EMR Market Pegged At $15.7 Billion In 2010The electronic medical record sector grew 13.6%, and will approach 20% over the next two years in advance of meaningful use requirements, found Kalorama Information study.
While the electronic medical record (EMR) market grew at a slower pace than expected, the value of the market for 2010 was $15.7 billion, according to a report from Kalorama Information.
Kalorama, a market research firm that tracks trends in medical technology, said the growth rate of 10% in 2009 and 13.6% in 2010 was lower than its predicted 15% growth for both years. The slower pace of EMR adoption was the result of confusion on the part of physicians about meaningful use guidelines. However, much of that uncertainty was dispelled last summer when the final rules for meaningful use guidelines were published.
Nevertheless, the report, "EMR 2011: The Market for Electronic Medical Record Systems," found that considerable growth did occur, with physician usage of EMRs now nearing 50%. Kalorama Information predicts that further adoption and upgrading activities will accelerate during the next 24 months. Health IT vendors will realize revenues not only in the purchasing of new systems, but also from existing clients in servicing and consulting. Based on the survey's findings, Kalorama expects over 18-20% market growth for the next two years.
"We think that while progress was made in physician adoption and in vendor sales, there is still a lot more potential," Bruce Carlson, publisher of Kalorama Information, said in as statement. "There are still a considerable number of physicians who need to be fully functional and hospitals that have to improve their stage ranking."
The report, which relied on interviews with more than 22 key industry officials, consultants, healthcare providers, and government personnel, includes revenues for EMR and computerized physician order entry (CPOE) systems and directly related services such as installation, training, and consulting, which are key revenue-generating areas for health IT vendors.