The leading players in the global healthcare information systems market are Cerner Corporation, McKesson, and All Scripts. Collectively, these players held a share of 26% in the global market in 2015, states Transparency Market Research. The diversified portfolio of these companies is expected to help them maintain a lead in the coming years. Several companies in the global healthcare information systems market are expected to focus on increasing geographical presence through mergers and acquisitions to increase their revenues.
According to the research report, the global healthcare information systems market is expected to reach a valuation of US$448 bn by the end of 2024 as compared to US$192 bn in 2015. During the forecast years of 2016 and 2024, the global market is expected to expand at a CAGR of 10.1%.
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North America Poised to Acquire a Share of 36.6% by 2024
The end users in the global market are hospitals, academic and research centers, and diagnostic centers. The report indicates that hospitals are expected to key users of healthcare information systems by the end of 2024. This end-user segment is projected to expand at a CAGR of 11.1% between 2016 and 2024. The increasing adoption of healthcare information systems in hospitals for storing a large amount of information and making it easily accessible to physicians is expected to boost the demand.
In terms of geography, the global healthcare information systems market is segmented into North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe. Of all these regions, North America is expected to dominate the global market in the coming years. This regional market is slated to acquire a share of 36.6% in the overall market by the end of 2024. Asia Pacific too is expected to offer the healthcare information systems market a significant boost in the near future.
Need to Reduce Errors and Costs Ensures Swift Uptake of Healthcare Information Systems
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Growing number of government initiatives to digitize healthcare systems has led to the adoption of healthcare information systems. These systems are aimed at achieving an accurate analysis of the health of the patient by maintaining the records about patient’s disorders or diseases in an organized manner. Over the years, the usage of healthcare information systems has allowed improved the quality of medical assistance provided to the patients along with improving disease surveillance. These systems have also enabled reduction of medication error. The market for healthcare information systems is also expected to be fueled by the growing need to cut down on healthcare costs that are associated with paperwork and maintenance of physical records.
High Cost of Investments and Maintenance Likely to Discourage Growth of Global Market
The high cost of investments in such as purchasing the systems, installing them, and the cost training labor to use them is discouraging many end users from adoption the new-age healthcare information systems. The maintenance cost of these systems includes software upgradation, hardware replacement, and support. Thus, all of these factors are acting as a major restraint for the global market. The report also points that concerns pertaining to cyber security are also likely to hamper the growth of the overall market in the coming years. Lastly, issues related to integration and interoperability are also likely to hold the market back to a noticeable extent.
This review is based on Transparency Market Research’s report, titled “Healthcare Information Systems Market – Global & North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”