The electronic medical records (EMR) market value is expected to from $10.6bn to hit $17bn by 2017, according to new research.
The paper, compiled by consulting firm GlobalData, said this rapid growth in value is led by the US, which introduced an act in 2009 requiring all healthcare providers to create an electronic system for their patients’ medical records by 2014.
The fruits of the American Relief and Recovery Act of 2009 are now beginning to bear, helping the huge but fragmented healthcare market of the US catch up to the likes of South Korea and Turkey, which have national electronic medical records managed via a central office.
GlobalData analyst Adam Dion commented on the impact of the American Relief and Recovery Act of 2009.
He said: “Physicians are selecting and implementing EMRs that meet federal requirements for meaningful use, and which also fit their practices and provide opportunities to enhance productivity, capture profits, and improve clinical outcomes.”
EMR vendors are also offering revenue cycle management (RCM) solutions to healthcare practices to bridge the gap between clinical and financial information, said GlobalData. These include GE Healthcare’s Centricity Business, which unites clinical and administrative staff on the same financial platform.
Of the companies benefiting from the rising importance of EMRs, McKesson had the largest healthcare IT software and services revenue in 2012, with turnover of $3.3bn, making it the EMR market leader. The next highest revenues were generated by Cerner and Allscripts, with $2.7bn and $1.5bn, respectively.
The rise of EMRs will be of interest for pharma companies looking to tap the data for clinical research.
Speaking to PMLiVE last year, Dr Lollo Eriksson of contract research organisation Paraxel commented that this data can help identify trial participants more quickly and efficiently, reducing costs and trial times.
