GIA announces the release of a comprehensive
global report on Hospital Information Systems (HIS) market. The global market
for Hospital Information Systems (HIS) is projected to reach US$17 billion by
the year 2017, primarily driven by the need to upgrade legacy healthcare IT
systems with advanced automated systems, financial incentives being provided by
governments for adopting technology based innovations and improvements in
healthcare, and opportunities from huge underserved market. Robust demand from
developing markets, especially Asia-Pacific, also augurs well for the market.
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.
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