A study from Frost & Sullivan forecasts the U.S. hospital information systems market will grow at a compound annual growth rate of 5.7 percent through 2020. The market revenue is expected to increase by 58.9 percent from $11.1 billion in 2013 to $17.6 billion in 2020. To keep up with a demand for higher-quality care and ensure financial stability, hospitals will be forced to upgrade all their systems, according to the report.
Frost & Sullivan, a Mountain View, Calif.-based growth strategy company, also postulated that the scramble to implement EHRs to comply with federal requirements has obscured IT opportunities in other areas of hospital administration.
“Hospitals understand they must establish new business models in order to survive under a dramatically transformed provider landscape,” said Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi in the news release.
