Hospital Information Systems (HIS): A Global Strategic Business Report
San Jose, California (PRWEB) November 22, 2011
Follow us on LinkedIn - Adoption of IT is not new to hospital industry with several IT tools already proving their worth in billing and administrative functions. Use of IT in clinical environment however has been restricted over the years, given the sensitive nature of patient information, medical procedures and treatment regimes, all of which can be vulnerable against data losses, or misuse. However, with growing realization of benefits, and rapid developments in technology, IT is slowly making its way even into the clinical set up, especially for capturing and storing patient records, and managing imaging, testing and surgical room procedures.
The need among healthcare providers to transform their legacy systems into advanced information systems by integrating their clinical, business, and technical assets for achieving profitability and offering services targeting fast changing consumer demands, while still maintaining high degree of service quality and efficiency is also driving hospitals to invest considerably in healthcare IT. Information technology allows critical information to be captured and stored electronically, streamlines clinical workflows, facilitates decision making, and monitors public health and therefore regarded as a highly efficient tool for healthcare industry. Several IT systems have therefore found its way into the hospital industry, Hospital Information Systems (HIS) being one among them.
The healthcare industry although resilient to a degree is not immune from the developments in macro-economic environment. Tighter credit market conditions across the world have resulted in increased difficulty in securing finances necessary for capital purchases. Worldwide hospitals and healthcare providers were fraught with reimbursement pressures, lowered direct government spending due to constricted budgets, reduced demand and consumer spending on pharmaceuticals, and healthcare services (as a result of increased loss of corporate health coverage). Tight budgets, lack of credit and finances for capital purchases, declines in philanthropic donations, pushed hospitals and healthcare facilities into curtailing their expenses on the purchase of new equipment and upgradation of information infrastructure. Hospitals remained wary of their IT investments thereby squeezing opportunities for the global Hospital Information Systems market during the 2007-2009 recession period. Despite several benefits stacked in its favor and notwithstanding its sturdy value proposition from a technology standpoint, HIS implementations weakened due to the aforementioned macro economic factors including the general strategy of “doing more with less” among hospitals. Difficulty in accessing capital from tax-exempt bonds made it difficult for hospitals to sustain profitability during the period, thereby affecting the ability to fund new IT infrastructure and upgrade existing infrastructure, thus throwing deployment of HIS onto the backburner until signs of an economic thaw. As a result, growth in the market hit a trough in the year 2009.
The global HIS market staged a healthy recovery in the year 2010. The resurgence in market was primarily led by various stimulus packages offered by the government to infuse vigor into healthcare segment. The financial incentives given by Governments for adopting technology based innovations and improvements in healthcare also encouraged hospitals, healthcare professionals and other participants to start reinvesting in HIS, thereby driving market growth. Fast paced developments in healthcare sector in developing markets especially China and India will additionally infuse growth in the global HIS market in the short to medium term period. The large underserved market also presents tremendous opportunities for HIS market to tap. For instance, small private practices with about 4-5 doctors are relatively underserved by IT as they often fall short or resources to implement efficient tools for addressing critical data management and therefore presents a perfect opportunity for HIS providers to tap.
The market over the next few years will also benefit from healthcare industry’s focus on addressing huge demand for affordable-yet-quality healthcare services. Increasing costs have left the healthcare service patrons searching for affordable-yet-quality healthcare services. This trend created an urgent need for hospitals and other healthcare providers to re-visit their operational strategies, in order to be effective in catering to changing demands of consumers. With the desire to keep pace with the fast changing consumer demand, hospitals and healthcare providers are fast leaning towards adoption of Hospital Information Systems, which in turn is resulting in an increased number of HIS implementations.
As stated by the new market research report on Hospital Information Systems, Europe continues to remain the largest regional market for HIS. Asia-Pacific represents the fastest growing regional market with revenue from the region waxing at a CAGR of about 11% over the analysis period. Growth in the Asia-Pacific HIS market will be especially driven by growing income levels, improving spending power and the ability to afford quality healthcare services among people, and robust developments in healthcare IT especially in developing markets such as China and India. Clinical Information Systems represents the fastest growing market segment.
Major players in the marketplace include Agfa-Gevaert bv, Akhil Systems Pvt. Ltd., Allscripts Healthcare Solutions Inc., AxSys Technology Ltd., Brunie-Software GmbH, Cerner Corporation, GE Healthcare, Healthland, iSOFT Group Limited, Integrated Medical Systems Pty Ltd., Keane, McKesson Corporation, Medical Information Technology, Inc., MEDISTAR Praxiscomputer GmbH, Philips Medical Systems Nederland B.V, QuadraMed Corporation, Siemens Healthcare, Softlink International Pvt Ltd., Sysmex Corporation, among others.
The research report titled "Hospital Information Systems (HIS): A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections (US$ Million) for product segments Non-Clinical Information Systems; and Clinical Information Systems, across geographic markets such as the US, Japan, Europe (France, Germany, Italy, UK, Spain, and Rest of Europe), Asia Pacific (Australia, China, South Korea and Rest of Asia-Pacific), and Rest of World.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Hospital_Information_Systems_HIS_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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