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.
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.
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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 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.
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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.
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