Healthcare Information Systems Market Outlook Key Analysis and Forecast by 2024

Despite a consolidated vendor landscape of the global healthcare information systems market, top players, namely Cerner Corporation, All Scripts, and McKesson held a moderate 26% of the market in 2015, says Transparency Market Research (TMR) in a new report. The diversified portfolio of these players is the key factor helping them maintain their dominant position. Mergers and acquisitions for expanding their geographical presence and for revenue gains indirectly is also the focus of several companies in this market, notes the report.

As per the research report, the healthcare information systems market is anticipated to be worth US$448 bn by 2024 increasing from US$192 bn in 2015 at a CAGR of 10.1% between 2016 and 2024.

North America to Continue Command in Market

This 226 page report gives readers a comprehensive overview of the healthcare information systems market. Browse through 48 data tables and 69 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/healthcare-information-system.html

The global healthcare information systems market is studied on the basis of component, application, end-user, deployment, and geography. By component, software is expected to continue to account for the leading share in the market. The increasing popularity of mobile applications for communication between patients and physicians is boosting the growth of software segment of the market. However, the hardware component segment is estimated to register a notable CAGR between 2016 and 2024.
In terms of end user, hospitals, diagnostics centers, and academic and research institutions are the segments of the healthcare information systems market. The segment of hospitals is expected to continue its lead until 2024 rising at a CAGR of 11.1% between 2016 and 2024. The need to store vast amounts of data and make them accessible to patients account for hospitals to display tremendous demand for healthcare information systems.

North America will continue to command accounting for 36.6% of the revenue of the healthcare information systems market by the end of the forecast period in 2024. The growing geriatric population combined with increasing incidence of chronic diseases are the key factors behind the growth of this regional market. Moreover, governments in the region are focused on healthcare reforms and allocating substantial budgets for implementing them.

North America is closely followed by Europe with Western Europe contributing the major revenue in the region. The soaring demand for improved healthcare and the need to integrate healthcare systems are driving the healthcare information systems market in this region. The rising awareness regarding the accuracy and reliability of technology-driven healthcare services is providing momentum to this regional market.

On the other hand, Asia Pacific is expected to register the leading CAGR over other regions during the review period. The rising geriatric population base susceptible to chronic diseases is leading to the increased adoption of modern healthcare systems for easy access to patient information. Improving healthcare infrastructure combined with increasing investments by healthcare IT companies is further bolstering the growth of this regional market.

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Need for Reliable Patient Record Keeping Drives Swift Uptake of Healthcare Information Systems
Several governments across the world are taking initiatives to digitize healthcare systems leading to the adoption of healthcare information systems. This is because patient records in digital format is easy to transfer for improved healthcare.

High cost involved in the purchase and installation of healthcare information systems and cost of training technicians to use these systems is discouraging several end users from adoption them.
The review presented is based on the findings of Transparency Market Research report, titled “HealthCare Information Systems Market (Application - Hospital Information Systems (Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solutions, and Population Health Management), Pharmacy Information Systems (Prescription Management, Automated Dispensing Systems, and Inventory Management), Laboratory Information Systems, Medical Imaging Information System (Radiology Information Systems, Monitoring Analysis Software, and Picture Archiving and Communication Systems), and Revenue Cycle Management; Deployment - Web-based, On Premise, and Cloud-based; Component - Software, Hardware, and Services; End User - Hospitals, Diagnostics Centre, and Academic and Research Institution) - Global & North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Healthcare Information Systems Market Trends And Opportunities For The Industry By 2024

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%.

This 226 page report gives readers a comprehensive overview of the healthcare information systems market. Browse through 48 data tables and 69 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/healthcare-information-system.html

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.”