The overall healthcare delivery model is experiencing an unprecedented advancement which is propelled by different initiatives, financial benefits and enhanced administrative efficiencies – all resulting in the evolution of healthcare information system technology. Several healthcare consulting organizations focus on assisting health providers through changes in healthcare delivery, most of which are empowered by IT services.
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Introduction to Healthcare Information System Market
Healthcare information system is a system that manages, stores, and transmits critical clinical information pertaining to the health of patients or work events of a health organization within the healthcare sector. Healthcare information systems are implemented to support the objectives of healthcare effectiveness, quality of care, and administrative deliveries. Due to the existence of IT services, healthcare providers can effortlessly collect, retrieve, store, and transfer their critical medical data electronically with effective point-of-care delivery, within low costs, and minimal time durations.
Healthcare information system market is continually adopting various healthcare IT solutions and with its promising advancements it has gracefully transformed from being paper-based healthcare system into a digitized HCIT market. HCIT provides clinicians the authorization to access patient data, transform files, and make crucial decisions in the best possible manner. These systems have reduced the administrative fuss of wielding patients’ documents and information and streamlined all the processes in the medical field. This, by far, has been the most modest transformation in the healthcare industry in the past decade.
Globally, increase in the geriatric population is playing a crucial role in the demand of healthcare information system market. The aging population has less regenerative abilities and is certainly more susceptible to suffering from sickness, diseases, and syndrome. However, the market also witnesses a handful of various other factors that have led in the growth of the HCIT market. The consecutive paragraph confers the key market drivers, as well as inhibitors performing in this market.
Market Drivers and Inhibitors
Some of the additional key driving factors identified by this market are rising healthcare cost, growing need for integrated healthcare systems, government initiatives including, (pay-for-performance (P4P) program, e-health, health connect, etc.), rise in chronic disorders, financial support from the U.S. government, and increasing investments by healthcare IT players. Moreover, in attempt to reduce medical errors related to maintaining medical documents there has been a rise in the adoption rate of computerized physician order entry (CPOE) that is likely to fuel the growth of this market in the future.
On the contrary, market restraints and risks are substantial. Lack of experienced professionals, interoperability issues, open source software instead of direct software revenues, and high maintenance & service expenses are major disruptors in this market.
Over the last few decades, some technological advances in IT have facilitated enhanced management, gathering, processing, and distribution of data, all achieved by patient consent and monitoring of performance. Also, heavy investments from private and government market players and speedy advancements in the healthcare information system market makes this industry one of the most dynamic industries across the globe.
In the segment of geographic analysis, North America is entitled to be the largest healthcare information systems market with a revenue share of 52.1%. This is due to the presence of high healthcare costs and state-of-the-art healthcare infrastructure facilitating the implementation of healthcare information systems in this region.
Successive to North America, Europe accounted to be the next highly grossing market in terms of market share in 2012. It was valued at $ 11.0 billion in 2012. Additionally, the Asia Pacific healthcare IT market is estimated to increase at the fastest CAGR of 17% in the forecast period. Some of the other rapidly growing markets for healthcare information systems are India, China, Japan, Russia, and the U.S.
Nevertheless, the global healthcare information system market, already substantial, was valued at $ 35.1 billion and is expected to grow at a CAGR of 7.1% in the forecast, 2013 to 2019. By 2019 estimates suggest that it will reach an estimated value of $ 53.2 billion.
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