Albany, NewYork (PRWEB) June 05, 2014
The report titled “India Healthcare IT Market Prospects to 2018 – Increasing Focus of Vendors in Tier 2 and 3 Cities” presents a comprehensive analysis of the industry covering aspects including market size by revenue and market segmentation by Clinical and Non-Clinical Information System and by EHR, LIS and PIS. A detailed analysis of price charged by vendors from hospitals, labs and pharmacies for IT solution and the adoption rate has been provided in the report. The report also entails a detailed description on the recent trends and developments, SWOT analysis, porter’s five forces analysis, issues faced by healthcare IT service providers in the market and competitive landscape of major players in the industry along with providing revenue of major companies. Future prospects of the industry along with future projections have been discussed.
The healthcare sector in India is ripened with numerous opportunities for the IT companies to capitalize and grow. Using an integrated, holistic approach which allows the healthcare organizations to remain flexible to the inexorable complexity, compliance and developments has necessitated the requirement of information systems in healthcare organization over the years. With greater number of people moving towards better equipped healthcare institutes, technological advancements become an imperative need for such healthcare organizations in order to meet the increasing demand of the population. Maintaining quality of the healthcare services offered by the organizations along with being cost-effective due to rising competition have become a key concern for the healthcare providers in India. IT, in such a case, has acted as a key component in order to solve this problem. The usage of technology in healthcare sector has helped in improving various processes such as patient diagnosis, data management, e-prescription, pathology lab management, scheduling of appointments, case analysis etc.
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The market for healthcare IT in India has witnessed progressive growth over the last few years and registered a CAGR of 24.3% over the period FY2008-FY2013. The market revenue increased from INR million in FY2008 to INR million in FY2013. The top three states with highest number of hospitals with HIS installed in India are Maharashtra, Delhi and Andhra Pradesh. Non-clinical information system accounts for a considerable share of % in the market revenue, as recorded in FY’2013. Electronic health records market has conventionally contributed the largest share in the market. It held a tremendous share of % in the overall market revenue in FY’2013 and recorded sales worth of INR million during the year.
Revenue from laboratory information systems too have gained pace at a remarkable growth rate of % compounded annually from FY2008-FY2013. The Laboratory Information System (LIS) though form a niche market segment in India presently; however, growing systemization and a steep rise in the number of various types of laboratories will stimulate the adoption of LIS adoption in the healthcare information technology market in India in the future.
Wipro and TCS (Tata Consultancy Services) are the two largest companies providing HIS solution in India. These companies offer full range of listed hospital IT products. Wipro generated revenue of INR million in FY’2013 followed by TCS yielding revenue of INR million in 2013. Napier Healthcare, Shivam Medisoft, Akhil Systems, 21st Century Informatics are some of the other key players operating in the space.
The future of healthcare IT industry is predicted to be digital and fully inter-connected. Spurring investments, new hospitals, insurance penetration, and regulatory push and manpower shortages will drive the growth of the industry in the future.
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