According to a leading market study on Healthcare Information System (Web Based Technology, On-premise Technology and Cloud Based Technology Component Based- Hardware, Software and Services) Market, the global healthcare information systems market was valued at $35.1 billion in 2013 and is expected to grow at a CAGR of 7.1% from 2013 to 2019. It will reach an estimated value of $53.2 billion in 2019.
Healthcare Information Systems Market Overview
With rapid industrialization and expansion in healthcare technologies, the adoption of cloud computing and wireless systems is constantly on the rise. These aspects are resulting in reduction of operational costs.
Health information systems (HIS) are among the efficient healthcare systems that stores, captures, manages or transmits critical information related to the health of patients working within the health sector. The increasing cost of delivering such healthcare services to the patient healthcare community boosts the demand for these systems in the global market. Today, the healthcare industry offering such services has evolved as one of the leading industries with significant amount of dollars spent within the private and public sector.
The number of patients that availed the healthcare monitoring systems was around 2.8 million in 2012, globally. Accordingly, by 2014, approximately 5.7 million patients are estimated to use wireless medical devices for health treatments. The overall growth rate for home health systems is predicted to rise to 26.9% in the forthcoming years.
Impact Analysis of Market Drivers
As healthcare information systems are maintained with client-server planning for networking and processing, these systems ensure thorough collection and exchange of critical patient information between labs, hospitals, or clinics. Such ease of operation has made it possible for treatments to be done at home without major hassles, resulting in the rise of demand for HIS in the global market.
Moreover, rise in aging population, healthcare costs, prevalence of different fatal diseases including coronary heart diseases and cancer, rising need for integrated healthcare system, and high investments by healthcare IT players are some of the key factors propelling the healthcare information systems market. Governments and healthcare service providers are also adopting the healthcare information systems to meet different medical purposes and the rising needs in a cost-effective manner.
Nevertheless, the market is bound to experience some key restraints due to high maintenance and service costs, lack of trained and skilled professionals, and interoperability issues associated with the growth of global market for healthcare information systems.
The hospital information system is considered as the largest application segment expected to grow at a CAGR of 6.9% in the forecast period.
Healthcare Information Systems Market – By Application
Based on delivery mode, the global market is classified into on-premise technology, web based technology, and cloud based technology. However, considering the market analysis on the basis of application, the laboratory information system segment consumes the highest market share globally. This segment is expected to grow at a CAGR of 7.7% during 2013 – 2019.
Healthcare Information Systems Market – By Geography
Presently, North America leads the global market for HIS, followed by other European regions. In the segment of geographic analysis, the report also identifies and analyses market forecast for other regions including Asia Pacific and Rest of the World (RoW). Asia is predicted to rise in terms of growth due to high demands for these systems in India and China.
Japan, India and China are remarkably the fastest growing markets today. The North American region covers market scenario of the U.S., whereas, the European region covers the U.K., France, and Germany regions.
High demands for healthcare information systems are seen across all the above regions owing to factors like increase in incidence rate of various chronic diseases such as diabetes, chronic pain and ever-expanding growth in aging population.
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