Analysts from Persistence Market Research (PMR) who studied the global healthcare information systems market have said that it is expected to grow at a CAGR of 7.1% between 2013 and 2019. The market was worth US$35.2 billion in 2013. This means that if the predictions are true, the market will eventually be worth US$53.2 billion in 2019. What puts the market in this favorable position are globally increasing population of the elderly and growing healthcare costs.
There are other drivers for the global healthcare information systems market, in the form of improving government investments and initiatives, and a globally increasing need for integrated healthcare systems. Quite a few healthcare IT players have upped their investment ratios into this market in order to avail the benefits of advanced technologies. However, the market is not without hurdles; the key challenges faced by the global healthcare information systems market include a common lack of skilled and experienced labor, heavy service expenses, high maintenance costs, and issues that have cropped up when multiple users try to inter-operate.
Why Shifting Trends Could Mark the Boom of the Global Healthcare Information Systems Market
One of the strongest factors that fall in favor of the global healthcare information systems market is the preference by a growing number of consumers towards computerized processes. This could possibly signal the following critical components to enter this market:
- The introduction of the now widely-used cloud technology into healthcare IT
- The growing use of wireless communication systems that are integrated into healthcare IT for faster response times
- The rise of patient-centric healthcare data systems
- The advent of the global healthcare information systems market into the already-huge mobile devices field
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Couple these factors with an increasing adoption of electronic health records and the increasing reach of key global players, and you have the perfect recipe for a market that shows almost nothing but growth.
Why North America and Europe Lead the Global Healthcare Information Systems Market
The dominant regional force in the global healthcare information systems market is North America. The reasons for this could be the growing population of the elderly in the region, along with an increasing prevalence of diseases such as diabetes and chronic pain. What this means is that the region that is already facing increasing healthcare costs and is rapidly changing towards systems integration for a smoother workflow, can now maintain its lead for the coming few years. On the other hand, we see the Asia-Pacific region to be surging forth in this market, especially due to the developments that have been occurring in China and India.
As for the various segments that make up the global healthcare information systems market, we have the delivery modes of web-based, cloud-based, and on-premise. The components in this market are services, software, and hardware.
With the market ready to grow in terms of usability, efficiency, and demand, we will soon see the key players including GE Healthcare, Nextgen, and Philips raising their standards of quality and ushering in a new era of healthcare information systems.