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Global Hospital Information Systems Market Analysis, Opportunity Assessment and Forecasts to 2016
Global Hospital Information Systems Market Analysis, Opportunity Assessment and Forecasts to 2016
The Global Hospital Information Systems Market is Forecast to Exceed $18 Billion in 2016
Hyderabad,
AP,
India
(prbd.net)
01/06/2010
"Global Hospital Information Systems Market Analysis, Opportunity Assessment and Forecasts to 2016"
The global Hospital Information Systems (HIS) market was valued at $7.8 billion in 2009 and is forecast to reach $18 billion in 2016 after growing at Compound Annual Growth Rate (CAGR) of 13% from 2009. The growth in the market is primarily driven by government initiatives, hospitals trying to increase workflow efficiency and reimbursements provided by governments. Overall, hospitals strongly believe that adopting HIS will greatly increase its efficiency and reduce medical errors, thus improving patient’s safety and quality of care. The Electronic Medical Records (EMR) segment is the largest segment in the HIS market valued at $3.4 billion in 2009 and is expected to grow at a CAGR of 15.3% over the next seven years. Practice management was valued at $1.2 billion in 2009, and is the second largest segment, growing at a CAGR of 10.8% over the next seven years. Computerized Physician Order Entry (CPOE), Pharmacy Information Systems (PIS) and Laboratory Information Systems (LIS) will grow at a CAGR of 12.1%, 9.7% and 10.6% respectively.
Over the past decade, the political impetus for change in almost all western countries has become stronger and stronger. Evidence has increasingly shown that the current systems are not delivering sufficiently safe, high quality, efficient and cost effective healthcare and that computerization, with EMR at the centre, is effectively the only way forward. As a result, physicians and healthcare organizations around the world are now looking to adopt more EMR technologies and major companies in the market are vying for various collaborations to reach office-based physicians. Governments in Australia, Canada, Denmark, Finland, France, New Zealand, the UK, the US and other countries have announced and are implementing plans to build integrated computer-based national healthcare infrastructures based around the deployment of interoperable EMR systems. Many of these countries aim to have EMR systems deployed for their populations within the next 10 years.
The HIS market in the US was valued at $2.6 billion in 2009 and is expected to grow at a CAGR of 19.3% over the next seven years. The economic stimulus provided by the ARRA (American Recovery and Reivestment Act) will increase the adoption rates to 90% for physicians and 70% for hospitals in the US. The ARRA, signed into law by President Obama on February 17th 2009, has allocated $20 billion towards health IT (Information Technology). The ARRA promises financial incentives to providers and hospitals for the meaningful use of certified healthcare IT products.
GE Healthcare and Siemens are the two leading companies in the hospital information systems market and together account for 24% of the total market. GE healthcare is the market leader with 13% of the market share, followed by Siemens Healthcare and Cerner Corporation with 12% and 9% respectively. The GE centricity package of software is most comprehensive and successful HIS product in market. It caters to all segments of HIS and therefore evades the interoperability problem among various segments since it is based on the same centricity platform which makes it more integrated and interoperable than other IT vendors who offer specialized systems only.
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