The compounded annual growth rate is expected to be at 7.8% for the forecast period.
The hospital electronic medical records (EMR) systems market is expected to hit $20.7 billion by 2025, according to a MarketsandMarkets report released Friday morning.
Currently, the EMR market is $14.2 billion, according to the report, and the projected compounded annual growth rate is expected to be at 7.8% for the forecast period.
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The report attributes the market's projected growth to "the government mandates and support to increase adoption of hospital EMR solutions, the need to curtail escalating healthcare costs, a growing number of hospitals adopting EMR solutions worldwide."
MarketsandMarkets also cites the growing patient volume associated with the ongoing coronavirus disease 2019 (COVID-19) pandemic as a driving factor for growth.
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Breaking down the segment growth projections within the EMR market, the report indicates that the services segment accounted for the largest share of the sector last year.
The report attributes this to the "recurring nature of services such as training and education, installation, consulting, and maintenance services."
Additionally, small and medium-sized hospitals accounted for the largest share of the EMR market in 2019.
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MarketsandMarkets released its report less than two months after 2020 U.S. Hospital EMR Market Share Report from KLAS found that Epic Systems gained a greater share in the EMR sector while its primary competitor, Cerner Corp., lost ground.
Related: Epic Dominates EMR Market Share Wars; Cerner Loses Ground
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.