Hospital Information System Market is expected to reach worth $25,454.4 Million by 2018.
The global hospital information system market is expected to grow at a CAGR of 8.2% from 2013 to 2018. The market, valued at $17,140.6 million in 2013, is expected to reach $25,454.4 million by 2018. The hospital information system (HIS) market is segmented into EMR, CPOE, Imaging Informatics, RIS, CDSS, and CVIS.
Increasing adoption of integrated EMR solutions, adequate financial support from government, growing demand for administrative software among healthcare providers, and rise in the adoption of CPOE to overcome issues such as medication errors and adverse effects of drugs, are the major factors contributing to the growth of market. However, the implementation of the HIS systems is a costly affair and it takes more than a year to fully implement and configure these systems. Besides this, poor hardware infrastructures also restrain the HIS market, globally.
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North American Hospital Information System Market
North America accounted for the largest share 58.9% of the global hospital information system market in 2013. It was valued at $10,099.4 million in 2013, and is expected to reach $15,241.1 million by 2018, at a CAGR of 8.6% from 2013 to 2018. The market is mainly driven by the growing adoption of EHR, CVIS, and CDSS in the North American countries. The American government is highly supportive of the adoption of HIS. For instance, President Obama’s administration had spent $32 billion in 2012 for electronic health records. In addition to this, the government is providing incentives related to health care information technology, which leads to development of infrastructure of HCIT, thus triggering the growth of the HIS market to a large extent. The major factors restricting the growth of HIS market in North America are the high costs, concerns regarding data security and safety, rigid mindset of physicians towards the use of HIS, and the shortage of trained manpower.
European Hospital Information System Market
The European hospital information system market is the second largest segment in the global HIS market and is expected to grow at a CAGR of 7.7% during the period, 2013 to 2018. The market was valued at $3,993.8 million in 2013, and is estimated to grow up to $5,778.2 million by 2018. Healthcare providers in the European region are undergoing consolidation; this is improving the purchasing capacity for HIS solutions in Europe. Furthermore, the increase in ageing population, and financial support from the government, are some other factors triggering the market. On the other hand, poor IT infrastructure, and insufficient technical expertise in the healthcare sector to navigate complex IT solutions are likely to restrain the market.
Asian Hospital Information System Market
Asia is a growing market for hospital information system, projected to grow at a CAGR of 8.6% from 2013 to 2018. The market was valued at $2,143.3 million and estimated to grow up to $3,238.3 million. The growth is attributed to the rise in demand for clinical information systems and the financial support from government in implementing EHR in healthcare industries. Despite the financial support from government, scarcity of healthcare IT professionals and lack of standard protocols hinder the growth of this market. In addition, the growing concerns of delivering efficient care, to compete with the growing competition between healthcare providers, and to combat with frequent changes in the reimbursement model, has emphasized the need for hospital information systems in this region.