As the healthcare industry continues to embrace emerging technology, the electronic health records market has continued to grow and will reach $31.5 billion in 2018, according to research from Kalorama Information, a division of MarketResearch.com. By 2022, the market is expected to rise to $39.7 billion, the firm predicted in its annual report.
The report looks at revenues for EMR/EHR systems, CPOE systems and directly related services, including installation, training, servicing and consulting. Cerner and Epic are the market leaders in the market, though there are still opportunities for new entrants in the space, according to the report. That is due to the lack of interoperability across systems. However, the cost of entering the market is the main drawback for smaller companies.
While the market will grow at a compound average rate of 6 percent from 2018 to 2022, there are varied participants, from hospitals and health systems, practice management systems, pharmacy services and others.
Among hospitals and health systems, Cerner, Epic, Allscripts and athenahealth are the market leaders, which assist hospitals with their clinical processes via EMR. The same companies, plus MEDITECH, are the top companies for smaller hospitals with one to 200 beds. Cerner, Allscripts and Epic also lead the way for practice management system acquirers.