Global Healthcare Information Systems Market: Snapshot
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$448 bn by 2024 from US$192 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.
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.
Global Healthcare Information Systems Market: Overview
The purpose of health care information systems is to manage the information that health care professionals need to perform their job effectively and efficiently. health care information systems automates administrative, financial, and patient care activities of hospitals, produces extensive management reports, operational statistics, and provides a powerful query module. health care information systems provides benefits such as easy access to patient data, reduces scope of error, increases security, provides better cost control, and improved efficiency. The market for health care information systems is expected to grow at a double-digit figure during the forecast period from 2016 to 2024 and shall be driven by factors such as reduction in overall healthcare cost of personal, easy access of data to healthcare professionals, reduction in errors and riddance of time and efforts spent on overall procedures.
Global Healthcare Information Systems Market: Scope of the Study
This report on the global health care information systems market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all the segments, considering 2015 as the base year.
Market related factors such as technological developments, product innovation, expansion of infrastructural facilities by major and small health care IT players, and historical year-on-year growth have been taken into consideration while estimating the market size. Growth rates for each segment within the global health care information systems market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, drug development life cycle, and regulatory requirements. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
Global Healthcare Information Systems Market: Segmentation Analysis
Based on application type, the global health care information systems market has been segmented into hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information system and revenue cycle management. The hospital information systems market is further segmented into electronic health record, electronic medical record, real-time healthcare, patient engagement solutions, population health management and others.
Pharmacy information systems market is further categorized into prescription management, automated dispensing systems, inventory management and others. Medical imaging information systems market is further segmented into radiology information systems (RIS), monitoring analysis software, picture archiving & communication systems (PACS) and others. Hospital information system is the most promising segment of health care information systems market.
In terms of deployment the healthcare information systems market is segmented into web based, on premise and cloud based. The web based segment is expected to gather significant revenue during the forecast period from 2016 to 2024. On the basis of component the market is segmented into software, hardware and services. The software segment is projected to gather highest market revenue during the forecast period increasing demand for data analysis and management. Major end-users of health care information systems include hospitals, diagnostics centres, academic and research institution and others.
Global Healthcare Information Systems Market: Regional Outlook
Geographically, the global health care information systems market has been segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been further segmented by major countries. A global overview has been provided, and the North America region has been analyzed in depth at country as well as application, component, deployment and end-user segment level. The countries in North America section include the U.S. and Canada. The regions of Europe, Asia Pacific, Latin America, and Middle East & Africa have been briefly profiled at country level.
The countries include the U.K., Germany, France, Italy, China, Japan, India, Brazil, Mexico, the UAE, and South Africa. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the health care information systems market. The report also profiles major players in the health care information systems market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments.
Key Players Mentioned in this Report are:
Key companies profiled in the report include Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., athenahealth, Inc., and Medidata Solutions, Inc. GE Healthcare, Agfa- Gevaert, Epic Systems Corporation, Siemens Healthineers and NextGen Healthcare Information Systems, LLC.
The global healthcare information systems market has been segmented as follows:
Global Healthcare information Systems Market, by Application
- Hospital Information Systems
- Electronic Health Record
- Electronic Medical Record
- Real-time Healthcare
- Patient Engagement Solutions
- Population Health management
- Pharmacy Information systems
- Prescription Management
- Automated Dispensing Systems
- Inventory Management
- Laboratory Information systems
- Medical Imaging Information System
- Radiology Information systems
- Monitoring Analysis Software
- Picture Archiving & Communication Systems
- Revenue Cycle Management
Global Healthcare information Systems Market, by End-user
- Diagnostics Centre
- Academic and Research Institution
Global Healthcare information Systems Market, by Component
Global Healthcare information Systems Market, by Deployment
- On Premise
Global Healthcare information Systems Market, by Geography
- North America
- Asia Pacific
- Australia & New Zealand
- Rest of APAC
- Rest of Europe
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa