Cloud based Medical Records Management Market

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.

The Global Cloud-based Medical Records Management Market Industry experiences heightened demand for digital health solutions, driven by the need for efficient patient data management. As healthcare providers seek to streamline operations, cloud-based systems offer enhanced accessibility and interoperability. In 2024, the market is projected to reach 2.34 USD Billion, reflecting the growing preference for digital solutions. This trend is likely to continue as healthcare organizations recognize the potential for improved patient outcomes and operational efficiency. The shift towards digital health is not merely a trend but a fundamental transformation in how healthcare is delivered and managed.

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 & 2030Source: Secondary Research, Primary Research, Market Research Future 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.

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.