The global healthcare information systems market is projected to expand at a CAGR of 7.10% within the forecast period of 2013 to 2019. This market was valued at US$35.1 bn in 2013 and is expected to reach US$53.2 bn by the end of 2019, as published in a research report released by Transparency Market Research. The report, titled “Healthcare Information System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” points to the factors that drive as well as restrain this market. The report provides in-depth analyses of the recent changes in the market, along with the changes that might occur till 2019
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Increased Investments from Healthcare IT Players to Support Healthcare Information System Purchases
The growing demand for better healthcare facilities is the key factor driving the demand for healthcare information systems. Various government initiatives to build a robust healthcare infrastructure, coupled with increased investments from healthcare IT players are anticipated to support the growth of the global healthcare information system market in the near future. However, the high maintenance and service expenses, and interoperability issues might cast shadow over the growth of the market in the near future.
Furthermore, the dearth of inexperienced professionals would also play spoilsport in the growth of the market. “The hospital information system segment is pegged to expand at a CAGR of 6.9% during the period between 2013 and 2019,” a TMR analyst projects.
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Growing Adoption of Electronic Health Records Creates Promising Avenue for HIS Vendors
There has been a gradual shift from manual processes to automated and computerized processes in the healthcare sector. The shifting focus towards patient-centric healthcare information systems has emerged as one of the key trends in the global healthcare information system market. It is estimated that about 2.8 mn home health monitoring systems were used in 2012. The introduction of wireless and cloud technology for healthcare informatics has played a key role in paving the growth trajectory of the global healthcare information system market. An approximate 5.7 mn patients were monitored through wireless medical devices in 2014. “The burgeoning adoption of electronic health records and the growing usage of mobile devices for alerts and monitoring are creating promising avenues for the growth of this market,” a TMR analyst states.
The vendor landscape of the global healthcare information system market is going through a phase of change and growth. Presently, GE Healthcare is the leading player in the market. Other key competitors are McKesson Corporation, Agfa Gevaert NV, Philips Healthcare, Carestream Health Inc., Siemens Healthcare, Merge Healthcare Incorporated, Cerner Corporation, NextGen Healthcare Information Systems Inc., and Epic Systems Corporation. The key players are registering an increased demand for hospital information systems among the other application modes of healthcare information systems, notes Transparency Market Research.
North America has been the leading market for healthcare information systems with the U.S. continuing to fuel the market’s progress in the region. However, the key market players are increasingly turning their attention towards the Asia Pacific healthcare information system market with the rapid expansion of the healthcare sector across countries such as India, Japan, and China. In fact, Asia Pacific is projected to register the healthiest rate of growth during the forecast period.