LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global healthcare information software market to reach USD 24.07 billion by 2019, an increase from USD 15.10 billion in 2014, according to their latest report.
The research study covers the present scenario and growth prospects of the global healthcare information software market for 2015-2019. Based on deployment model, the market is further segment into cloud and on-premise software, with on-premise segment dominating the market with more than 88% revenue contribution in 2014.
Technavio ICT analysts identifies the following four factors that are instrumental to the growth of the global healthcare information software market through the projected period:
- Increase in automation of healthcare offerings
- Increase in demand for better patient care
- Rapid increase in use of mobile applications for healthcare information software
- Need for high productivity and cost management
Increase in automation of healthcare offerings
Organizations equipped with integrated processes can take advantage of a flexible, cost-effective technology platform to improve their performance. Healthcare organizations provide responsive and adaptive software solutions for business process automation to increase the potential of employees. These organizations provide the necessary tools, technologies, and infrastructure to systematize multifaceted business processes into end-to-end solutions to improve the quality of analysis while simultaneously increasing efficiency and reducing costs. Thus, IT firms help in shaping and integrating various processes of healthcare organizations by optimizing and automating the workflow in a laboratory. This helps create a secure, transparent, and open network for data sharing and improves data management.
Increase in demand for better patient care
According to Amrita Choudhury, a lead analyst at Technavio for IT spending by region and industry, “The increase in health consciousness among people is a major driver of the market. Owing to high literacy rates and the increasing cost of healthcare services in urban and semi-urban areas, people are getting more conscious about their health. Therefore, the use of healthcare information software solutions has increased significantly.”
Technavio analysts expect that the increase in health concerns and the availability of user-friendly solutions with the integration with smartphones will accelerate the growth of the market.
Rapid increase in use of mobile applications for healthcare information software
There has been a shift in the healthcare industry where mobile applications are being used. Mobile solutions are health solutions delivered using mobile devices, which involve the use of mobile telecommunication and multimedia technologies in the delivery of healthcare services. They are used for collecting community and clinical health data; delivering healthcare information to practitioners, researchers, and patients; monitoring real-time patient vital signs; and providing direct care.
“Smartphones are likely to account for more than half of the sales of handsets in the world, which will affect the use of healthcare applications. Also, at present the Internet and mobile connections are not only a source for information, but also an integral part of interactive communication that helps patients manage and prevent further health deterioration,” says Amrita.
Need for high productivity and cost management
Manually operated laboratories often experience low productivity levels because of human errors. This leads to increases in wastage of samples, consumables, and reagents and therefore incurs additional costs. The labor cost accounts for 60% of the cost in laboratories and around 50% in pharmacies. The healthcare information software reduces labor costs, improves the productivity standards of laboratories, and mitigates the costs associated with wastage. Procurement of IT systems in labs and pharmacies to operate routine activities like sample loading is only a one-time investment. Therefore, this is expected to drive the adoption of the software in large labs and to a limited extent in SMEs.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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