Emergence of New Care Models to Drive the APAC EMR and EHR Market towards US$3.62 Billion by 2023, finds Frost & Sullivan
Vendors need to transform their business models and enhance product capabilities to increase revenue
SINGAPORE, Sept. 4, 2018 /PRNewswire/ -- Electronic Medical Record (EMR) and Electronic Health Record (EHR) technologies are making significant impacts on the way healthcare systems improve their capacity to better serve patients across Asia Pacific (APAC). By enhancing product capabilities and innovating new models, EMR/EHR vendors will be able to stay relevant as APAC healthcare industry undergoes disruptive transformation. Vendors who understand the emerging challenges and evolving market needs and take strategic actions will be best positioned for future success.
"The healthcare industry in APAC has started to emphasize more on population health management, proactive and predictive medicine, and evidence-based care. The need to integrate clinically significant patient information from all sources, clinical information systems, non-clinical information systems, and external sources with EMRs to create this comprehensive data warehouse is growing significantly," said Shalani Andria, Industry Analyst Transformational Health.
"To meet this growing demand and achieve a competitive edge, EMR and EHR solution providers need to provide affordable, highly scalable and interoperable solutions that are also customized for local workflows," she added.
Frost & Sullivan's recent analysis, Future of Electronic Medical Record and Electronic Health Record in Asia-Pacific, Forecast to 2023, focuses on the important trends, growth drivers and restraints, and top growth opportunities in the market through 2023.
For further information on this analysis, please visit: http://frost.ly/2qi
A few of the top growth opportunities examined in this analysis include:
- New business models: Vendors can gain a competitive advantage by moving away from the licensing model toward cloud, subscription, modular design, and pay-per-use models.
- Region-specific EMR solutions: Vendors can succeed by offering scalable, affordable EMR packages for developing regions, and sophisticated EMR packages for developed regions.
- Compatibility with PHM tools: Healthcare providers need robust EMR solutions that are able to pull data from different sources, process it, and make it ready for PHM tools to analyze and provide reliable insights.
- Interoperability: Vendors that create highly interoperable EMR solutions can help healthcare providers reduce integration costs, thus increasing demand for their solutions.
"EMR vendors are evolving from being just EMR solution providers to being providers of completely integrated systems. Their robust EMR solutions - gather data from multiple sources, such as telehealth platforms, non-clinical solutions, genomics, and pharmacy IT, normalize data in different formats, and make it available for other applications such as analytical tools," said Andria.
"These solutions provide more functionality to developed nations that are moving from simply documenting medical records in electronic format to leveraging the data for cost-effective and high-quality healthcare services," she explained.
Future of Electronic Medical Record and Electronic Health Record in Asia-Pacific, Forecast to 2023 is part of Frost & Sullivan's global Transformational Health Growth Partnership Service program.
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Future of Electronic Medical Record and Electronic Health Record in Asia-Pacific, Forecast to 2023
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