Global Healthcare Information Systems Market: Efforts to Digitize Records Spark Demand, notes TMR

The numbers emerging from the global healthcare information systems market could put the scope of opportunities in the market in a clearer perspective. This market was recorded at US$35.1 bn in 2013 and is expected to grow at a high rate till 2019, when it is projected to be valued at US$53.2 bn. To achieve this, the global healthcare information systems market should be expanding at a CAGR of 7.1% from 2013 to 2019. For a market that was already of a substantial size, this growth rate shows the promise of positive opportunities that perhaps even new entrants might find interesting.

From a player perspective, the global healthcare information systems market is being consistently led by GE Healthcare. It is also being spearheaded by names such as McKesson Corporation, Siemens Healthcare, Cerner Corporation, Epic Systems Corporation, and Philips Healthcare, among a few others. These are the names that other competitors need to pay attention to in order to make a mark in the global healthcare information systems market.

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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%.

Need to Reduce Errors and Costs Ensures Swift Uptake of Healthcare Information Systems

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.

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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.”

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