Segmentation
Cloud-based Medical Records Management Product & Service Outlook
- Solutions
- Standalone
- Integrated
- Services
- Medical Planning and Management Services
- Product Support Services
Cloud-based Medical Records Management Application Outlook
- Medical Records
- Billing Records
- Admission & Registration
- Others
Cloud-based Medical Records Management End User Outlook
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Nursing Homes
- Others
Cloud-based Medical Records Management Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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