Albany, NY -- (SBWIRE) -- 08/20/2018 -- A copious number of players, mostly small in size, makes the global healthcare information system market highly fragmented in nature. The large-sized well established players accounted for just about 26.0% of the market in 2015. These leading players are seen banking upon mergers and acquisitions to make inroads into regional markets. Such strategies have also enabled them to diversify their product portfolio and tap into synergies.

GE Healthcare, McKesson Corporation, Medidata Solutions Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Siemens Healthineers, and NextGen Healthcare Information Systems LLC are to name a few of the prominent players operating in the global market for healthcare information system.

Transparency Market Research in its latest report on the market, predicts it to register a solid 10.1% CAGR between 2016 and 2024. Expanding at this pace, the market's worth will likely become US$448 bn by 2024-end, adds the report.

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Component-wise, the global market for healthcare information system can be segmented into hardware, software, and services. Of the three, the segment of software accounts for a considerable share in the market owing to the proliferation of mobile apps that enable hassle-free information exchange between physicians and patients. From a geographical standpoint, North America at present holds a leading position. This is because of the burgeoning geriatric population and the rising instances of chronic diseases, namely cardiovascular disorders and cancer in the region. By 2024, the region's leading share is expected to become 36.6%.

At the forefront of driving growth in the global market for healthcare information system is the surging volume of information pertaining to patients and swift digitization of the overall healthcare systems. Adds the lead analyst of the report, "Uptake of electronic systems that drastically lessen the chance of human errors and enhance accuracy has upped the need for reliable and swift information systems. Such systems also serve to bring down costs by reducing requirement of people for manual paperwork and human labor at various touch points."

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Yet another major unique perceived benefit of electronic healthcare information system is that it helps patients to follow the prescribed medication and supplementary therapy. This leaves little scope for missed medicines.

Serving to dampen sales of healthcare information systems, on the other hand, is the steep upfront capital required in installing them. This is particularly impeding their uptake in smaller hospitals and newly set up health institutes. In addition, the maintenance cost of such systems is also proving to be a deterrent for the market. Maintenance typically involves software upgrade, hardware replacement, and regular repair. Notwithstanding the challenges, the market is expected to grow in the near term owing to governments, particularly in developed western nations, pouring money into bettering of healthcare infrastructure.