$60.00 Bn expected for Global Healthcare Information System Market at 7.0% CAGR by 2022

$60.00 Bn expected for Global Healthcare Information System Market at 7.0% CAGR by 2022

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Zion Market Research has published a new report titled “Healthcare Information System Market by Delivery Sources (On-Premise Technology, Cloud Based Technology, Web Based Technology) for Pharmacy Information System, Hospital Information System and Laboratory Information System Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”.  According to the report, the global healthcare information system market was valued at approximately USD 41.20 billion in 2016 and is expected to reach approximately USD 60.00 billion by 2022, growing at a CAGR of around 7.0% between 2017 and 2022.

Health information system is designed to collect data from the health sector and transfer information electronically. Health information system plays a vital role in the clinical care and hospital operations. The health information system offers the underpinnings for decision making and has four key functions such as data generation, compilation, analysis, and synthesis.

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The health information system market is expected to witness the fastest growth in the near future. Some of the key drivers such as increased incidence and prevalence of chronic diseases coupled with the aging population are expected to propel the market growth within the forecast period. Government initiatives, initiatives from the private and public sector around the world coupled with rapid technological enhancements are expected to have a positive impact on this market. However, scarcity of healthcare IT professionals and high maintenance & service cost may hamper the market growth over the forecast period. Nonetheless, technological advancement is expected to open up new growth opportunities in the years to come.

On-premises installation, cloud-based technology, and web-based technology are key delivery modes in the market. Cloud-based technology dominated the healthcare information system market. This growth can be attributed to increasing pressure to reduce healthcare costs while maintaining the quality of care provided to patients. According to study, currently, more than 80% healthcare organizations are using cloud services. On-premises installation and web-based technology are expected to show significant growth in the years to come.

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On the basis of services, the market can be segmented into software, hardware, and services. In 2016, software segment was the leading segment on account of increasing IT spending in developed regions. This segmented is expected to exhibit exponential growth within the forecast period. Service is important to a segment of this market and is expected to witness strong growth in the near future.

The market can be segmented on the basis of applications including hospital information system, pharmacy information system and laboratory information system. Hospital information system accounted for the largest share and is expected to continue its dominance while growing at a CAGR of 6.5% during forecast period. Laboratory information system is another key outlet of this market and is expected to witness significant growth in the years to come. This growth is mainly due to increase chronic disease prevalence coupled with utilization of laboratory information system for enhancing laboratory workflow efficiency.

In 2016, North America was observed to be the largest healthcare information system market due to strong demand for quality diagnostics and initiatives undertaken by governments in the region. In addition, the U.S. and Canada have been successful in implementing electronic records in their healthcare system, which is expected to improve the market growth. Europe was another leading regional market owing to the improved digitization of the healthcare processes in the region. Asia-Pacific is expected to witness the fastest growth in the near future owing to growing awareness and high demand for better healthcare facilities. Asia-Pacific is expected to witness the fastest growth in the near future owing to growing awareness and high demand for better healthcare facilities.

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Some of the key players in healthcare information system market include Philips healthcare, GE healthcare, Epic Systems Corporation, NextGen healthcare information systems Inc, Carestream health Inc., Siemens healthcare, Merge healthcare Inc, Cerner Corporation and McKesson Corporation. A majority of the leading players in the healthcare information system market are pursuing the strategies of new product launches, product deployments, and agreements.

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