Global market for hospital IT systems pegged at $35B by 2015
The global hospital information systems market will climb past $35 billion by 2015, according to a new forecast by Global Industry Analysts. The United States represents the largest market in the world.
The U.S. hospital information system market is experiencing an increase in acceptance of customized technology such as laboratory information systems and radiology information systems, the report notes. The market is also a promising ground for electronic medical record systems.
The Asia-Pacific region (excluding Japan) represents the fastest growing hospital information systems market, exhibiting a compounded annual growth rate of 11.5 percent over the next few years, according to analysts. Despite being a smaller market in terms of revenue, the Asia-Pacific promises excellent growth opportunities for hospital information systems, they said.
The report notes:
- The growth of the emerging health informatics market is high in countries such as Australia, China, Thailand, Malaysia, India and the Philippines. Emergence of a fast-growing healthcare industry in the Asia-Pacific region augurs well for the future of the global market.
- The United States, representing the largest market within the clinical information systems market, is projected to grow at a CAGR of about 7.2 percent over the next few years. The clinical information systems segment is set to thrive on the industry's need for key decision-making in the areas of cost reduction, workflow optimization and quality enhancement. The Asia-Pacific region is the fastest growing market in clinical information systems.
- Although non-clinical IT systems laid the foundation for the initial adoption of hospital IT, offering its services to the financial and administrative areas in a hospital, clinical information systems are dominating the market in terms of both popularity and revenues, thanks to increased emphasis on reducing clinical errors, workflow optimization and offering quality healthcare at reasonable cost.
The global vendors profiled in the report include McKesson, Cerner, Allscripts-Misys Healthcare Solutions, Eclipsys, Computer Programs and Systems, Siemens Medical Solutions USA, QuadraMed, Medical Information Technology, Healthland, GE Healthcare, iSOFT Group, Agfa-Gevaert, Brunie-Software, IBA Health and Integrated Medical Systems.