Proactive Government Healthcare Initiatives Drive Growth in the South Korean Hospital Information Systems Markets
May 31, 2006
Singapore – With its healthcare expenditure at $49.6 billion in 2005, South Korea remains one of Asia’s biggest healthcare spenders. In a bid to upgrade the country’s healthcare system, the Ministry of Health and Welfare (MOHW) is fast exploring ways of using information technology to improve medical insurance services and ensure operational efficiency. Considering this, proactive Government initiatives aimed at bringing about improvements in the country’s healthcare delivery structure will be a major driver in the South Korean hospital information systems (HIS) markets. In capitalizing on these growing opportunities, HIS providers will benefit from tailoring their products and solutions toward maximizing the efficiency and productivity of the healthcare setup.
New analysis from Frost & Sullivan (www.healthcare.frost.com), South Korean Hospital Information Systems Markets, reveals that revenues in this market totaled $115.0 million in 2005 and can reach $204.3 million in 2009.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants an overview of the latest analysis of the South Korean Hospital Information Systems Markets, then send an e-mail to Jasminder Kaur, Corporate Communications, at mailto:email@example.com with your full name, company name, title, telephone number, fax number, and e-mail address. Upon receipt of the above information, an overview will be sent to you by e-mail.
In March 2002, the South Korean Government revised the Medical Act, enabling the use of electronic order communications and electronic medical records (EMR) by doctors. This law took effect in March 2003 and since then; its new provisions have been promoting as well as accelerating the implementation of novel medical information systems such as HIS and EMRs.
“New laws and regulations necessitating the conversion of paper records to their electronic form are propelling the demand for medical IT equipment and systems in South Korea,” notes Frost & Sullivan Research Associate Rajiv Varyani. “Moreover, the Government is actively encouraging and promoting the use of state-of-the-art healthcare technology and the MOHW has been constantly on a lookout for IT-based solutions that can be used to improve and enhance healthcare facilities.”
However, market participants must remember that the South Korean administrative HIS market is almost at the mature stage. As a result, solution providers are shifting their focus to developing newer technologies such as clinical HIS (EMR, computerized physician order entry) and others. In 2005, clinical information systems (CIS) accounted for 60.0 percent of the South Korean HIS markets and there is likely to be a further increase in the uptake of CIS in the coming years.
“With the penetration of clinical HIS solutions showing a significant increase in recent times, market participant should aim at capitalizing on the clinical HIS wave, thereby increasing their competitiveness in the market,” says Varyani. “In addition, as the South Korean HIS market is largely dominated by local software vendors, forging partnerships with these local implementation services vendors will help participants expand their market presence.”
South Korean Hospital Information Systems Markets is part of the APAC Healthcare subscription. It provides an overview of South Korean healthcare markets and lists the major drivers, restraints, and challenges influencing vendors in the South Korean HIS markets. Further, it presents revenue forecasts pertaining to the HIS markets and offers strategic recommendations to help capitalize on market growth. In this research service, Frost & Sullivan’s expert analysts thoroughly examine the following markets/applications/technologies: HIS and its segments, administrative HIS, and clinical HIS. Executive summaries and analyst interviews are available to the press.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company’s industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit www.frost.com.
South Korean Hospital Information Systems Markets - 4B21
Corporate Communications – Asia Pacific
Radhika Menon Theodore
Corporate Communications – Europe
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Keywords in this release: hospital information systems, HIS, South Korea, administrative HIS, clinical information systems, CIS, electronic medical records, EMR, computerized physician order entry, research, information, market, trends, technology, service, forecast, market share
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