Global
Markets Direct, a source for leading research and analysis, is
releasing the report The Future of the Healthcare IT Market to 2015 –
Healthcare Reform in the US to Boost Growth, which provides key data,
information, and analysis on the global Healthcare IT market. The
report estimates that the global market for Healthcare IT market was
valued at around $11 billion in 2008, and is forecast to exceed $24
billion by 2015, with a CAGR of 11%. It is expected that the market
will be driven by governments’ financial incentives, regulations
requiring automation in healthcare practices, and the increasing need
for hospitals to attain cost efficiencies through EMR adoption. There
is also growing evidence that the use of IT and electronic medical
records in healthcare practices will be able to provide fuel for the
future of the market.
The
United States is the key economy for driving growth in the global
Healthcare IT market, contributing 37% in 2008. It is expected that
the United States’ global contribution will increase to 48% by
2015. Over the next seven years, the United States’ Healthcare IT
market is expected to grow at double digit rates, exceeding $10
billion by 2015.
The
US market recently received a boost from the American Recovery and
Reinvestment Act (ARRA) of 2009, which allocates a $20 billion
investment in Healthcare IT. Also, Medicare and Medicaid are expected
to reimburse a percentage of the $20 billion in order to assist
physicians and hospital facilities implementing in electronic medical
records. Hospitals and practices that are eligible for incentives
under the ARRA Act of 2009 must meet specific requirements of
“meaningful use” by 2011 in order to receive the maximum payment.
Electronic
health records are a key driver in growth within the global
Healthcare IT market, contributing 31% towards the global market in
2008. This contribution is expected to increase to 37% by 2015. The
global electronic health records market is forecast to exceed $9
billion by 2015. Government incentives are expected to motivate
physicians and hospitals to adopt electronic medical records, along
with the cost efficiency benefits that they offer. EHRs improve cash
flow by speeding up reimbursement claims, r attain cost efficiencies
through EMR adoption. There is also growing evidence that the use
educing errors, and increasing clinical revenues.
Electronic
health records will benefit our global Healthcare market, as well as
the health of our nation. Widespread adoption is slowly occurring,
but support and education is a necessary step for all involved. If
you are searching for more information about electronic medical
records and how they may improve the quality of health care for your
practice, contact e-MDs, a leader in electronic health record
software provision. e-MDs Solution Series is CCHIT 2008 Certified in
Ambulatory, Child Health and Cardiovascular, and is committed to
meeting all emerging standards, privacy requirements,
interoperability specifications and certification criteria referenced
in the American Recovery and Reinvestment Act of 2009.
e-MDs
offers a host of affordable solutions for physicians and facilities
looking to modernize or enhance their services with the latest
EHR/EMR technology. e-MDs is committed to providing affordable and
integrated EHR/EMR and Practice Management Software solutions,
including clinical, financial and document management modules
designed to automate medical practice processes and chart management
– delivering the clinical tools needed to succeed in today’s
health care environment.