London, United Kingdom (PressExposure) July 05, 2011 -- The global Hospital Information Systems (HIS) market was valued at $7.4 billion in 2010, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 10% to reach about $14.7 billion by 2017. The high growth forecast for the period 2010-2017 is significantly influenced by accelerated efforts from the public and private sectors around the world to contain rising healthcare costs and enhance quality of care. The inflow of key Information Technology (IT) technologies such as Software-as-a-Service (SaaS), dictation and speech recognition solutions, and mobile healthcare solutions into the healthcare market space will also contribute substantially to growth prospects in this market. These technological advancements attempt to offset major deterrents to IT adoption in healthcare settings, such as significant upfront investments and ineptitude of medical professionals, with large electronic data entry and handling. Rapid adoption in emerging economies due to enhanced focus of key healthcare IT players will also accelerate growth of the HIS market. With the concept of interconnected healthcare systems seeming to materialize, starting with the US healthcare IT market, vendors have accelerated their efforts in assimilating necessary capabilities to tap the significant market potential. Intense market consolidation activity has resurfaced in the last two years. This trend is expected to continue in the future, considering the potential of the HIS market and its fragmented competitive landscape.
Initiatives from the private and public sector around the world, along with significant technological advancements, are boosting the adoption of HIS by provider organizations. Rising healthcare costs and rapid demographic changes have forced governments around the world to enhance the quality and outreach of healthcare, while simultaneously reducing related expenses. The world population is expected to exceed nine billion by 2050, while during the same period the population aged 65 years or older is forecast to have tripled. As such, governments around the world face increasing concerns to address financial restraints as well as efficiency and affordability limitations of healthcare.
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These demographic trends have compelled governments to expand their efforts in pushing the adoption of HIS to increase hospital productivity as well as clinical outcomes. Significant economic and legislative incentives have been approved by governments in North America, several countries in Europe, and in China and India, to promote digitalization of healthcare workflow. These incentives have been instrumental in accelerating the adoption of HIS.
Government funding and the rising demand for better productivity and lower errors have spurred technological advancements in the healthcare IT industry. Among prominent technologies which have significantly contributed to positive adoption trends in this market are web-based and cloud-based HIS solutions. These SaaS models have eliminated large upfront costs associated with the uptake of IT infrastructure, thereby expanding the penetration of HIS into small and medium scale practices and independent physicians. Other technological improvements such as integrated speech recognition capabilities and advanced clinical decision support systems will continue to contribute significantly in expanding the customer pool for HIS.
GlobalData's new report, "Hospital Information Systems (HIS) - Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2017" provides key data, information and analysis on the global hospital information systems market. The report provides market landscape, competitive landscape and market trends information on the hospital information systems market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
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