- Large-scale renewal of installed systems projects forward-looking market revenue, with an estimated growth to $4.88 billion by 2019
LONDON, Sept. 25, 2013 /PRNewswire/ -- With the growing role of IT as an enabler for efficient and quality healthcare, hospital information systems are fast becoming essential. In Europe, the maturing HIS market continues to see steady growth. The expansion is further boosted by the regional governments' push for paperless documentation and patient data sharing through e-health strategies and health information exchanges.
New research from Frost & Sullivan (http://www.connectedhealth.frost.com), Analysis of the Hospital Information Systems (HIS) Market in Europe, finds that the market revenues stood at $3.91 billion in 2012. This is expected to grow to $4.88 billion in 2019.
Apart from patient data capturing and storage, the role of HIS has extended to patient information sharing. Clinicians and healthcare staff can thus access relevant patient information within healthcare organisations as well as from across communities and countries. These features have spurred HIS installations in healthcare institutions in Europe.
"The renewal of existing HIS solutions aimed at enhancing compatibility with other devices in the healthcare environment is also fuelling revenues," said Frost & Sullivan Healthcare Research Analyst Shruthi Parakkal. "The training programs provided by vendors have widened the pool of trained professionals capable of handling HIS and stimulated demand."
However, budgetary restrictions and data security concerns can dampen HIS uptake to an extent. Hospitals and healthcare organisations are struggling to justify the capital investment on HIS, as they are looking to decrease operational costs in the current economic scenario.
"HIS vendors must look to offer a high degree of data protection and flexibility in handling Big Data, in order to ensure patient-centric care and become a preferred vendor," concluded Parakkal. "For instance, following a managed services approach using software-as-a-service and cloud software licensing will enable hassle-free maintenance of large amounts of patient information."
Market consolidation will also be a common trend, as HIS providers strive to expand their presence through strategic alliances with local participants.
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Analysis of the Hospital Information Systems (HIS) Market in Europe is part of the Connected Health Growth Partnership Service program. Frost & Sullivan's related research services include: Global Pharmaceutical Contract Manufacturing Market, China Healthcare Information Technology Solutions Market, US Physician Revenue Cycle Management, and Electronic Medical Records (EMR) Market in Brazil. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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