The global healthcare information systems market has gained popularity as medical sciences become increasingly inclusive of various modes for management of information systems. The most prominent trend that is expected to transcend in the market is of mergers and acquisitions. This is because the entire host of market players wants to establish and widen its geographical presence across the globe which can be attained by effective mergers and acquisitions. Moreover, the top players in the market held 26% of the total market share in 2015, as estimated by TMR, which sheds light on the market dynamics. The supremacy of the differing product portfolios of these companies is expected to give them a solid boost in the coming years.
The research report by TMR envisages various magnitudes to gauge the trajectory of market growth. The market for healthcare information systems is expected to be valued at US$448 bn by the end of 2024 as against a value of US$192 bn in 2015. This growth is projected to take the CAGR to 10.1% over the period from 2016 to 2024. Amongst various end users, hospitals are poised to lead this segment and are expected to reap a CAGR of 11.1% over the forecast period of 2016-2024. On a geographical footing, North America is expected to acquire a prominent market share of 36.6% by the end of 2024, thus, making it the leading regional segment.
Digitalization of Healthcare Processes Bolsters Market Growth
As the medical circles become wary of precision and accuracy, there is a pressing need to induct systems that minimize the instance of medical error arising out of manual flaws. The government has placed increased impetus on the need for digitalizing medical processes to consolidate medical infrastructure and improve the quality of treatments. It is important for hospitals, medical practitioners, and healthcare units to keep a track of patients’ past illnesses in order to effectuate better treatment of current illnesses. This calls for swift information systems within the framework of these entities, thus, proliferating the demand within the market. Moreover, the various diseases can be scrutinized due to the ease of obtaining patient history, and the surveillance could be paced up once a healthcare unit becomes acquainted with information system units. Manual records are bound to be faulty and erroneous which could pose a high risk of adversities upon patients’ health. The prescription of medicines becomes more effective when correct medical history is obtained via the information systems. Another important standpoint that aids the market is the ability of these systems to reduce the costs incurred due to manual paper work and excessive labor.
High Installation- and Post-Installation Costs Could Inhibit Market Growth
The initial cost of installing the information systems across the healthcare units or personal spaces is immensely high, which often discourages the use of these systems. The small-size healthcare units along with the ones that are new in the healthcare business cannot afford to invest huge amounts in information systems. This takes a large chunk of consumer base away from the market and alleviates the growth prospects. Moreover, the maintenance costs incurred after successfully employing these systems are also substantially and include hardware replacement, software upgradation, and other repairs at regular intervals. Cyber security is also a matter of concern wherein patients’ medical information is at the risk of being intruded, which further obstructs the market. Despite these challenging restraints, the increasing government expenditure on healthcare, especially in the North American region, is expected to continue harnessing stupendous results for the market.
The review is based on TMR’s report titled, “Healthcare Information Systems Market (Application - Hospital Information Systems (Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solutions, and Population Health Management), Pharmacy Information Systems (Prescription Management, Automated Dispensing Systems, and Inventory Management), Laboratory Information Systems, Medical Imaging Information System (Radiology Information Systems, Monitoring Analysis Software, and Picture Archiving and Communication Systems), and Revenue Cycle Management; Deployment - Web-based, On Premise, and Cloud-based; Component - Software, Hardware, and Services; End User - Hospitals, Diagnostics Centre, and Academic and Research Institution) - Global & North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
The Market is segmented along the following lines:
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
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