According to a new market report published by Transparency Market Research "Healthcare Information System Market (Application Based- Hospital Information system, pharmacy Information System and Laboratory Information System; Delivery Based- Web Based Technology, On-premise Technology and Cloud Based Technology; Component Based- Hardware, Software and Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global Healthcare Information System market was valued at USD 35.1 billion in 2013 and is expected to grow at a CAGR of 7.1% from 2013 to 2019, to reach an estimated value of USD 53.2 billion in 2019.
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Globally, rising healthcare cost is playing a major role in increasing the demand for healthcare information system. As a result, the market for healthcare information system is expected to grow at a CAGR of about 7.1% during 2013 - 2019.
Some of the key driving factors for the healthcare information system market are aging population, rising healthcare cost, rising government initiatives, rising need for integrated healthcare system and rising investments by healthcare IT players. However, the market faces some restraints such as lack of experienced professionals, high maintenance cost and service expenses and interoperability issues. The healthcare information system market is also witnessing shift from manual process to computerized process. Wireless and cloud technology, patient-centric healthcare information system, use of mobile devices, adoption of electronic health record and geographic expansion by leading players in developing countries are major trends in the market.
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North America has the largest healthcare information system market and Asia is the fastest growing healthcare information system market. Some of the fastest growing markets for healthcare information system are China, India, Japan and the U.S.. Adoption of wireless and cloud computing is constantly on the rise, which is resulting in reduction in operational costs. For instance, the number of patients who used home health monitoring systems was about 2.8 million in the world in 2012. The growth rate is projected to increase to 26.9% in the near future. Similarly, about 5.7 million patients are expected to be monitored with a wireless medical device in 2014.
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Hospital information system is the largest application based market and it is expected to grow at a CAGR of about 6.9% during 2013 - 2019. Based on delivery mode, the market can be classified into web based technology, on-premise technology and cloud based technology market for healthcare information system. Aging is considered as one of the main factors which causes rise in healthcare information system market. Older people have less regenerative abilities and are more prone to disease, syndrome and sickness. By 2025-2030, the population over 60 years is expected to start growing 3.5 times as rapidly as the total population growth.
GE Healthcare is the leading player in the hospital information system market. Other major players of healthcare information system market include Philips Healthcare, McKesson Corporation and others.
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