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Healthcare Information Technology Market in India
Frost & Sullivan, Aug 2010, Pages: 83
This Market Engineering research service has been developed to address the dynamics of healthcare information technology in India. The market is divided into two sub segments including administrative and clinical healthcare IT. This research service presents the key findings of Indian healthcare information technology market. It provides insight and forecast of market size. This research service also discusses market trends, market drivers, market restraints, technology trends and Indian government initiatives. The study completes with a section on IT ranking, covering 6 main parameters.
This research service titled Healthcare Information Technology Market in India provides a comprehensive analysis of the Indian healthcare information technology (HIT) market. This research service also provides an analysis of the market drivers and restraints, challenges faced by the industry, and opportunities within the market in the long term. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets by components: financial, resource management, clinical, patient related, and life sciences.
Market Overview
The Need for Superior Healthcare Facilities Boosts Growth in the Healthcare Information Technology Market in India
Growth in private hospital establishments and their demand for healthcare IT solutions coupled with an increase in medical tourism, and the desire for superior-quality services from the empowered middle class are compelling healthcare providers to operate in a modernized manner. Hospitals authorities are keen to use IT as a means to address these needs. Healthcare IT is expected to reduce cost and increase efficiency by many folds for several hospitals. “The urban areas are in need of more hospitals to meet the rising growth of urban dwellers,” says the analyst of this research. “On the other hand, new products and technologies are expected to enhance the healthcare reach to rural areas, thereby creating the importance of telemedicine to meet this demand.” Electronic medical record (EMR) services have a high growth potential at an estimated compound annual growth rate (CAGR) of 13.5 percent from 2009 to 2016. With many new private hospitals opening in the next few years, investment in EMR is expected to become a necessity for these hospitals.
However, huge initial investments and immeasurable return-on-investments (ROI) curb the penetration rate of vendors, thereby restricting the market revenues. The cost of hospital information systems (HIS) solutions is a restraining factor for hospitals. “The initial investments are directly proportional to the size of hospitals, the number of beds, or the number of uses of systems,” explains the analyst. “This cost also includes the expenditure toward maintenance and support which is the main reason for low budget allocation towards IT in hospitals.”
Strategic partnerships with local vendors are expected to allow for greater penetration into the Indian market. This will help in formulating successful pricing strategies and integrating with the existing healthcare projects and regulations. “As India is gradually adopting EMR services, vendors should develop more adaptable and flexible systems to network with other systems,” concludes the analyst. “The solutions should be flexible to interact and integrate into financial, administrative, or clinical systems of any platform or from any other vendor, resulting in cost savings for end users when they opt to replace the entire system or its components.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Components:
- Financial
- Resource management
- Clinical
- Patient related
- Life sciences
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