News | Electronic Medical Records (EMR) | June 07, 2016

New Report Says EMR Software Prices Will Continue to Fall

Report predicts consolidation, enhanced research and development will help suppliers control costs and pass savings to consumers

IBISWorld, electronic medical records, EMR software, price, market report

Image courtesy of IBISWorld

June 7, 2016 — According to market research firm IBISWorld, the average price of electronic medical record (EMR) software is forecast to continue declining at an average annual rate of 0.7 percent through 2019. While the adoption of EMR software is expected to accelerate during the period, mounting market competition and falling operating costs will prompt suppliers to reduce their prices to win and retain business.

"Demand will surge as healthcare providers continue to implement and recognize the benefits of using EMR software to improve organizational efficiency and quality care, as well as to minimize media errors and administrative expenses," said IBISWorld procurement research analyst Anna Son.

While there are an estimated 1,170 firms offering EMR software, the top four companies, including Epic Systems and Cerner Corp., account for about 40 percent of total market revenue. In light of strengthening demand for EMR software adoption across the country, more companies are entering the market to take advantage of its growth opportunities. However, during the next three years, the market is expected to undergo some consolidation as larger suppliers seek to acquire their small competitors to expand their product offerings and geographic footprint. 

Despite continued market growth, rising market share concentration can hamper buyer power because large players gain greater control over market prices and the upper hand in price negotiations, thus limiting buyer options.

In addition, due to concerns surrounding EMR software's efficacy and security, software suppliers will bolster their research and development (R&D) efforts to improve product quality and differentiate from competitors. However, sales growth is expected to accelerate at a faster rate than R&D and labor costs, allowing suppliers to contain their operating costs. As a result, suppliers will be able to pass these cost savings down to buyers in the form of lower product prices.

For more information: www.ibisworld.com

Related Content

Dianna Bardo, M.D., is the vice chair of radiology for clinical development at Phoenix Children’s Hospital.

Dianna Bardo, M.D., is the vice chair of radiology for clinical development at Phoenix Children’s Hospital. 

Webinar | Cardiac PACS | March 06, 2019
The webinar "Replacing PACS and the Benefits of Enterprise Partnership in a Pediatric Hospital" will take place at 2
ScImage’s PICOM365 Enterprise PACS enables cath, echo, vascular, ECG, stress and Holter storage and reporting.

ScImage’s PICOM365 Enterprise PACS enables cath, echo, vascular, ECG, stress and Holter storage and reporting.

Case Study | Cardiac PACS | March 05, 2019 | Anthony Pearson, M.D.
Call nights are by far the worst part of being a clinical cardiologist.
Philips Launches Latest Iteration of IntelliSpace Cardiovascular at HIMSS 2019
Technology | Cardiac PACS | February 13, 2019
Philips announced the launch of IntelliSpace Cardiovascular 4.1, its next-generation cardiovascular image and...
NewYork-Presbyterian Hospital Partners With Philips for Health IT and Clinical Informatics
News | Cardiac PACS | January 16, 2019
Philips announced that NewYork-Presbyterian Hospital has chosen to implement the company’s IntelliSpace Enterprise...
An example of a comprehensive CVIS is the ScImage Picom 365 system, which includes several sub-speciality reporting modules to eliminate the need for several different, disparate reporting systems in the cardiology department. Also called cardiac PACS cardiovascular information and imaging systems.

An example of a comprehensive CVIS is the ScImage Picom 365 system, which includes several subspeciality reporting modules to eliminate the need for several different, disparate reporting systems in the cardiology department. 

Feature | Cardiac PACS | October 05, 2018 | Val Kapitula RT(R), PMP, CIIP
“I don’t trust anything that’s being portrayed in the marketing brochures and will believe it only when the solution
Digisonics Showcases New Functionality at ASE 2018 for Data-driven Decisions
News | Cardiac PACS | June 25, 2018
Digisonics will exhibit its latest functionality for data-driven decisions at the American Society of Echocardiography...
Infinitt Achieves ACC-NCDR Certification for CathPCI Registry
Technology | Cardiac PACS | May 09, 2018
Infinitt North America announced that Infinitt Cardiology Suite-v 1.0.8.1 has achieved certification from the American...
Sligo University Hospital (SUH) uses Change Healthcare's McKesson Cardiology CVIS solution.

Sligo University Hospital (SUH) in Ireland uses Change Healthcare's McKesson Cardiology CVIS solution to improve efficiency.

Case Study | Cardiac PACS | May 04, 2018
Balancing high quality care with efficiency — and avoiding unnecessary procedures — is a priority for any hospital de
Siemens Healthineers Launches Next Generation of syngo Dynamics at ACC 2018
Technology | Cardiac PACS | March 09, 2018
March 9, 2018 — At the American College of Cardiology’s 67th Annual Scientific Session and Expo, March 10-12 in Orlan
The Lumedx cardiovascular information system (CVIS or CPACS) offers integration of data from across the cardiovascular service line into one location.

The Lumedx CVIS is an example of a system that can integrate data from across the cardiovascular service line into one location and eliminate disparate silos of information. 

Feature | Cardiac PACS | February 19, 2018 | Dave Fornell
For any cardiology department planning to upgrade its cardiovascular picture archiving and communication system (...
Overlay Init