The market for electronic medical record systems in North America will exceed $5.4 billion by 2015, according to a new report from Global Industry Analysts.

The same report, "Electronic Medical Record Systems: A North American and European Market Report," pegs the European market at $1.4 billion by 2015.

Global Industry Analysts, Inc., (GIA) is a publisher of off-the-shelf market research. The company employs more than 800 people worldwide and publishes more than 1,100 full-scale research reports each year.

The main factors contributing to the adoption of EMR systems include effective management of the medication process, substantial clinical improvement, minimization of staff, and extraction of detailed data, according to GIA.  The report does not mention recent government incentives tied to the meaningful use of healthcare information technology.

Though cost is the major constraint for healthcare centers in adopting EMRs, the ultimate reduction in costs is likely to drive the demand for EMR systems in the future, the report states.

The market growth will be driven primarily by the increasing recognition by healthcare providers that digital records help in effective communication between the clinical staff, and thereby increase operational efficiency, the GIA report notes. As clinicians and physicians spend less time on searching and filing data, there is an increased level of patient satisfaction.

"Healthcare information technology gained attention in recent years for its ability to lower medical errors, provide transparent modes for reimbursement procedures, decrease costs, and transform the healthcare delivery system," the report states. "There are prolific opportunities in less-penetrated markets as physician practices and inpatient centers continue to adopt electronic medical records and digitize relevant areas. Though the operating costs are high and continue to increase, providers are sizing up their portfolio for better positioning in the future."

North America and Europe dominate the global electronic medical record (EMR) systems market, according to GIA. However, it adds, the market has excellent potential in healthcare systems worldwide.