The EMR Market Reached 28 Billion Dollars…And it Couldn't Matter Less, Because of These Seven Trends
ROCKVILLE, Md., April 24, 2017 /PRNewswire/ -- For a decade, the now $28 billion-dollar electronic medical records (EMR) market was on a predictable trajectory with twenty large competitors and hundreds of smaller entrants offering needed software and related services. But now, Kalorama Information says the market is witness fundamental changes that will determine how much it grows in the future and who earns the revenue. In addition to customer dissatisfaction, policy retreats and new product introductions, a new administration and negative reaction among EMR customers are trends the industry will have to address to thrive. All of this is captured in the firm's report EMR Market 2017: Electronic Medical Records in an Era of Disruption
"Small trends that in the past were noted but not addressed, like usability and interoperability, the removal of incentives and lack of market share leadership have bubbled up we believe, to where they are no longer side issues," said Bruce Carlson, Publisher of Kalroama Information, a market research firm that has covered the EMR market for a decade. "A few policy, industry and medical practice changes will change how the revenue grows or who earns it, and what the EMR market looks like in 2018."
These are among the disruptive changes affecting the industry:
- Frustrated Physicians –Year after year, EMR systems generate high dissatisfaction rates and no clear leader in EMR has captured mindshare. Physicians are growing weary of EMRs that don't seem to fit with clinical practice and may interrupt the patient relationship.
- Trump Administration with New Policy Goals – While there's no indication yet of what specific changes will be made, the first obvious move is appointing an HHS Secretary who is indeed one of those physicians, and who has expressed disappointment in meaningful use. Kalorama looks at possible policy changes and their impact.
- Hospitals Switching EMR Vendors – No contract is safe. Hospitals are upgrading and switching vendors to get better EMR for their workflows. This is boosting the overall market, but also making things risky for vendors.
- Ransomware Attacks and Cyber Breaches Causing a PR Downside - There are few stories news of cost-efficiency or assisting treatment due to better EMR, but each cyberattack that occurs brings a negative sheen to the concept of electronic medical records. Ransomware has added a scary reality for many EMR institutions.
- "Dashboarding," Blockchain and Other Product Trends – The Old EMR doesn't cut it any more and vendors are trying new designs and security steps to keep customers.
- IT Staff Shortages – EMR needs people at the healthcare organization to run it. IT Staff is hard to come by, and healthcare orgs spend less than banks or other companies on IT. Organizations can't always benefit from EMR if they can't find qualified staff. Vendors with better service may have an opportunity to fill the void, if they are willing.
- Hundreds of Competitors Even After Brisk M&A Activity – While a kind of "top 20" of companies lead the market, led by big names like Cerner and McKesson and EMR specialists like Epic and Allscripts, no company has even 1/5th of the entire market. There is still a great many local sales and web based offerings.
Kalorama Information tracks each one of these trends, and several others, in detail in its report. The electronic medical records market is competitive, with over 1,000 providers; however, increasing mergers and acquisitions in the industry will result in the reduction in the number of competitors. Local and country-specific vendors were counted in the total number of EMR providers but were not considered as major players in worldwide market participation. Companies remain competitive by offering high-quality solution packages to private practices and hospitals.
Kalorama Information's market estimate includes software, hardware and related services for EMR. The report breaks out the market between those three categories and also provides the physician EHR market and the hospital EHR market. Companies are profiled and each of these trends are discussed in detail. A chart showing possible Trump Administration moves and what the impact on the market may be is part of the report. The report can be found at: https://www.kaloramainformation.com/EMR-Electronic-Medical-10785187/
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 website and are also available on www.marketresearch.com and www.profound.com.
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Please link any media or news references to our reports or data to http://www.kaloramainformation.com/.
Press Contact:
Bruce Carlson
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SOURCE Kalorama Information
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