Healthcare IT Market in 2017 - Electronic Medical Records and Radiology Information Systems to Drive Future Growth

London, United Kingdom (PressExposure) March 16, 2012 -- The global healthcare IT market is forecast to grow at a Compound Annual Growth Rate (CAGR) of 9.3% to $20.5 billion in 2017. The ongoing implementation of Hospital Information Systems (HIS) will continue to drive the market in the future. Emerging economies and Asia-Pacific countries such as South Korea and Taiwan will be the main drivers for the market. Healthcare providers can now benefit from funding of up to $27 billion if they demonstrate 'meaningful use' of IT healthcare, although fears of a 'funding cliff' in 2013 will result in companies investing less, or increasingly looking towards countries such as India and China for growth.

Cloud computing is increasingly being seen as the next big development in healthcare IT. In practical terms, cloud computing allows data to be stored locally on servers that are not owned by the company and thus do not require their own server room, saving both space and money. According to the Certification Commission for Healthcare Information Technology (CCHIT), there are several hundred vendors currently offering some form of Electronic Medical Records (EMR) in the cloud. In return for a fee the EMR vendor hosts and manages the hospital's software and technology infrastructure. The software delivery model Software as a Service is an additional benefit provided by the EMR vendor.

Cloud computing has a number of advantages:

• Cost is reduced and capital expenditure is converted into operational expenditure.

• Users can access applications using a web browser regardless of their location.

• Data is managed off-site, making it suitable for business continuity and disaster recovery.

Information is physically detached from hospitals, thus increasing efficiency and security in data management. Implementing the Health Insurance Portability and Accountability Act (HIPAA) security standards is part of the Health Information Technology for Economic and Clinical Health (HITECH) act, which most healthcare vendors must implement.

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Cloud computing is increasingly being seen as a less expensive, more secure alternative to traditional computing networks by physicians and healthcare organizations. As healthcare IT becomes more widely used and data storage and retrieval costs increase, more hospitals are expected to adopt cloud computing.

GBI Research's report, "Healthcare IT Market to 2017 - Electronic Medical Records and Radiology Information Systems to Drive Future Growth" provides key data, information and analysis on top 12 countries Healthcare IT market. The report provides market landscape, competitive landscape and market trends information on two Healthcare IT market categories - Hospital Information Systems and Medical Imaging Information Systems. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape with major acquisitions and mergers in the last five years and a detailed analysis of the pipeline products in each category. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research's team of industry experts.

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Press Release Submitted On: March 16, 2012 at 5:30 am
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