India Electronic Records Management Solutions Market Report 2022 to 2030

India Electronic Records Management Solutions Market Analysis

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India's electronic records management solutions market size was valued at $xx Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Mn in 2030. The market is segmented by solution and deployment. India's electronic records management solutions market is growing as there is an increased need for ERMS solutions due to the expanding usage of digital technologies in the healthcare industry. The key market players are Practo, HealthPlix, MedCords, Biofourmis, Innovaccer, and others.

ID: IN10INDH069 CATEGORY: Digital Health GEOGRAPHY: India AUTHOR: Chandani Patel

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India Electronic Records Management Solutions Market Executive Summary

The India Electronic Records Management Solutions market size was valued at $xx Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Mn in 2030Despite consistently rising over the years, India's healthcare spending is still relatively low when compared to many developed nations. The National Health Accounts Estimates (2016–17) show that India's healthcare spending accounted for about 3.6% of GDP, which is less than the 10% global average.

Solutions for electronic records management (ERMS) have the potential to increase the effectiveness and standard of healthcare in India. Healthcare professionals can more readily access and share patient information by digitizing medical records with the use of ERMS, which could result in quicker and more precise diagnosis and treatment.

The Indian government has launched a number of measures to encourage the implementation of ERMS after realizing the potential advantages they could have for the healthcare industry. For instance, the National Health Stack, a shared digital infrastructure for healthcare data and services including electronic health records, was introduced by the Ministry of Health and Family Welfare.

Although it is still in its early stages, ERMS adoption in India's healthcare sector is anticipated to increase significantly over the next few years. In India, the market for healthcare information technology is anticipated to expand at a compound yearly growth rate of 22.3% between 2019 and 2025, with ERMS serving as one of the major development drivers. The ERMS sector in India has already attracted a number of domestic and foreign businesses. For instance, Practo, a digital healthcare platform established in Bangalore, provides patients and healthcare professionals with electronic health records and other digital healthcare services. In the meantime, foreign firms like Philips and Siemens Healthineers have also been growing their footprint in India's healthcare IT industry.

Due to India's increased healthcare spending and the country's increasing emphasis on digital healthcare, businesses in the ERMS industry generally have a lot of chances. The need for stringent data privacy and security measures and the development of standards for data sharing and interoperability are just a few of the many challenges that still need to be solved.

Market Dynamics

Market Growth Drivers

Several factors are driving the electronic records management solutions (ERMS) market in India. First off, there is an increased need for ERMS solutions due to the expanding usage of digital technologies in the healthcare industry. This is because ERMS can facilitate quick access to patient records, which enables quicker and more precise diagnosis and treatment, helping to increase the effectiveness and quality of healthcare services.

Second, the ERMS market is expanding as a result of government programs in India that support digital healthcare. A foundation for the implementation of ERMS solutions will be provided by the National Health Stack, for instance, which intends to build a shared digital infrastructure for healthcare data and services.

Market Restraints

The expansion of the ERMS market in India is also being hampered by a number of factors. It is challenging for healthcare professionals to share patient information across many platforms due to the lack of standardization and compatibility among various ERMS systems.

Another issue is that healthcare professionals, especially those in rural and remote locations, have little knowledge of and understanding of ERMS treatments. This has led to a lack of interest in ERMS solutions in these markets, which could impede the market's expansion.

Competitive Landscape

Key Players

Practo
HealthPlix
MedCords
Biofourmis
Innovaccer
Cerner
Siemens Healthineers
Philips Healthcare
Allscripts
Athenahealth
TCS Healthcare
Wipro Healthcare
HCL Technologies Healthcare
Persistent Systems
Tech Mahindra Healthcare

Recent Developments

In August 2021, healthcare technology company CitiusTech announced a partnership with Google Cloud to provide digital solutions for healthcare providers, including electronic health records management.
In July 2021, the Indian telemedicine platform Practo raised $32 Mn in funding, which it said would be used to expand its electronic health records and digital healthcare services.
In May 2021, Indian health-tech startup Medcords raised $2.3 Mn in funding to develop its platform, which offers electronic health records and other digital healthcare services.
In February 2021, Mumbai-based health-tech company Pharmarack announced a partnership with Microsoft to develop a digital platform for pharmaceutical supply chain management, which includes electronic records management.
January 2021, electronic health records provider Heealthy announced a partnership with AI-powered clinical research platform Biofourmis to develop digital healthcare solutions for patients with chronic conditions.

Healthcare Policies and Regulatory Landscape

The Indian government has put in place a number of laws and directives to encourage the use of electronic records management systems (ERMS) in the medical field. Here are some important rules and laws regarding ERMS in India:

The 2016 Indian Electronic Health Records Standards: These guidelines were released by the Ministry of Health and Family Welfare to direct the creation and adoption of electronic health records (EHR) in India. The standards address a wide range of topics, including as data interchange, interoperability, and data privacy and security.

The Ministry of Health and Family Welfare published the Health Information Privacy and Security Framework in 2018 to help healthcare professionals protect the privacy and security of patient data. The framework contains instructions for establishing data encryption, access controls, and other security measures.

The Indian Medical Council Practise Guidelines for Telemedicine (2020): To encourage the use of telemedicine in India, these guidelines were published in response to the COVID-19 pandemic. They cover a wide range of topics, such as the sharing and preservation of patient data as well as the usage of electronic records.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

India Electronic Records Management Solutions Market Segmentation

By Solution

The Electronic Records Management Solutions market can be segmented by solution into software, services, installation & integration, consulting, and training. Software solutions include ERMS software that manages electronic records across their lifecycle. Services include a range of offerings related to ERMS solutions, including implementation, customization, maintenance, and support. Installation & integration includes services related to the installation and integration of ERMS solutions with existing IT systems. Consulting services include needs assessment, business process analysis, and solution design. Training services include end-user training and system administrator training

Software
Service
Installation & Integration
Consulting
Training

By Deployment

On-premise solutions involve the installation and use of ERMS software on the organization's own servers and hardware infrastructure. This deployment method provides organizations with greater control over their data and systems, as well as the ability to customize the software to meet their specific needs.

Cloud-based solutions involve the use of ERMS software that is hosted on the vendor's servers and accessed over the internet. This deployment method offers organizations greater flexibility, scalability, and cost-effectiveness, as they do not need to invest in their own hardware infrastructure and can access the software from anywhere with an internet connection.

On-premise
Cloud-based

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.