Jan 26, 2011 – The global electronic medical records (EMR) market is forecast to grow at a 12 percent Compounded Annual Growth Rate (CAGR) to reach $9,123m by 2016. Hospital/Enterprise EMR will continue to be the largest sub-segment, and will grow at a 12 percent CAGR during 2009–2016. In the same period, the Ambulatory EMR segment is forecast to grow at 11 percent CAGR to reach $958m by 2016. The market will be driven by government financial incentives in countries such as the US, Australia, China and Canada to create a robust healthcare IT infrastructure.
Over the past decade, governments across the world have recognized the importance of IT in healthcare. There has been growing evidence of the time and cost efficiencies the healthcare IT systems can bring into an already overstretched healthcare system. Since creating an IT infrastructure requires a significant amount of funds, governments have stepped up the funding for various IT programs. In addition, all healthcare IT solutions require a significant amount of services to get the system in place and to maintain it after installation. With the growing adoption of healthcare IT, the demand for healthcare IT services is also likely to go up.
In 2009, the US government dedicated a $19.2 billion stimulus package to healthcare IT infrastructure and Electronic Health Record (EHR) implementation by both hospitals and physicians under the Health Information Technology for Economic and Clinical Health Act (HITECH Act). Besides the HITECH Act, the migration to the International Classification of Disease -10 (ICD-10) and the Health Insurance Portability and Accountability Act (HIPAA) 5010 are further expected to boost the healthcare IT services market in the US.
The Australian government recently announced health reforms to improve and modernize the country’s healthcare system. The government plans to invest more than AUD7.4 billion in the healthcare system, which includes an allotment of AUD464m towards healthcare IT.
GlobalData’s new report, “Electronic Medical Records (EMR) – Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2016” provides key data, information and analysis on the global Electronic Medical Records (EMR) market. The report provides market landscape, competitive landscape and market trends information on the Electronic Medical Records (EMR) market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
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Source: GlobalData
