The numbers emerging from the global healthcare information systems market could put the scope of opportunities in the market in a clearer perspective. This market was recorded at US$35.1 bn in 2013 and is expected to grow at a high rate till 2019, when it is projected to be valued at US$53.2 bn. To achieve this, the global healthcare information systems market should be expanding at a CAGR of 7.1% from 2013 to 2019. For a market that was already of a substantial size, this growth rate shows the promise of positive opportunities that perhaps even new entrants might find interesting.
From a player perspective, the global healthcare information systems market is being consistently led by GE Healthcare. It is also being spearheaded by names such as McKesson Corporation, Siemens Healthcare, Cerner Corporation, Epic Systems Corporation, and Philips Healthcare, among a few others. These are the names that other competitors need to pay attention to in order to make a mark in the global healthcare information systems market.
To do so, a market player will need the answers to three pertinent questions:
Is Integrated Healthcare System the Next Big Thing in the HIS Market?
To call integrated healthcare systems new would be slightly inaccurate; the use of a healthcare information system itself implies the scope for systems integration. As stated by Alain Enthoven, a professor of Public and Private Management, Emeritus, at the Graduate School of Business, the integration of systems in healthcare could easily help update doctors on the latest medical research, create interdisciplinary medical teams, and share medical histories with relevant members.
It could effectively lead to an organization cutting down healthcare costs by a noticeable amount. There is, therefore, an undoubted need for systems integration in the global healthcare information systems market, which is consequently one of the primary drivers that is boosting this market. There are other drivers as well, including increasing government and healthcare IT players’ initiatives, and growing aging population.
Does the Market Have a Workforce Strong Enough to Take up the Mounting Workload?
Unfortunately, the answer to this is currently no. The lack of experienced professionals is a worrisome trend in the global healthcare information systems market, but it is nothing that will dramatically stifle the market’s positive growth rate. The current scenario does show a shortage of medical personnel that are able to work in this field, but its future scope of growth will prove to be incentive enough for professionals to enter this field in larger numbers.
Developed or Developing Markets: Where Should the Players Look? And Why?
There is not direct answer for this, but the answer will lie in the interest of the market player. North America has been the largest region in the global healthcare information systems market for a long time now, owing to a highly advanced healthcare industry, coupled with a much higher healthcare expenditure. This is a feasible field of development for top players that already have a base of operations in this region.
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On the other hand, new entrants could look to Asia Pacific, which is the fastest-growing region in the global healthcare information systems market for the coming years. One of the key reasons for this is the growing adoption of home healthcare systems. Wireless medical electronics and cloud computing technologies have allowed for a much more convenient and cost-effective solution for patient care and data monitoring. This, in effect, becomes the main reason for the proliferation of the global healthcare information systems market in the developing markets.