NEW YORK, May 2, 2016 /PRNewswire/ -- Kalorama Information noted the 5 Most Important Trends in the EMR (Electronic Medical Records) market in a recent white paper. The healthcare market research publisher said that International sales, vendor switches, Increased physician usage, a growing market are among the top drivers of market growth. The trends were noted in Kalorama's report EMR 2016: The Market for Electronic Medical Records. The report marks Kalorama's seventh complete study of the EMR industry, and the report is consulted by industry organizations, major healthcare IT firms and investors.
"There are growth opportunities for fast-moving firms in several areas, including upgrades and switches, international sales and web-based approaches," said Bruce Carlson, Publisher of Kalorama Information. "While the industry isn't benefiting from the stimulus of incentives, a number of trends bode well for stable growth in the market."
According to Kalorama Information, the top 5 trends are:
1. EMR is a $26.5 Billion Market
The market for electronic health and medical records is maturing rapidly, due to the influence of government incentives for the American Recovery and Reinvestment Act of 2009. This Act presents an unprecedented opportunity for providers to take advantage of federal incentives that hopefully will improve the quality of care, enhance patient safety, and prepare practices for the future.
2. Rise of Epic and Allscripts
Kalorama says that market share in EMR has changed in the last four years, with mid-size competitors Epic and Allscripts ousting large IT firms in the field for third and fourth-place market share in the EMR market. Epic Systems continues to forge ahead landing sizeable contracts to implement their EHR system. Epic has picked up large and notable clients, including the Providence Network and most recently CVS Caremark Corp. Allscripts Healthcare Solutions offers its software as a direct license product or as a SaaS product. The company services approximately 180,000 physicians nationwide and approximately 2,500 hospitals.
3. More Physician EMR Users
The growth rate in physician use of EMR varied from the years 2006 to 2015. The latter half of the last decade was a high interest period for EMR use among physicians. However, it does appear that some slowing in the growth rate occurred at a surprising time in 2009, which was the year the Federal government launched incentives for physician use through the ARRA stimulus law. At present, EMR usage is advancing – partially due to the threat of penalties from the government in the form of reduced payments from Medicare and other government payers.
4. Vendor Switches Drive Market Growth
Approximately 30 percent of hospitals with EMRs are dissatisfied with their purchase and several have looked into replacing their current vendor. Because the cost of changing systems is so high, many hospitals have resigned themselves to their current EHR system. The main reasons for dissatisfaction with the system they have include lack of key features, a cumbersome and complex interface, poor EHR usability, and bad hardware. There has been a growing dissatisfaction among customers with their present EMR vendors and many customers – physicians and hospitals alike are considering changing vendors.
5. Ample Overseas Market
Kalorama's report finds several international EMR markets where companies developing solutions for the US market can find opportunities. The Nordic countries have the highest penetration rates but systems are outdated and in need of refreshment to meet the needs of advanced technology. In China there have been numerous government challenges within the market. Foreign vendors are concentrating on developing strategic alliances. Japan uses a standardized EMR product with little customization and it relies heavily on local competitors to supply needs. However, only 20 percent of hospitals in Japan have implemented an advanced EMR system.
Detailed information on market opportunities and competitors in the Electronic Medical Records (EMR) market can be found in Kalorama Information's EMR 2016: The Market for Electronic Medical Records. The report includes competitive profiled, forecasts for the US and international markets, physician and hospital market segment information, pricing examples and trend analysis. The report can be found at Kalorama Information's website at: http://www.kaloramainformation.com/redirect.asp?progid=88651&productid=10009693.
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. Reports can be purchased through Kalorama's and are also available on www.marketresearch.com and www.profound.com.
We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog at www.kaloramainformation.com.
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SOURCE Kalorama Information