07 March 2019
The global Hospital Information Systems (HIS) market is expected to foresee a considerable growth over the forecast period. One of the crucial factors contributing to the HIS market growth is augmented demand for unconventional health monitoring systems. The global industry has been witnessing increased adoption of mobile devices and this trend is expected to continue over the forecast period. However, shortage of skillful professionals may pose a challenge to market growth in the coming years. Growing penetration of smartphones and mobile devices across the developed, as well as emerging economies, is anticipated to have a positive impact on the market growth.
These devices eliminate the need for patients to visit clinics or hospitals every time they require a diagnosis. They also provide regular updates regarding their illnesses enabling follow-ups and check-ups. Hence, mobile technologies are anticipated to advance healthcare facilities to a great extent over the forecast period. Rising need for advanced healthcare services on account of aging population and growing demand from patients is expected to boost the market over the forecast period. Furthermore, hi-tech technological developments, such as business intelligence and analytics, which help reduce the overall costs and provide improved results would also drive the market growth.
Rapid implementation of these systems in developing economies by the leading healthcare IT companies will also accelerate the market growth. Popular concept of emerging interrelated health systems, particularly in the healthcare and IT market, has led vendors to integrate necessary competencies to tap the growing market potential. Intense market merging activity has resurfaced over the last few years. This trend is anticipated to continue during the forecast period. Rapid technological developments coupled with growing government initiatives in improving health care facilities, particularly in emerging economies including India and China, is expected to fuel adoption of hospital information systems.
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Efforts taken by various public and private firms for the development of global healthcare sector and substantial technological advances are also driving the adoption of HIS. Rapid demographic changes along with rising health concerns and health care costs have forced governments to boost the quality and outreach while simultaneously reducing related expenses. Governments around the world have been facing concerns to address financial limitations, as well as affordability and efficiency restraints of healthcare, due to rapidly growing population. IT has also forced governments to magnify their efforts in encouraging the adoption of HIS to upsurge clinical outcomes, as well as hospital productivity.
Substantial legislative and economic incentives have been offered by governments in North America, Europe, India, and China, to authorize digitalization of healthcare workflow. Growing demand and government funding for lesser errors and increased productivity have encouraged technological advancements in the healthcare IT industry. Amongst prominent technologies, which have considerably contributed to progressive adoption trends in this market are cloud-based and web-based HIS solutions. Software as a Service (SaaS) models have eliminated huge upfront costs associated with the acceptance of IT infrastructure, thereby escalating penetration of HIS into medium- and small-scale practices and among independent physicians.
Other technological improvements such as advanced clinical decision support systems and integrated speech recognition capabilities are also expected to continue contributing considerably in expanding the customer pool for HIS over the next few years. North America, Asia Pacific, Middle East and Africa (MEA), Europe, and Latin America are the major regional market for HIS. The North America region is anticipated to have the largest market share at the maximum growth rate followed by Asia Pacific and Europe.
Higher adoption of information systems in the region, particularly in U.S., due to growing implementation of IT services in the healthcare sector would dive the region’s growth. Numerous healthcare laws in the region, such as Affordable Care Act and Patient Protection Act, provide easy access to health insurance plans for consumers through subsidies. Most of these systems are being widely used in Arizona, Washington D.C., Colorado, Massachusetts, and New York.
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