Kalorama Information, a division of MarketResearch.com, has revealed its findings surrounding the rise of electronic medical records in its latest report, EMR 2018.
Set to rise to $39.7bn by 2022, technology giants Cerner, Epic and Allscripts remain key players in catering to this ongoing demand, where the global market is set to reach $31.5bn this year alone.
From 2018-2022, the market is expected to grow at a compound average rate of 6% per year, according to a recent release.
As healthcare providers and organisations continue to adopt fragmented health technologies with minimal room for collaboration, data sharing remains increasingly complex, placing additional strains on providing patient centered care, with increased silos across various systems.
This is only exacerbated further if a patient moves from public to private healthcare, with no system on the market providing complete interoperability.
With this in mind, growth within the market has become boosted by conversions of remaining hospital systems to automated, digital tools and systems, as well as upgrades of existing customers, new services and vendor switches. Vendors are continuing to look at ways to further provide advanced information to gain a more detailed picture of a patient’s health.
Whilst hospitals and health technology providers work to automate clinical processes to drive efficiencies and boost relationships into ambulatory physician-based practices, smaller health providers have limited resources to invest in its digital infrastructure, EMR systems included.
Consequently, Epic, Cerner, Allscripts, athenahealth and MEDITECH have been found to be working to close this gap and provider further support, leading this segment to become one of the fastest growing areas in the EHR market, according to a recent KLAS Research report.
However, Practice Management System (PMS) companies have remained keen to adopt new technologies and bring on board a mixture of EMR/PMS combinations, creating seamless clinical system strategies, as well as ensuring effective vendor-customer relationships. Cerner, Allscripts and Epic are also leading this area.