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Global Markets Direct, a source for leading research and analysis, is releasing the report The Future of the Healthcare IT Market to 2015 andndash; 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 governmentsandrsquo; 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.
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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 Statesandrsquo; global contribution will increase to 48% by 2015. Over the next seven years, the United Statesandrsquo; Healthcare IT market is expected to grow at double digit rates, exceeding $10 billion by 2015.
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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 andldquo;meaningful useandrdquo; by 2011 in order to receive the maximum payment.
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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.
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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.
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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 andndash; delivering the clinical tools needed to succeed in todayandrsquo;s health care environment.
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Date: Fri, 2 Jul 2010 -
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