Healthcare Information System Market is Anticipated to Increase to $54.0 billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 12/01/2017 -- According to the report, the global healthcare information system market is expected to reach approximately USD 54.0 billion by 2020, growing at a CAGR of around 7.0% by 2020.
Healthcare information system is a collection of different technologies to identify and store important information in order to improve the quality of healthcare services. The healthcare information system also aids in permitting health situation, supporting patient & health facility management, stimulating research, permitting health situation and trends analysis, underpinning communication of health challenges. Information related to the functioning of the health can be obtained from the various sectors and agencies that have responsibilities for the analysis, generation and use of data at country, regional and global levels.
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Growing incidence and prevalence of various diseases coupled with an aging population and emerging technology are key drivers for fuelling growth of healthcare information systems market. Increasing adoption of healthcare information system in various healthcare organizations is expected to drive market growth over the forecast period. Huge patient data is anticipated to be generated and the strong demand for computing analytics and big data is expected to be high in the near future. However, scarcity of healthcare IT professionals and high maintenance and service expenditure are some of the key restraints for the market.
On the basis of delivery mode, the healthcare information system market can be segmented into cloud-based technology, on-premises installation and web-based technology. The cloud-based technology was leading segment in 2014 and expected to witness rapid growth in the years to come. Cloud-based technology is steadily becoming more widely adopted by Healthcare organizations are increasingly adopting cloud-based technology as it helps save on cost required for hardware installation, annual maintenance, and labor. On-premises installation is expected to exhibit significant growth in the years to come.
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Based on the component, the healthcare information system market has been segmented into software, hardware, and services. Software component was leading segment of healthcare information market in 2014. The market is projected to witness rapid growth because of the tremendous demand from various applications. Services is another key outlet for healthcare information system market.
The healthcare information system market is segmented on the basis of key application including hospital information system, pharmacy information system and laboratory information system. Hospital information system was largest application segment for healthcare information system market owing to the high adoption rate of healthcare information system solutions. Pharmacy information system was another key outlet for healthcare information system market and expected to show significant growth in the years to come.
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Geographically, North America dominated the healthcare information system market and accounted for the largest share of the global market in 2014. North America followed by Asia Pacific region. In terms of revenue, Asia Pacific was the second largest market for healthcare information system. The healthcare information system market in Asia Pacific region is expected to exhibit strong growth owing to rising government support and rapid growth in population.
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Some of the key players in healthcare information system market include NextGen healthcare information systems Inc, Carestream health Inc, Siemens healthcare, Philips healthcare, GE healthcare, Epic Systems Corporation, Merge healthcare Inc, Cerner corporation and McKesson corporation.