The rapidly growing geriatric population is creating a high need for healthcare information systems as these systems will play an important role in meeting the healthcare requirements of this expanding population. A rise in government policies focused towards maintaining the quality and reducing the cost of healthcare services is also triggering the adoption of these systems. In addition, the mounting need for integrated healthcare systems is stoking the growth of the market. Moreover, healthcare IT companies are continuously pouring funds into the development of new and advanced healthcare IT solutions. The advent of these solutions is, thus, providing a fillip to the healthcare information systems market.
On the flip side, the dearth of skilled physicians is inhibiting the growth of the market. This is further exacerbated by the hefty sums required to train personnel for operating these systems. Furthermore, the high expenses of maintenance and services are keeping the market from realizing its utmost potential. Owing to these factors, the global healthcare information systems market is projected to reach a valuation of US$44.8 bn by 2024 from US$19.2 bn in 2015, progressing at a CAGR of 10.1% from 2016 to 2024.
Need to Store Massive Volume of Information Drives Demand for Healthcare Information Systems across Hospitals
On the basis of component, software will continue to account for the lion’s share in the global healthcare information systems market. The development of mobile applications that facilitate easy exchange of healthcare information between patients and physicians is bolstering the growth of the segment. The hardware segment is estimated to post a noteworthy CAGR during the forecast period. Rapid advancements in hardware are providing a significant boost to the growth of the segment.
Based on end user, the market is divided into diagnostics centers, hospitals, and academic and research institutions. Hospitals will continue to dominate the market until 2024, expanding at a CAGR of 11.1% from 2016 to 2024. The demand for healthcare information systems will remain high in the segment owing to the pressing need to store a massive amount of data and make it easily accessible to physicians.
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Increasing Government Funding for Healthcare Fuels North America’s Dominance
North America will continue to command the leading position until 2024, accounting for 36.6% of the overall market revenue. The key factors behind the growth of the region are the growing geriatric population and rising incidence of chronic diseases such as cancer and cardiovascular disorders. Governments are paying high attention to healthcare reforms and subsequently allocating large budgets for the same. This is, thereby, propelling the growth of the region.
North America is closely trailed by Europe, wherein Western Europe is the major revenue contributor. The swelling demand for better healthcare facilities and soaring need for integrated healthcare systems are fuelling the growth of the region. Moreover, the rising awareness regarding the benefits of healthcare information systems is providing momentum to the market in the region.
Asia Pacific, on the other hand, is poised to post a CAGR higher than any other region during the review period. The expanding base of aged population in the region is leading to the increased incidence of several chronic diseases, which in turn is driving the market. The improving healthcare infrastructure coupled with the growing investments by healthcare IT players is augmenting the growth of the region.
Some of the prominent global participants in the healthcare information systems market are McKesson Corporation, Cerner Corporation, Athenahealth Inc., Allscripts Healthcare Solutions Inc., Medidata Solutions Inc., Agfa- Gevaert, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, and NextGen Healthcare Information Systems LLC.
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