Thanks to growth in nonclinical information systems, the U.S. hospital information systems (HIS) market is expected to grow at a 5.7% compound annual growth rate (CAGR), from 2013 revenues of $11.1 billion to $17.6 billion in sales by 2020, according to a new report from market research firm Frost & Sullivan.
The U.S. HIS market is a mature sector, with penetration rates of up to 95% for nonclinical information systems and 90% for clinical information systems. However, a new "postelectronic health record" era is taking shape in hospitals and is sparking the adoption of nonclinical systems, according to Frost & Sullivan. The company said these changes are necessary to address challenges related to healthcare reform, such as changing reimbursement models, competitive threats from nontraditional healthcare providers, and the rise of health insurance marketplaces.
The administrative information systems sector is expected to grow at a 10.4% CAGR over the forecast period, with the financial information systems segment following closely behind at a 9.7% CAGR. However, the clinical information systems market is projected to grow at a CAGR of only 0.6%, Frost & Sullivan said.
