Rising Demand and Increasing Adoption for IT Healthcare to Boost the Global Healthcare Information Systems Market
Published On : Nov 27, 2018 | Category : Healthcare
The global market for healthcare information systems has been progressing in demand since the last few years owing to rapid adoption of information technology in healthcare systems. Also rising government initiatives and digitization for healthcare IT products are expected to boost the demand for healthcare information systems in the forecast period. Digitization records of healthcare have become more personalized, informed, and innovative. These records help doctors to find out the future warning signs of an individual’s major health-related issues, thereby saving money on hospitalization and costly treatments. Several hospitals and medical institutions have shifted from paper- based techniques to computer-based solutions of storing and tracking data. This method is not only effective but faster too. Furthermore, use of cloud-based technologies by various medical facilities are also in demand and anticipated to propel the growth of global healthcare information systems in the coming years.
IT healthcare has been proved beneficial in enhancing better quality of care management through rising guideline adherences and reducing treatment error. Over the past few years, continuous rise in healthcare costs has compelled the medical facilities to implement healthcare information systems. This will lead to cost reduction which in turn, is likely to expand the growth of healthcare information systems market from 2017 to 2026. In 2017, the global market for IT healthcare systems was valued at US$227021.4 million and is estimated to be worth US$521682.6 million by the end of 2024. The global healthcare information systems market is projected to exhibit a robust CAGR of 9.6% in the forecast period. Few of the key players in the healthcare information systems global market include Cerner Corp., GE Healthcare, NextGen Health Care Information Systems, LLC, McKesson Corporation, and Siemens Healthineers,
Hospital Information Systems market to Lead on the Account of Improved Technological Efficiency
Various technological advancements such as electronic prescription, medication management, intelligent robots to avoid task repetition, and smart technologies to limit lifestyle diseases are expected to grow significantly and surge the demand of healthcare information systems market globally. The market for healthcare information systems is bifurcated into different segments as per component, application, deployment, and end-user. According to application, the IT healthcare systems has been divided into various information systems such as pharmacy, hospital, medical imaging, laboratory, and last but not the least revenue cycle management. Of these, hospital information system is estimated to lead the market and account for the majority of market share in the forecast period. Owing to the better efficiency and rising adoption in technology, the hospital information system is leading the healthcare information system global market.
According to deployment, the healthcare information systems market is classified into on premise, web based, and cloud based segments. Among these, the web based segment is likely to boost the demand as per revenue during the forecast period. This provides easy data accessibility from any device and at any time. Based on component, the global market for healthcare information systems is fragmented into hardware, services, and software. As per the end-user, the global market is divided into diagnostics centre, hospitals, research institution, and academics and others.
Significant Growth to be Foreseen in Asia Pacific owing to Increasing Investments from 2017-2024
The global market for healthcare information systems is geographically divided into different regions which include Europe, North America, MEA, and Latin America. In the year 2017, North America accounted for a majority of market owing to rising government initiatives and presence of numerous global leaders. In the coming years, Asia pacific is expected to dominate the healthcare information systems market as the government initiatives, healthcare infrastructure is increasing. Also the region is observing more awareness in prevalence of chronic disorders.