Health Care Information Systems Market - Snapshot
The healthcare information systems market has progressed from being in a nascent phase in the 80s to a thriving market in recent years due to quicker adoption rates of healthcare information systems and demand for them from large as well as smaller health care organizations. Digitization of health care records has created a far more informed, innovative, and personalized care paradigm. Digitized records enable physicians to recognize warning signs for individuals who are on the edge of major health issues, thus preventing expensive treatments and hospitalizations. Health care information technology has been shown to improve the quality to care management by enhancing disease surveillance, increasing adherence to guidelines, and decreasing medication error. The global health care information systems market has expanded rapidly over the years, and there has been a noticeable rise in adoption of health care information systems in recent times. Continued increase in the cost of health care over the last few years has forced health care institutions to adopt health care IT systems in order to cut costs. About 30% of the health care costs arise due to clinical insufficiencies. The global health care information systems market was valued at US$ 227,021.4 Mn in 2017 and is anticipated to reach US$ 521,682.6 Mn in 2026.
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Advancements in health care information systems have led to significant expansion of the market in recent years. Use of health care information systems in medication management, electronic prescription, intelligent wearable technologies to curb lifestyle diseases, and smart robots to automate repetitive tasks is expected to significantly reduce health care costs and boost the market. In addition, rise in government initiatives and increase in health care expenditure across the world are anticipated to 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.
The global health care information systems market has been segmented based on application, component, deployment, end-user, and region. In terms of application, the health care information systems market has been classified into hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information systems, and revenue cycle management. The hospital information systems segment has been further divided into electronic health records, electronic medical records, real-time health care, patient engagement solutions, population health management, and others. The pharmacy information systems segment has been further categorized into prescription management, automated dispensing systems, inventory management, and others. The medical imaging information systems segment has been further divided into radiology information systems (RIS), monitoring analysis software, picture archiving communication systems (PACS), and others. Based on application, the hospital information systems segment is projected to dominate the market during the forecast period. Factors such as high adoption rate and improved efficiency are contributing to the leading position of the hospital information system segment. Based on deployment, the health care information systems market has been segmented into web based, on premise and cloud based. In terms of deployment, the web based system segment is expected to account for a prominent market share in terms of revenue due to increase in demand for easy access to data at any point of time from any device. Based on component, the health care information systems market has been segmented into software, hardware and services. Based on end user the market is segmented into hospitals, diagnostics centre, academic and research institution and others.
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Based on region, the global health care information systems market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America held a prominent market share of the global health care information systems market in terms of revenue in 2017 due to increasing government initiatives to promote usage of health care information systems and presence of a large number of prominent players in this region. For instance, The Health Information Technology for Economic and Clinical Health (HITECH) Act, enacted as part of the American Recovery and Reinvestment Act of 2009, was introduced to promote the adoption and rational use of health information technology. Moreover, many leading vendors are headquartered in North America, where they have a higher share of product sales. Emerging markets in Asia Pacific hold immense growth potential due to factors such as rising prevalence of chronic diseases, increasing government initiatives, and increase in health care infrastructure.
Market players operating in the health care information systems market include McKesson Corporation, GE Healthcare, Siemens Healthineers, Epic Systems Corporation, Allscripts Health Care Solutions, Inc., athenahealth, Inc., Agfa-Gevaert N.V., Cerner Corporation, NextGen Health Care Information Systems, LLC, and Medidata Solutions, Inc.
Outbreak of Covid-19 to Boost Healthcare Information Systems Market
The healthcare information systems market has made advancement from being in an embryonic stage in the 1980s to a flourishing one recently. High rate of adoption of healthcare information systems, increased demand for healthcare information systems from large and small health care organizations are expected to boost the market.
Like all other sectors, digitization of health care records has generated more personalized, innovative, and informed care paradigm. Digitized records help physicians to identify warning signs for people who are on the verge of some serious health issues. As such, digitization prevents hospitalizations and expensive treatments. Health care information technology has proved to be useful in improving the quality of care management by bettering surveillance of disease increasing, decreasing medication error, and adherence to guidelines.
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Outbreak of Covid-19 across the globe is likely to accelerate growth of the global health care information systems market. With a massive number of Covid-19 patients pouring into the hospital every day worldwide, it has become necessary to keep a track and records of those patients. Rapid spread of Covid-19 necessitates the use of health care information system for better and smooth functioning of healthcare sector.
Technological Progress in the Healthcare Sector to Accelerate Market Growth
Progress in the health care information systems has resulted in substantial growth of the global healthcare information systems market in the last few years. Utilization of intelligent wearable technologies, electronic prescribing, and medication management to check lifestyle-related diseases are expected to fuel the global healthcare information systems market. Usage of smart robots to perform repetitive tasks will lessen healthcare costs, which will boost the market.
Government through various initiatives supports increased adoption of IT solutions and products in healthcare. Along with that, increased needs to curb rising healthcare costs are further anticipated to propel the global health care information systems market over the forecast period.
In terms of revenue, North America accounted for a substantial market share of the global health care information systems market because of technological advancements, introduction of health care reforms, and high adoption of health care information systems in private and public hospitals.
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