NEW YORK, April 20, 2016 /PRNewswire/ -- The market for EMR was $27 billion in 2015, according to Kalorama Information. The healthcare market research firm has covered EMR for nearly a decade. Kalorama includes revenues for EMR/EHR systems, CPOE systems, and directly related services such as installation, training, servicing, and consulting which are key profit areas for companies. It does not include PACS or hardware. The finding was made in Kalorama Information's latest study of the EMR market, EMR 2016.
"Vendor sales are growing though perhaps not as fast as a few years ago during the incentive ramp-up," said Mary Ann Crandall, analyst for Kalorama Information and the author of the study. "There is still room to go in sales to non-EMR users, and then there's revenue earned from the installed base."
The study notes that the usage of EMR has dramatically increased from when the company's first study edition in 2007 was written. Continued gains have been made in physician adoption in EMR systems since we last studied on this topic in early 2015. Over 70% of physicians in the US has used EMR, according to the Centers for Medicare Services and a survey from Accenture with corresponded with those results. This is a significant improvement over 2006 when Kalorama Information first began studying EMR and represents the success of the stimulus incentives in the ARRA stimulus law of 2009. Physician adoption has improved greatly and incentive checks have been issued.
"Now, it's about upgrades," said Crandall.
Kalorama Information believes adoption and upgrading activities will still be stimulating growth in 2015-2020. As new systems are sold, companies will still earn revenues from existing clients in servicing and consulting services. The forecast assumes the trend of adoption will continue to move forward, although slowing; hospital EMR adoption will supersede doctors EMR adoption. It is anticipated that current EMR owners will upgrade and train on systems, and that the threat of penalties will force doctors and hospitals to make upgrade decisions.
The EMR industry faced many issues in 2015 including interoperability, regulations, patient engagement, information blocking, consumer technology growth, security, and a host of other problems. However, the EMR industry is continuing to progress but not without growing pains. Many challenges face the industry in the coming years - as healthcare as we have known it changes to a value-based system with more patient involvement. There will be continuation of consolidation leading to a reduction in competition and the danger of monopolization. Mergers and acquisitions are not new to the health IT market but there seems to be an emerging strategy, which is attempting to reach a greater number of healthcare organizations, providers and patients through synergistic pairing. Data Storage Remedies and Security Breaches are a high priority for participants, leading to more offerings from vendors addressing these issues and more demand from customers to make sure their information is secure. Security breaches are a top concern as several high profile establishments have been hacked. In addition, the proliferation of smart phones, tablets and other wireless technology pose security issues. Finding IT staff is also a concern at all venues as the infusion of technology in healthcare creates demand for those with expertise.
"Hospitals and large physician practices may have the dollars and incentive, but not the personnel to implement and maintain EMR systems," said Crandall. "Vendors that offer the best service will be rewarded."
The report, EMR 2016 contains market sizing and forecast for the electronic medical records market. It also contains detailed profiles of companies and detailed price/cost and vendor offering information. The report can be found at http://www.kaloramainformation.com/redirect.asp?progid=88611&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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kalorama-information-27-billion-dollar-market-for-electronic-medical-records-new-study-finds-300254182.html
SOURCE Kalorama Information