The deepening interest in integrated healthcare systems will benefit the global healthcare information systems market, leading it to achieve a compounded annual growth rate (CAGR) of 7.1% between 2013 and 2019, says Transparency Market Research in its latest report. The report, titled ‘Healthcare Information System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2019’ states that the market, will reach US$53.2 billion by 2019, growing strongly from its 2013 value of US$35.1 billion. The growth of the market is also propelled by an increase in the healthcare costs.The other market forces pinned down by the report are: An expansion in the aging population base, supportive government initiatives, and higher investments by companies in the healthcare IT market. In contrast, aspects that will impede the growth of the healthcare information systems market are identified as: A dearth of skilled and experienced professionals, high investment and maintenance costs of healthcare informatics, and interoperability glitches.
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Even as companies in the market try to address and alleviate the drawbacks of healthcare informatics, there are some remunerative opportunities that are already on the horizon. The foremost among these is wireless and cloud technology for healthcare informatics. These developments are the result of a paradigm shift from manual processes to computerized and automated processes. The burgeoning adoption of electronic health records and the growing use of mobile devices for monitoring and alerts is expected to create promising avenues for the growth of the healthcare information systems market.
An external trend that directly impacts the growth rate of the global healthcare information systems market is the increasing adoption of home health monitoring systems – the use of such systems was estimated to be 2.8 million in 2012. Wireless medical devices, too, are soon become a healthcare standard. Research studies state that in 2014, about 5.7 million patients were monitored via wireless medical devices.The report segments the healthcare information systems market by application mode as: Pharmacy information system, hospital information system, and laboratory information system. The largest among these is the hospital information systems segment, pegged to expand at a CAGR of 6.9% from 2013 to 2019. Likewise, by delivery mode, the market is classed as: On-premise technology, web-based technology, and cloud technology. The report also segments the healthcare information systems market by components as: Hardware, software, and services.
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On the basis of geography, the healthcare information systems market is classified as North America, Asia, Europe, and Rest of the World (RoW).While North America is the global leader in the healthcare information systems market, Asia will report the healthiest rate of growth over the report’s forecast period, say TMR analysts. The Asian healthcare information systems market will benefit from developments in India, China, and Japan, whereas in North America, the United States will continue to fuel the market’s progress.The competitive landscape of the healthcare information systems market is still in a phase of change and growth, but is currently dominated by GE Healthcare. The other players that have an appreciable share in the market’s revenue are McKesson Corporation and Philips Healthcare.
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