Here's some news that should surprise no one: We're in an unprecedented boom in health IT, thanks mostly to growth in the EMR/EHR sector. Indeed, a new report from Scientia Advisors says health IT is the fastest-growing segment of what the Cambridge, Mass., management advisory company calls a $1 trillion global healthcare products marketplace.
Health IT currently is growing at an 11 percent annual rate, and solid growth should continue at least through 2013, which would be the third year of the federal EMR stimulus program here in the States, the Scientia report forecasts. In that time frame, health IT will increase its market share by a quarter, to 5 percent of global healthcare products sales from the current 4 percent.
In the U.S., according to Scientia, the bulk of the spending will come from inpatient and outpatient EMRs, thanks to the American Recovery and Reinvestment Act. "Clinical decision support systems (CDSS) will likely have a profound impact on clinical diagnostics and therapeutics," the report says, according to InformationWeek. Some of the growth likely will be at the expense of specialty and departmental systems, however.
Established EMR vendors should benefit most from the increased spending. "Leading players with large installed bases, proven products, and streamlined routes to meaningful use of EHRs are likely to gain share," Scientia says. However, the research firm says "disruptive innovations" like open-source software and new applications of software-as-a-service could drive down prices, as might new competition from emerging markets in Asia and elsewhere.
For further details:
- check out this InformationWeek story