Published: Nov, 2016
Nextgen Healthcare Information System, Inc., Philips Healthcare, GE Healthcare, and the McKesson Corporation have been the leaders in the global healthcare information systems market so far. Nextgen, despite showing a very low presence in too many regions, is showing an extremely high revenue generation in healthcare information systems.
According to a research report released by Transparency Market Research, the intensity of competition within the global healthcare information systems market is expected to remain medium over the coming years. With a medium level of product differentiation and a very low awareness of brand identity, the report shows expectations of the rivalry staying medium till 2019.
The global market for healthcare information systems is expected to reach US$53.25 bn by the end of 2019. This revenue is expanding at a CAGR of 7.1% within a forecast period from 2013 to 2019 and is predicted to reach US$43.10 bn by the end of 2016. Hospital information systems has been the leading application segment in the healthcare information systems so far. By the end of 2019, this segment is expected to generate up to US$33.73 bn in revenue. Meanwhile, laboratory information systems is expected to become the leading application segment in terms of growth rate. It is projected at an impressive CAGR of 8.4% from 2013 to 2019.
By the end of 2019, North America is expected to generate a revenue of US$18.55 bn in the global healthcare information systems market. It is currently the leading region in this market and is expected to continue leading it for the years to come.
High Demand for Efficient Healthcare Facilities Propels Healthcare Information Systems Growth
“The global population is not only increasing at an alarming rate, but so is the percentage of the elderly in the world. The geriatric demographic – with their higher susceptibility to diseases and a lower regenerative capability – are therefore the leading demographic that demands for better healthcare solutions and facilities. This is directly augmenting the global healthcare information systems market,” states a TMR analyst.
As per a release by the United Nations’ Department of Economic and Social Affairs a few years ago, between 2025 and 2030, the overall population of people above 60 years is expected to grow 3.5 times faster than what it is currently growing at. By 2050, the geriatric demographic in China, India and the U.S. are respectively expected to reach 437 mn, 324 mn, and 107 mn. This is a staggering number of people that are extremely prone to sickness and are more likely to require constant medical attention.
Lack of Skilled Labor Hinders Global Healthcare Information Systems Market
Healthcare information systems can be quite complex to handle for most medical personnel and therefore require the appointment of an expert or a healthcare IT professional, someone who can analyze the incoming data and transmit it as required. At the moment, expenditure in healthcare IT is much lower than what it needs to be to help this field develop at a satisfactory pace. Due to this, there is a severe lack of workers in healthcare information systems. This restraint, however, is expected to reduce significantly in severity over the coming years. As the healthcare industry shows a greater need for healthcare information systems, there will be greater investments in this field and it will consequently give rise to a larger workforce.
“Players in the healthcare information systems market can focus on one of its key opportunities: the provision of IT-enabled healthcare solutions for physicians. The structure of IT-enabled healthcare solutions is such that it can allow a doctor to remain in contact with the patient through multiple means in order to monitor them more efficiently. Additionally, the provision of web-based healthcare portals can add massive control for patients in terms of imparting better information and to ensure a smoother treatment process.
The information presented in this review is based on a Transparency Market Research report, titled, “Healthcare Information System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Key Segments of the Global Healthcare Information Systems Market
Market Segmentation based on Application Mode
- Hospital Information Systems
- Pharmacy Information Systems
- Laboratory Information Systems
Market Segmentation based on Delivery Mode
Market Segmentation based on Components
Market Segmentation based on Region
- North America
- Rest of the World
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