Global Healthcare Information Systems market to grow rapidly till 2018
A healthcare information system is an integrated system designed for capturing, storing, managing, and transmitting information related to the healthcare of individuals. It collects data from the Healthcare and other relevant sectors, analyzes these data, ensures their overall quality, relevance, and timeliness, and converts the data into information for health-related decision making. It improves efficiency by enabling end-users to make informed decisions regarding the healthcare of an individual. Globally, an aging population is driving the demand for healthcare information systems.
The Global Healthcare Information Systems market is expected to witness rapid growth during the period 2013-2018. In 2013, the majority of the market revenue was generated from the Americas, followed by the EMEA and APAC regions. The demand for healthcare information systems and solutions primarily comes from private hospitals, government hospitals, and diagnostic Centers/testing labs. The overall market is expected to grow at a CAGR of 7.44 percent during the forecast period.
The Global Healthcare Information Systems market was valued at US$27.14 billion in 2013 and is expected to reach US$38.86 billion by 2018, growing at a CAGR of 7.44 percent. Globally, an increase in the aging population is driving the growth of the market.
The growth of the Global Healthcare Information Systems market is driven by many factors. One of the major drivers in this market is the rising demand for advanced healthcare monitoring systems. EMR systems provide advanced monitoring, enabling doctors and patients to access high-quality healthcare information from anywhere. This results in faster access to healthcare information and reduces medical errors, reducing costs for healthcare providers. Another key driver contributing to the growth of this market is the need to comply with government healthcare regulations.
Despite the presence of several drivers, the growth of the Global Healthcare Information Systems market is hindered by some serious challenges. One of the key challenges in this market is the lack of experienced professionals. Skilled professionals are required for the deployment of healthcare information systems, which makes it an expensive process. The system is complex too and needs rigorous training without which it becomes difficult for users to operate. Another major challenge in this market is the security risks related to confidential patient data.
Despite the presence of major challenges, the Global Healthcare Information Systems market is expected to witness rapid growth because of some emerging trends that could exert a positive influence on the market during the forecast period. One such trend is an increase in the adoption of mobile devices. The market is witnessing high demand for mobile solutions, enabling healthcare organizations to increase their efficiency and reduce the cost of deploying valuable resources in their IT infrastructure. Another trend witnessed in the market is an increase in patient-centric healthcare information systems. Therefore, the combined effect of the various trends and drivers is expected to propel the growth of the Global Healthcare Information Systems market during the forecast period.
Healthcare Information Systems Market Trends
Some of the major trends in the Global Healthcare Information Systems market are;
- Increase in Adoption of Mobile Devices
- Increase in Patient-centric Healthcare Information Systems
- Increase in Demand for Advanced Analytics Tools
- Increased Automation in Healthcare Organizations Market Trends