The global healthcare information systems market has witnessed impressive growth over the years since their launch, and presently, there has been a noticeable rise in adoption of healthcare information systems world over. The report states that the global healthcare information systems market is expected to be worth US$44.8 bn by the end of 2024 as against US$19.2 bn in 2015. Between 2016 and 2024, the global market is expected to surge at a CAGR of 10.1%.
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Continued increase in the cost of health care products and services over last few years has forced the health care institutions to adopt health care IT systems in order to curb the ever rising cost. About 30% of the healthcare cost is due to clinical insufficiencies. Advancements in healthcare information systems have led to the significant growth of the market in the recent years. Use of healthcare information systems in medication management, electronic prescribing, intelligent wearable technologies to curb lifestyle diseases, and smart robots to automate repetitive tasks are expected to significantly reduce health care costs and hence contribute towards the growth of this market.
Furthermore, increasing government initiatives and growing healthcare expenditure across the world will further propel the market during the forecast period. Governments across the world are increasing their spending to provide better health care services. For instance, an analysis based on preliminary government data by the Centers for Medicare & Medicaid Services revealed that health care spending in the U.S. increased by 5% in 2014 as compared to 3.6% in 2013.
Hospital Information Systems to Lead Global Market as Demand for Organized Data Increases
The global health care information systems market has been estimated on the basis of application, components, deployment and end users. On the basis of application, hospital information systems market is projected to lead the market in terms of revenue and continues to dominate the market during the forecast period. Factors such as high adoption rate and improved efficiency are contributing to the leadership position of hospital information system segment. On the basis of deployment, web-based systems are expected to account for the largest market share in terms of revenue due to increase in demand for easy access to data at any point of time from any device.
North America Emerges as Dominant Region in Global Market
Geographically, healthcare information systems market has been segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa. North America held the largest share of 38.4% of the global healthcare information systems market in terms of revenue in 2015 followed by Europe. Rising patient population, presence of major players, and well-structured distribution channel are driving the growth of these regions. Asia Pacific was the third largest market for healthcare information systems, the region is expected to register the fastest CAGR during the forecast period. Large untapped opportunities, improving health care infrastructure, increasing prevalence of chronic diseases, expansion of market players, and in the region would contribute to the market growth.
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The key players operating in the global healthcare information systems market are Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., athenahealth, Inc., and Medidata Solutions, Inc. GE Healthcare, Agfa- Gevaert, Epic Systems Corporation, Siemens Healthineers and NextGen Healthcare Information Systems, LLC.
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