As per Transparency Market Research, the global healthcare information systems market is projected to reach a valuation of US$448 bn by the end of 2024. During the forecast period, the market is expected to expand at healthy 10.1% of CAGR.
The global healthcare information systems market is categorized on the basis of end-user, application, deployment, and component. Based on end user, the market is segmented into diagnostics center, hospitals, academic and research institution, and others. Out of these segments, hospitals are expected to dominate the market by expanding at 11.1% of CAGR over the forecast tenure. This is due to the growing need to store huge amount of data that can be easily used by physicians. On the regional front, North America is likely to dominate the market throughout the forecast period. The increasing prevalence of chronic diseases such as cardiovascular diseases and cancer and rising number of geriatric are the major factors responsible for the growth of the market in this region.
Minimizing Inventory Management Cost to Benefit Market
The global healthcare information systems market is being driven by increasing adoption of digital wearable devices that help in patient's data through real-time monitoring. The rising awareness about the e-prescription among the patients and practitioners is likely to benefit the market growth. Moreover, by installing the healthcare information systems in several medical facilities helps in minimizing the cost spent on inventory management and reduces the chances of human errors. Medical institutions have reduced their dependence on paper and are now shifting towards digitalization and computer-based solution that will expand the database. This is likely to fuel the growth of this market.
Adding further, initiatives taken by medical facilities such as tele medication, mobile apps, electronic health records, and various other are also considered important factors that will fuel the market growth in the near future. Another benefit is that the patients can follow prescribed medication and supplementary therapy through electronic healthcare information system. Thus, it will reduce the chances of missed or wrong medications.
Additional Maintenance Cost to Hamper Market Growth
One of the major restraints in the global healthcare information systems market is the need for large capital investment that is required for installing the healthcare systems. This is likely to deter the market growth mainly in the smaller hospitals and in newly established health institutes. In addition to that, additional cost added up through maintenance of upgrade, software, regular repair, and hardware replacement further increases the burdens. Thus, it is projected to impede the market growth. However, increasing government funding in healthcare sector in developed regions is likely to benefit the market growth in the coming years.
The global healthcare information systems market is fragmented in nature due to the presence of numerous small players in the existing in the market. In 2015, the well-established players in the market held 26.0% of market share. In the coming years, the competition is the market is expected to intensify as the prominent players in the market are investing in strategic alliances and collaborations. By adopting these strategies, the players in the market may expand their geographical reach and can tap regions in emerging market. In addition, they are also expected to tap into synergies and diversify their product portfolio. To mention some of the leading players in the global healthcare information systems market are McKesson Corporation, GE Healthcare, Medidata Solutions Inc., Athenahealth Inc., Allscripts Healthcare Solutions Inc., and Siemens Healthineers.
The information presented in this review is based on a TMR report, titled "Healthcare Information Systems Market (Application - Hospital Information Systems (Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solutions, and Population Health Management), Pharmacy Information Systems (Prescription Management, Automated Dispensing Systems, and Inventory Management), Laboratory Information Systems, Medical Imaging Information System (Radiology Information Systems, Monitoring Analysis Software, and Picture Archiving and Communication Systems), and Revenue Cycle Management; Deployment - Web-based, On Premise, and Cloud-based; Component - Software, Hardware, and Services; End User - Hospitals, Diagnostics Centre, and Academic and Research Institution) - Global & North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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