Pressures to reduce healthcare costs, rising interoperability requirements, and demand for better healthcare delivery will continue to drive growth in enterprise healthcare IT.
A 2010 report indicated that 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 CAGR of 13% from 2009.
Electronic medical records (EMR) segment is the largest segment in the HIS market valued at $3.4b in 2009 and expected to grow at a CAGR of 15.3% over the next 7 years.
Governments worldwide are working to build integrated healthcare infrastructures based around the deployment of interoperable EMR systems. Making EMRs and EHRs (Electronic Health Record) — “digitally stored health care information about an individual’s lifetime with the purpose of supporting continuity of care, education and research, and ensuring confidentiality at all times” — interoperable will contribute to more effective and efficient patient care by facilitating the retrieval and processing of clinical information about a patient from different sites.
In fact, Pasay City locally has successfully launched the first ever city-wide health information system.
Enterprise Health Information Exchange (HIEs) market is also heating up from demands to streamline operations, improve quality of patient care, and increase efficiency of care delivery.Over $560M dollars of federal stimulus funding has been appropriated for creating statewide HIEs in the US.
mHealth or the mobile health market is also positioned to balloon, estimated to hit $1.7B market by 2014. In the same report, it was noted that while the mHealth market opportunity in healthcare enterprises is less than $100M, the rapid evolution in mobile devices coupled with physician demand and the healthcare enterprise’s need to improve quality and efficiencies will drive the market to the healthy $1.7 billion estimate in the next 4 years.
We’re elbows to elbows with industry experts and esteemed healthcare leaders at today’s Healthcare Innovation IT. So tune in for more health IT news and insights.
Healthcare Innovation IT is organized by Questex and happens at Marina Mandarin in Singapore. Discussions include a unified healthcare system, healthcare analytics, advances in technology, robotic surgery, storage management, intelligent medical system, clinical decision support, and cloud computing.
Take the steps to enable better healthcare delivery. Read: how the Philippines’ leading hospital transitioned from its legacy system to an integrated hospital information system.