Mumbai, India, 9th October 2013 - Healthcare IT is a core component to achieving successful transformative shifts in healthcare. Growth in data, digitization trends in health information and electronic medical records, improvements in collaborative data exchange, workflows and mobility, and need for better financial management are changing the needs of the hospital enterprise. Additionally, patient demographic changes and chronic disease growth, cost control considerations, and the importance of patient safety, have all come together to heighten demand for Health Information Technology (HIT) in India.
New analysis from Frost & Sullivan (http://www.connectedhealth.frost.com), Healthcare Information Technology Market Outlook in India, finds that the market earned revenue of more than $381.3 million in 2012 and forecasts this to reach $1,454.7 million in 2018.
"The increase in adoption of electronic health records, mHealth, telemedicine, and web based services has made electronic patient data expand, necessitating the implementation of robust IT systems in Indian healthcare institutions," said the analyst, Frost & Sullivan. "The technology’s benefits, which include enabling experts from any part of the world to advise patients on medical care, streamlining operations, and helping hospitals achieve performance targets, have popularized IT in healthcare."
Hospitals have noted that ease of integration with existing solutions is the main criterion they seek from electronic medical record (EMR) vendors. The main challenge during and after implementation of EMR, is the time spent by doctors and employees on EMR systems. This proves how important training and education are in the uptake of such systems.
Advanced patient history, cloud-ready, and customizable consultation are some of the new product offerings by EMR vendors. In the coming years, these vendors foresee a major change in adoption levels; where there would be wider adoption of newer platforms such as cloud, which they say will help them cut down costs and be easier to manage. Pricing of these systems is also decreasing as compared to prior years.
Overall, the scope of HIT services is restricted to metro and Tier I cities, and success is expected to depend on factors such as cost versus benefit comparison, along with clear and quicker ROI. The main expectations of hospitals in future are linked to full integration of systems, more shareable information platforms, and standardization that could lead to user-friendliness, more usability, and access to mobile devices such as tablets, as well as advanced tools uptake like telemedicine and virtual meeting systems for knowledge sharing.
In terms of technologies, companies plan to strongly focus on product modification areas in terms of higher investments. Moreover, they want to introduce business intelligence for both clinical and non-clinical systems. Products will also be modified by enhancing existing features, presenting better service, and introducing multiple versions such as offering mini-PACS.
To encourage installations, creating awareness on the technology’s benefits and return among decision makers as well as end users is crucial. User-friendliness, standardization and integration are vital to widen market reach in India. Vendors must also look to build a dashboard system, such as a ‘one-screen solution’ where doctors can see everything at once and keep track of patients’ progress.
"Integrated systems will enable developers to create cloud-based solutions, where conducting upgrades and maintenance is quicker and more efficient," noted the analyst. "In addition, the shift to wireless technology, mobile devices and cloud computing will reduce system costs and improve workflows."
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Healthcare Information Technology Market Outlook in India is part of the Connected Health Growth Partnership Service program which includes healthcare IT, telemedicine, remote monitoring and mHealth. Frost & Sullivan’s related research includes Health IT in GCC Countries; Analysis of Healthcare IT in China; Telehealth Opportunities in APAC; US Patient Portal Market for Hospitals and Physicians. Upcoming research includes Analysis of Early Intervention and Wellness Technologies, Cloud in Healthcare Asia Pacific, and ongoing analyst coverage of the Health Insurance Marketplace (HIX) scenario as it unfolds in the United States. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Healthcare Information Technology Market Outlook in India
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