Hospital Information Systems (HIS) Market to Reach $18 Billion in 2016, According to Report Posted at MarketResearch.com
This study focuses on Hospital Information Systems (HIS) as part of the Electronic Medical Records (EMR) market.
Rockville, MD, September 03, 2010 --(PR.com)-- MarketResearch.com has announced the addition of GlobalData’s new report “Global Hospital Information Systems (HIS) Opportunity Assessment, Competitive Landscape and Market Forecasts to 2016” to their collection of Information Technology market reports. For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2700430.
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, according to GlobalData. 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.
According to the report, 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, states GlobalData. 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 US Market is expected to be the Fastest Growing Market for Hospital Information Systems from 2009 to 2015.
The report states that 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 Reinvestment 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. Under the provisions of ARRA, incentive payments made to physicians and hospitals are expected to significantly increase the uptake of certified healthcare IT systems, according to an analysis from the Congressional Budget Office (CBO). GlobalData states that under the ARRA, the CBO estimates that, by 2019, 65% of physicians and 45% of hospitals will have adopted certified healthcare IT systems. Before 2009, HIS adoption rates stood at only 10%, with private hospitals being the only market for vendors in the US. The government stands to gain by the reduction of medical errors, reduced adverse event related costs and improved the overall healthcare system by bringing workflow efficiency and accountability. This change to improve efficiency throughout the healthcare systems and improve patient safety came in 2004 with President Bush’s federal initiative to establish Electronic Health Records (EHR) for all Americans by 2014.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2700430.
Contact:
Veronica Franco
MarketResearch.com
vfranco@marketresearch.com
240.747.3016
###
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, according to GlobalData. 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.
According to the report, 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, states GlobalData. 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 US Market is expected to be the Fastest Growing Market for Hospital Information Systems from 2009 to 2015.
The report states that 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 Reinvestment 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. Under the provisions of ARRA, incentive payments made to physicians and hospitals are expected to significantly increase the uptake of certified healthcare IT systems, according to an analysis from the Congressional Budget Office (CBO). GlobalData states that under the ARRA, the CBO estimates that, by 2019, 65% of physicians and 45% of hospitals will have adopted certified healthcare IT systems. Before 2009, HIS adoption rates stood at only 10%, with private hospitals being the only market for vendors in the US. The government stands to gain by the reduction of medical errors, reduced adverse event related costs and improved the overall healthcare system by bringing workflow efficiency and accountability. This change to improve efficiency throughout the healthcare systems and improve patient safety came in 2004 with President Bush’s federal initiative to establish Electronic Health Records (EHR) for all Americans by 2014.
For more information, visit http://www.marketresearch.com/product/display.asp?ProductID=2700430.
Contact:
Veronica Franco
MarketResearch.com
vfranco@marketresearch.com
240.747.3016
###
Contact
MarketResearch.com
Veronica Franco
240.747.3016
www.marketresearch.com/
Veronica Franco
240.747.3016
www.marketresearch.com/
Contact
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