India Healthcare IT Industry Revenue is expected to Reach over INR 22,600 crore by the year ending 2023: Ken Research

Key Findings
• The industry revenue for HIMS market is expected to increase at a CAGR of 10.9% during the period FY’2018-FY’2023, while the industry revenue for PIS services will increase at a CAGR of 10.2% during the same period.
• Hospitals, Clinics, Laboratories and Pharmacies offering Healthcare Services are the key focus areas for Healthcare IT industry.
• MIS (Medical Imaging Information System) will generate revenue at a highest CAGR of 14.5% during the period FY’2018-FY’2023.

Increasing usage of Hosted and Cloud Services in HIMS (Hospital Information Management System): The increasing number of elderly population has resulted in an increase in the number of out and in-patients. This has led to increased churn of medical records and patient data and underscores the imperative need for recording this data. Many hospitals usually prefer Hosted and Cloud services for their HIS integration. Cloud service is able to record huge amount of data when compared to on premise services and also they provide backup and regular updates of the software. It is expected that Private Hospitals will contribute highest revenue share of over 40.0% in the overall HIMS industry by FY’2023.
Increasing Number of Pharmacies: Rising government initiatives towards Healthcare and introduction of new pharmacies in the market will positively increase the demand for PIS solutions. Pharmacies utilize the PIS solutions for batching, sorting, real time inventory management and recording the data of medicines, billing and customer details.
In addition to this, it is anticipated that the number of Popular Chain Brands (Multi stores) will also increase, since these have multiple branches throughout India it will lead to rise in the usage of PIS. The PIS market will grow at a positive double digit CAGR of 10.2% during the period FY’2018-FY’2023E.

High Cost of IT Adoption: In future, hospitals which are moving from the conventional system to digital integration may have to initially invest significant amount of money, which will be a major challenge as many hospitals operating in the market do not want to incur this cost. The cost of moving the data into a private cloud is also very expensive along with the implementation of LIS, PIS and HIS. There has to be training sessions conducted for the employees and also investment in hardware which may add to the expenses, therefore it will negatively impact the healthcare IT market in India.
Analysts at Ken Research in their latest publication “India Healthcare IT Market Outlook to 2023 - By Hospital, Pharmacy, Medical Imaging and Laboratory Information Management Systems and by Delivery Mode (On Premise, Hosted and Cloud Mode), By Component and By End Users” believed that the Healthcare IT market in India will increase due to rising pharmacy retail outlets in the country, increasing per capita public expenditure on health and surge in the number of elderly population.
The market is expected to register a positive CAGR of 11.1% in terms of revenue during the forecast period FY’2018-FY’2023E.

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Key Segments Covered
HIMS
• By Delivery Mode
 On Premise
 Hosted and Cloud
• By Component
 Software and Services
 Hardware
• By End Users
 Private Hospitals
 Government Hospitals
 Clinics
PIS
• By Delivery Mode
 On Premise
 Hosted and Cloud
• By Component
 Software
 Services
• By End Users
 Popular Chain Brand
 Standalone

LIMS
• By Delivery Mode
 On Premise
 Hosted and Cloud
• By Component
 Software
 Services
• By End Users
 Chain Labs/Multispecialty Labs
 Standalone Labs
MIIS
• By Type
 PACS
 Radiology Information System
 Monitoring Analysis Software

Key Target Audience
• Healthcare IT companies
• Hospitals
• Clinics
• Pharmacies
• Path Labs
• Private Equity Firms
• Government Associations
• Investors

Time Period Captured in the Report:
• Historical Period: FY’2013-FY’2018
• Forecast Period: FY’2019-FY’2023E

Companies Covered:
HIMS
• Cerner Corporation
• Allscripts Healthcare Solutions
• Athenahealth
• Innovative Medisoft / MED-E-NOVA
• Birlamedisoft Pvt. Ltd.
• GTI Infotel

MIS
• Wipro
• Fujifilm
• Siemens Healthenieers
• SRIT (Shobha Renaissance IT Limited)
• Shrishti Software
• Telerad Tech
PIS
• Mckesson Corporation
• Logic Pharma Reatail
• Go Frugal Pharmacy Software

LIMS
• Thermo Fisher Scientific
• LabWare
• LabVantage Solutions
• NextGen Healthcare IT Solutions
• Caliber LIMS
• Vanuston (Medeil)
• Abbott Informatics/ Star LIMS

For more information, refer to below link:
https://www.kenresearch.com/healthcare/general-healthcare/india-healthcare-it-market-research-report/216651-91.html

https://www.kenresearch.ae/healthcare/general-healthcare/india-home-healthcare-market/186924-91.html

https://www.kenresearch.com/healthcare/general-healthcare/indonesia-healthcare-market/143541-91.html

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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This release was published on openPR.