Healthcare IT solutions have enabled individuals to gain remote access to quality healthcare services without the inconvenience of visiting a healthcare facility. IT-enabled healthcare offers viable means of overcoming shortfalls in the existing healthcare delivery systems. Growing complexity of healthcare operations, government initiatives to promote IT in hospitals, shift toward paperless environment, and proliferation of smart devices are spurring demand for healthcare IT systems. Companies operating in the IT-enabled healthcare market are offering efficient solutions to healthcare organizations to improve quality of healthcare services.
The global IT-enabled healthcare market is expected to grow at a CAGR of 11.8 percent during 2015-2020 according to Research and Markets. The global healthcare information exchange segment is expected to grow to Rs.5268 crore by 2018. Numerous government policies have generated strong demand for IT enablement of national and district level healthcare facilities. Primary factors responsible for the growth of this market are the need for electronic document management with the increasing adoption of electronic medical records systems and hospital information systems, and the need to retain patient data securely. A lot of data is being generated with the increasing number of patients being treated and the rising number of medical facilities. Management of this data and the need to minimize the use of paper to reduce operational costs and storage issues is also driving the market for medical document management systems.
The United States has the largest healthcare IT market worldwide, and Asia-Pacific is expected to experience high growth rate, due to various factors such as increase in ageing population, incidence of various diseases and increased government spending on healthcare services.
Strong growth is recorded for computerized physician order entry systems, electronic health records, personal health records, and picture archive and communication systems, because of their abilities to reduce errors. The growing adoption rate of computerized physician order entry in an attempt to reduce errors pertaining to the maintenance of medical records and rising global base of geriatric population expanding the patient population base has fueled the growth of this market. Also increasing the growth of the market are systems providing decision support, data storage management, mobile computing, and medical tourism.
Some of the market trends that have been observed in the healthcare information systems market include increasing popularity of wireless and cloud computing and focus on patients-centric healthcare information systems. IT-enabled services for physicians and emerging markets for healthcare information systems in developing countries such as China and India are opening new opportunities for the healthcare information systems market.
The use of electronic medical records and other healthcare information systems ensure continuity of healthcare services regardless of their geographical location.Â The need to transform legacy systems into advanced information systems by integrating clinical, business, and technical assets to achieve profitability and offer quality healthcare services is encouraging hospitals to invest in healthcare IT. Sharper focus on developing healthcare infrastructure, growing acceptance of m-Health and e-Health, and intensifying competition in the healthcare sector also represent key factors driving growth in the market.
The implementation of inter-operable healthcare IT and the advantages associated with it such as its ability to detect and identify infectious disease outbreaks and to track chronic diseases in an enhanced manner will serve this market as future growth opportunities by encouraging governments to expedite the adoption process. IT-enabled healthcare offers a viable replacement for traditional systems to reduce healthcare costs and increase efficiency and quality of healthcare services.