The global hospital information system (HIS) market is expected to foresee 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 over the past few years, and the trend is expected to continue over the forecast period. However, shortage of skillful professionals may pose a challenge to market growth over the next seven years.
Growing popularity of smart mobile skill is expected to have a positive impact on the industry over the forecast period. Rising need for advanced healthcare services on account of aging population and growing demand from patients is expected to boost service market over the forecast period. Furthermore, hi-tech technological developments such as business intelligence and analytics, social networks, and cloud computing are expected to lessen the cost and provide improved results among healthcare providers and hospitals.
The use of mobile devices will reduce the need for patients to visit clinics or hospitals every time they require a diagnosis over the forecast period. Regular updates regarding their illnesses, and they will be follow-up check-ups can be done using mobile devices. Hence, mobile technologies are anticipated to advance healthcare facilities to a great extent over the forecast period. Advantages of mobile healthcare are not just restricted to developed countries, but the usage of mobile devices in developing nations has enhanced the efficiency of healthcare facilities significantly.
Rapid implementation in developing economies due to improved focus on the leading healthcare IT companies will also accelerate the growth of HIS market. With the concept of emerging interrelated health systems, particularly in the healthcare and IT market, have led vendors to enhance their efforts in integrating 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 over the forecast period.
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Rapid technological developments coupled with growing government initiatives in improving various health care facilities particularly in emerging economies including India and China is expected to fuel adoption of hospital information systems. Public and private efforts regarding healthcare sector development around the world, along with substantial technological advances, are driving the adoption of HIS. Rapid demographic changes and rising health concerns and costs have forced governments globally to boost the quality and outreach while simultaneously dipping related expenses.
The world population is estimated to surpass nine billion by 2050 while during the same period; the people aged 65 years & above are forecasted to have tripled. Hence, governments around the world have been facing concerns to address financial limitations as well as affordability and efficiency restraints of healthcare. These demographic trends have forced governments to magnify their efforts in encouraging 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, and India and China, to authorize digitalization of healthcare workflow.
Growing demand and government funding for lesser errors and better 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 has 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 expected to continue contributing considerably in expanding the customer pool for HIS over the next seven years.
Geographically the global market for the service is segmented into North America, Asia-Pacific, Middle East and Asia, Europe and Latin America. North America is anticipated to have the largest market share and is expected to observe maximum growth followed by Asia Pacific and Europe. Acceptance of information systems is high in the Americas, particularly in the U.S., due to the growing implementation of various IT services particularly in the healthcare sector. Numerous healthcare laws in the region such as Affordable Care Act is commonly known as Obamacare and Patient Protection Act, provide reasonable 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. High acceptance in North America is expected to propel industry growth over the next seven years.
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