The hospital-based electronic medical records (EMR) market has been forecast to increase at a compound annual growth rate (CAGR) 7.46% through 2016, driven by the increase in demand for advanced health monitoring systems, and the high demand for cloud computing services.
Enterprises across the globe are witnessing an increased adoption of cloud computing as they have realised the cost benefits associated with cloud-based services. There is also an increased adoption of EMR applications that cater to the requirements of end-users adopting cloud-based services.
Cloud service providers are offering software, computing platform, and infrastructure support through the internet at far lower costs than the internal IT hardware infrastructure. Further, cloud-based services have various advantages such as rapid scalability, easy access, uninterrupted service, and high security.
An EHR is a record in digital format that is theoretically capable of being shared across different health care settings. In some cases this sharing can occur by way of network-connected, enterprise-wide information systems and other information networks or exchanges.
EMR systems provide advanced monitoring that enables doctors and patients to access high-quality healthcare information from anywhere. This results in faster access of health information and is expected to reduce medical errors, therefore reducing costs for hospitals.
In 2005 the National Health Service (NHS) in the United Kingdom began deployment of EHR systems. The goal was to have all patients with a centralised electronic health record by 2010. While many hospitals acquired electronic patient records systems in this process, there was no national healthcare information exchange.
Ultimately, the program was dismantled after a cost to the UK taxpayer was over $24 Billion (12 Billion GPB), and is considered one of the most expensive healthcare IT failures.
Key players currently operating in hospital-based EMR market include Cerner Corp., Epic Systems Corp., McKesson Corp., and Siemens Healthcare Ltd.
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