According to a report by Transparency Market Research (TMR), the
global healthcare information systems market is anticipated to
increment at a CAGR of 10.1% over the forecast period from 2016 to
2024, for the market to become worth US$448 bn by the end of 2024.
The opportunities in the market translated into a revenue of US$192
bn in 2015. Among the key end users, the hospitals segment is poised
to lead the market expanding at an 11.1% CAGR over the 2016-2024
forecast timeframe. By component, software will continue to rake in
the lion’s share in the healthcare information systems market over
the report’s forecast period. Geography-wise, North America will
continue to hold supremacy in the healthcare information systems
market until 2024.
On the downside, high initial set up cost of healthcare information
systems is limiting their adoption among large well-established
healthcare centers. Small-sized hospitals and new physician practices
are unable to invest huge sums in healthcare information systems.
This reduces the consumer base substantially to alleviate the
market’s growth prospects.
Apart from this, maintenance cost involved post installation, which
includes hardware replacement, software upgrade, and regular repair
is also substantially high. Last but not the least, the risk of loss
of critical patient information during transmission over the Internet
is inhibiting the adoption of electronic health information systems.
Despite these challenges, increasing government expenditure for
improved healthcare, especially in North America, will continue to
provide immense growth opportunities to this market.
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With the mounting volume of patient information, digitalization of
medical processes and medical systems has become a necessity. The
entire medical fraternity is favoring the adoption of electronic
systems that minimize the chance of errors due to manual flaws and
provide the highest degree of accuracy for patient monitoring.
Several governments worldwide are supporting the transition from
manual to digital medical systems to improve the quality of patient
care.
Electronic healthcare information offers numerous advantages.
Physicians, medical practitioners, and health caregivers can have
access to patient past medical records in no time to help them plan a
line of treatment that will work best for current illness. This calls
for reliable and swift information systems within the working set-up
of these entities, thus, boosting the market. Another important
factor boosting the adoption of healthcare information systems is a
substantial drop in cost due to manual paperwork and deployment of
human labor at various touch points.
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Lastly, electronic healthcare information serves to aid patient to
follow medication and supplementary therapy as prescribed, leaving
less room for missed medicines.
The global healthcare information systems market is marked by the
presence of some big shot companies that dominate this market. The
top companies, however, held a meager 26% of the overall market in
2015. This reflects the high degree of fragmentation in the market
due to the presence of small players. A notable trend observed in the
market is mergers and acquisitions. Leading companies are
strategizing for mergers and acquisitions that will help them
penetrate into small markets and expand their geographical presence.
This, in turn, will result in the expanded product portfolio of top
players to help them further bolster their position and make the
market somewhat consolidated.
Some of the prominent companies in the global healthcare information
systems market are McKesson Corporation, Athenahealth Inc., Medidata
Solutions Inc., GE Healthcare, Epic Systems, NextGen Healthcare
Information Systems LLC, Cerner Corporation, Allscripts Healthcare
Solutions Inc., Agfa-Gevaert, and Siemens Healthineers.
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