Electronic Medical Records Market : Era of Disruption

24 March 2021

The outbreak of COVID-19 has created immense digital transformation in the healthcare industry. This industry ensures robust digital change to be built by 2021 based on the learning by the ongoing pandemic. Players in the healthcare are continuously developing and growing in terms of technology to build advance healthcare settings. COVID-19 is fueling the era of digitalization across the globe and it has completely changed the context of medical industry into digital platforms such as Electronic Medical Records Market. Players has created various applications such as Practo, mFine which were used in a higher rate during the pandemic. Telehealth and telemedicine were commonly used and the trend of using these platforms will continue in the coming years. Medical pharmacies are expanding their reach through online platforms or via website and through various apps of their own brand. The digital health market is expected to reach USD 206 billion by 2020.

In today’s world people are a very tech savvy and want their medical appointments to be more convenient which is boosting the digitalization in the healthcare industry. Smart devices such as tables and cellphones are replacing conventional monitoring and recording system. People are now given an option of full consultation in their homes through virtually connecting with the doctors. Digitalization is grabbing the entire market across the world.

Is Electronic Medical Records Market Gaining High Traction?

EHR provide solution to both the doctors as well as to the patients which in turn, is boosting the growth of the electronic medical records market. Web-based EHR offers efficiency and better quality of care.  Researchers have designed a text mining algorithm so that people can assess electronic medical records to diagnose 14 different immune mediated inflammatory diseases and should be relevant to 18 symptoms. The rising concern of improve health record portability has resulted in improved patient outcomes and increased patient satisfaction. The US is making substantial efforts in engagement for the promotion of electronic medical records adoption.

Americans are entering into a trend where they are individually collecting and mediating the sharing of their personal healthcare in one-by-one approach on electronic healthcare records with government programs is propelling the demand for electronic medical records market. In 2009, the US government granted USD 1.2 billion to help hospitals and health care providers to establish and use electronic medical records. The technological advancements, governmental, and private organizations are initiating to ensure electronic medical records across the healthcare settings in North America, this in turn, is fueling the demand for electronic medical records market in the coming years. In the US, the adoption of smartphone is going to be high in the next few years, which will lead to effective utilization of digital technologies to support healthcare, address healthcare need, and enable access to mobile health services. Players are also focusing to develop wearable medical devices and robotic carriers in the healthcare industry.

Read: U.S. Electronic Health Records (EHR) Market Industry Outlook and Forecast 2020-2025

How is Online Pharmacy Beneficial in the Digital World?  

CVS Health launched the vendor benefit management service in 2019 to aid its online pharmacy benefit so that the clients can effectively contract, manage, and implement both digital and non-digital products from third-party vendors that provide health and wellness benefit solutions. Players are offering support to partners to make sure that members are using the technology in the right way. Online pharmacy benefits are also benefiting by providing an innovative offering that will satisfy customers and amassing rewards for the digital services offered to clients. Online pharmacy benefits via e-prescribing technology that can counteract fraud and keep medication errors to a minimum. PBMs can use high-touch care management to raise their competitive edge, and as a result, more and more players are compelled to find their position in this style of management.

Did you know about Amazon Pharmacy? Amazon has expanded its business through online pharmacy. Amazon has come up with a new idea of delivering prescribed medicine at your doorstep. With the growing prevalence of various diseases, buying medicine has become a part of daily requirements. Amazon pharmacy securely manages the customers information. Amazon pharmacy has numerous benefits for their prime customer and encouraging them to utilize the service available in amazon pharmacy. The way of adopting online pharmacy is making life easier, especially for the adult population. After the advent of COVID-19, a new era started where people started to prefer purchasing through online channels. Due to several lockdowns occurred in this pandemic, it was very difficult for the people to go to the retail outlets to make their purchase. Unfortunately, everyone was pushed to use digital platforms for their basic needs. Healthcare industry players started to develop various online channels to supply the medicines to the consumers and also focused on developing virtual platforms for consulting doctors in order to maintain proper social distance as per the government norms.

Read: U.S. Pharmacy Benefit Management Market Industry Outlook and Forecast 2020-2025

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Electronic Medical Records Market : Era of Disruption

The outbreak of COVID-19 has created immense digital transformation in the healthcare industry. This...