In a new report, leading research and consulting firm MarketsandMarkets (M&M) found that the overall value of the electronic medical record (EMR) and electronic health record (EHR) market in the U.S. will reach $6 billion by 2015.
This finding was released in a paper titled “U.S. Electronic Medical Records Market, 2010-2015 (Market Share, Winning Strategies and Adoption Trends).” The report includes research on the market drivers, restraints and opportunities for EMR and EHR providers throughout the country.
As the federal government continues its push to have hospitals around the nation implement EMRs and other health informatics tools, the amount of money spent in this field is rising rapidly. According to the results of the survey, the total level of spending on healthcare-related information technology is rising by more than 16 percent every year.
The paper found that this high growth rate is attributable to two main motives on the part of the healthcare industry. First, medical professionals are seeking to use EMRs and EHRs to improve the quality of their services; second, they hope that these systems will be able to decrease the operating costs of hospitals and other healthcare facilities in the long run.
As of 2009, healthcare providers in the U.S. spent $2.18 billion on EMRs. By 2015, however, this number is expected to rise to $6.05 billion, with the country seeing an estimated compound annual growth rate of 18.1 percent in the EMR market between 2010 and 2015.
According to the report, the company with the largest share of the EMR/EHR market in 2010 was Allscripts, which held 15.7 percent of the physician office market. Among hospitals, Meditech was the leader, holding a 24.9 percent market share.