(PRWEB) July 15, 2014
The cost accounting system market provides numerous opportunities for market players across the world. The market is expected to grow at a CAGR of 7.3%, from $961.9 million in 2013 to $1365.4 million in 2018. Various factors such as determination of full and incremental costs of providing goods and services, and the need for financial planning in healthcare are the major factors driving the growth of this market. For example, a number of departments which do not provide direct patient or customer services are absolutely essential for operation of the institution. The overhead departments of the health care organizations must be allocated to the accounted departments.
Browse through the market data tables, figures and detailed ToC on the “Cost Accounting System Market”.
North America Cost Accounting System Market
The North American cost accounting system market is expected to grow at a CAGR of 7.6%, from $566.8 million in 2013 to $817.5 million in 2018. The demand for cost accounting systems is expected to increase in the future because of the development in the field of information technology, growing need to integrate healthcare system, increased demand for IT solutions due to high ROI, rise in expenditure on healthcare IT, and reduction in the healthcare costs.
Europe Cost Accounting System Market
The European cost accounting systems market is expected to grow at a CAGR of 6.7%, from $224.1 million in 2013 to $309.9 million in 2018. The demand for cost accounting systems is likely to increase because of the government initiatives to improve patient security, developed information technology to reduce healthcare cost, and improved quality of care and clinical outcomes in this region. Furthermore, shifting the focus towards patient-centric system provides numerous opportunities for the market players.
Asia Cost Accounting System Market
The Asian cost accounting systems market is growing at a faster rate which is expected to grow at a CAGR of 7.6%, from $120.3 million in 2013 to $173.7 million in 2018. This is attributed due to a number of favorable factors, such as improved quality care and clinical outcomes, demand for IT solutions due to high ROI, and growing need to integrated healthcare system in this region. Furthermore, emerging markets such as India and China provide numerous opportunities for the market players in this region.
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