Hospital Information Systems Market Demand And Trends Till 2021

Healthcare sector has become more data driven and evolved into a complex system that provides better medical service, while maintaining low expenses and minimal error rate. Integration of routine hospital processes with software systems has allowed automation to reduce human involvement and time to provide care. Hospital management systems or hospital enterprise resource planning systems have enabled efficient hospital management. The global hospital information systems market has been segmented into patient scheduling and management, inventory management, pharmacy and laboratory management software, radiology information systems, clinical data repository management software, hospital administration and human resource software. These software are widely used by hospitals, physicians, diagnostic laboratories, pharmacies, and blood banks.

Hospital information systems help in streamlining hospital processes, and also enable integration of various departments for centralized management. Regulatory agencies have also become demanding in terms of data in digital form. Public and private insurance providers are also relying on digitized data for endorsements and ratings. Information and technology integration also helps in reducing staff requirement, thus contributing to cost efficiency. With the help of hospital information systems, hospitals can effectively manage inventory of most critical medical devices, and frequently prescribed pharmaceutical drugs. Claim submission, billing and out-patient management become swift and error free with these systems in place. These systems also allow better audit controls and help in compliance with stringent policies and guidelines laid down by regulatory agencies. These merits have been driving the global hospital information systems market.

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According to Centers for Disease Control and Prevention (CDC) visits to physician office increased from over 800 million in 2000 to over 900 million in 2012. In the U.K. 1.64 million hospitals were recorded in 2010 which increased to 1.69 million in 2013. Such rise in patient visits is a direct result of increasing prevalence of critical diseases such as cancer, diabetes, cardiovascular diseases, respiratory diseases, and due to aging population. Considering these factors, percentage increase in patients visiting hospitals is expected to grow rapidly in the future. Hence hospitals would require efficient systems to manage such huge amount of data. Efficient integration of other technologies such as RFID in inventory management, real-time location systems (RTLS), and wireless patient monitoring devices requires digitization of hospital systems which can be leveraged through hospital management systems.

Currently the hospital information systems market is fragmented, largely dominated with local software development companies. These companies usually serve large customer base from various industrial sectors. Companies are also engaged in developing customized software for larger hospitals. With growing acceptance of healthcare information systems, maintaining data security has become crucial for hospitals and other medical service providers. Although North America and Europe lead the current market, Asia Pacific region is expected to grow to a considerable size during the forecast period.

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