Healthcare Information Systems Market is Projected to Reach a Valuation of US$ 448 Billion by 2024

The global healthcare information systems market is marked by the presence of some big shot companies that dominate this market. The top companies, however, held a meager 26% of the overall market in 2015. This reflects the high degree of fragmentation in the market due to the presence of small players. A notable trend observed in the market is mergers and acquisitions. Leading companies are strategizing for mergers and acquisitions that will help them penetrate into small markets and expand their geographical presence. This, in turn, will result in the expanded product portfolio of top players to help them further bolster their position and make the market somewhat consolidated.

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Some of the prominent companies in the global healthcare information systems market are McKesson Corporation, Athenahealth Inc., Medidata Solutions Inc., GE Healthcare, Epic Systems, NextGen Healthcare Information Systems LLC, Cerner Corporation, Allscripts Healthcare Solutions Inc., Agfa-Gevaert, and Siemens Healthineers.

According to a report by Transparency Market Research (TMR), the global healthcare information systems market is anticipated to increment at a CAGR of 10.1% over the forecast period from 2016 to 2024, for the market to become worth US$448 bn by the end of 2024. The opportunities in the market translated into a revenue of US$192 bn in 2015. Among the key end users, the hospitals segment is poised to lead the market expanding at an 11.1% CAGR over the 2016-2024 forecast timeframe. By component, software will continue to rake in the lion’s share in the healthcare information systems market over the report’s forecast period. Geography-wise, North America will continue to hold supremacy in the healthcare information systems market until 2024.

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With the mounting volume of patient information, digitalization of medical processes and medical systems has become a necessity. The entire medical fraternity is favoring the adoption of electronic systems that minimize the chance of errors due to manual flaws and provide the highest degree of accuracy for patient monitoring. Several governments worldwide are supporting the transition from manual to digital medical systems to improve the quality of patient care.

Electronic healthcare information offers numerous advantages. Physicians, medical practitioners, and health caregivers can have access to patient past medical records in no time to help them plan a line of treatment that will work best for current illness. This calls for reliable and swift information systems within the working set-up of these entities, thus, boosting the market. Another important factor boosting the adoption of healthcare information systems is a substantial drop in cost due to manual paperwork and deployment of human labor at various touch points.

Lastly, electronic healthcare information serves to aid patient to follow medication and supplementary therapy as prescribed, leaving less room for missed medicines.

On the downside, high initial set up cost of healthcare information systems is limiting their adoption among large well-established healthcare centers. Small-sized hospitals and new physician practices are unable to invest huge sums in healthcare information systems. This reduces the consumer base substantially to alleviate the market’s growth prospects.

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Apart from this, maintenance cost involved post installation, which includes hardware replacement, software upgrade, and regular repair is also substantially high. Last but not the least, the risk of loss of critical patient information during transmission over the Internet is inhibiting the adoption of electronic health information systems. Despite these challenges, increasing government expenditure for improved healthcare, especially in North America, will continue to provide immense growth opportunities to this market.

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