The right information at the right time is essential to effective operations in any business, but nowhere is this more important than in the medical industry, where timely access to up-to-date information could mean the difference between life and death.
It is this need for quick access to pertinent information that will motivate growth in the Global Hospital Information System Market at a CAGR of 12.56 percent over the next four years.
Hospital information systems, also known as healthcare information systems or clinical information systems, are comprehensive, integrated systems that manage various aspects of a healthcare organization, including the medical and administrative functions. This huge area of coverage can be broken down into four main subcategories, as seen below.
Electronic medical records (EMRs) account for more than 75 percent of the hospital information system market. They have been adopted by hospitals to replace paper-based records to increase efficiency and ensure that patient information is accessible at all time, in all places. Information such a patient demographics, disease symptoms, medical history, progress, immunizations, medications, lab results and radiology reports can all be stored in EMRs, thereby increasing ease of access.
Even given the relatively large projected growth, the HIS market still has some major hurdles to overcome. In fact, computerization of the healthcare sector is still a relatively new concept. Automation hit other sectors such as the financial and manufacturing sector ages ago, but healthcare has been slow to follow the trend.
The medical industry has traditionally been paper-based, and many experienced healthcare professionals are not always used to working in a computerized environment. This can mean slow adoption of systems at first, as well as an adjustment period while users acclimatize to the new environment.
Notwithstanding the obvious shifts in culture, as well as technology that must occur for HIS to be implemented, demands for advanced healthcare monitoring systems, as well as government pressure are still leading to increased adoption of HIS and electronic medical records. Governments worldwide are implementing healthcare regulations that are putting the pressure on hospitals and clinics to convert traditional records into electronic formats.
Additionally, increased availability of cloud services for HIS means even wider adoption of electronic solutions by hospital and physicians seeking to concentrate more on patient care improvement. The sheer amount of information to be collected, processed and organized, as well as the cost of maintaining network infrastructure are a few of the main factors driving HIS towards cloud services, which require much smaller upfront investment compared with the huge costs of installing software from major HIS providers.
HIMSS 2014 Event
Many of the issues affecting the Global Hospital Information Systems Market will be on the table and up for discussion at the upcoming Healthcare Information and Management Systems Society (HIMSS) annual conference and exhibition, which kicks off on February 23, 2014 in Orlando, Florida. The five day event focuses on improving health and healthcare through information management, and this year’s conference is drawing speakers from across the board including former Secretary of State, Hillary Rodham Clinton.
For more TechNavio insights into this growing market, including major market trends, please see our Global Hospital Information Systems Market 2014-2018 report.
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