ID: MRFR/HC/9248-HCR | 100 Pages | Published By Kinjoll Dey on March 2023
The hospital information system market is expected to cross ~USD 105 billion by 2030 at a CAGR of ~6.2%.
$105 billion
6.2%
North America
2021-2030
Hospital Information System Market Overview
The hospital information system market is expected to cross USD 105 billion by 2030 at a CAGR of 6.2% during the forecast period 2022-2030. The automation of hospital management processes enables healthcare providers to perform in the most effective way. Hospital information system refers to a set of applications that are designed to manage healthcare-related information. Hospitals generate massive volumes of data that must be managed to maintain efficiency. Hospital management system acts as a centralized database that collects and main information related to patients, doctors, staff and helps healthcare professionals to offer a quick diagnosis for patients.
A hospital's information system's revenue management module is vital. The latest trend also emphasizes overall efficiency and clinical management. Some modules are required for all healthcare institutions, while others are optional, based on size and specialism. As a result of increased medical policy investment, hospitals must construct an effective and secure hospital information system. All activities are monitored, controlled, and combined, enhancing employee efficiency, eliminating duplication, and preventing data theft. Hospital information systems are automated and incorporate patient clinical data that help determine therapy and operation success rates. They are highly useful in ICUs for patient data management; therefore, their broad use in hospitals should assist the hospital information system market.
COVID-19 Analysis
The COVID-19 outbreak has hampered healthcare workflows worldwide. The illness has forced many industries, including healthcare, to close temporarily. It has also benefited a variety of healthcare services, including hospital information systems. In terms of access, the 'digital front door' is crucial for clinicians to comprehend. With the increased demand for hospital capacity, one of the challenges hospital IT employees face is quickly deploying EHR systems to other care settings.
Hospitals, diagnostic centers, and clinics are also interested in clinical decision support systems, electronic health records, and other technologies that help reduce pharmaceutical prescription errors, adverse drug event monitoring, and other medical errors. COVID-19 also plays an important role in the increasing rise of teleconsultations. Restrictions on mobility and travel, limited medical services, and a surge in suspected and confirmed COVID-19 infections all contribute to the current teleconsultation boom.
Market Dynamics
Drivers
Restraint
The shortage of skilled health workers is low. Some hospitals require all clinical establishments, software, skilled labour, and specialists to increase productivity. To ensure uniformity of healthcare practices, hospitals must use effective and safe hospital information systems.
Opportunities
Untapped potential in developing countries could lead to profitable future market opportunities. The hospital information systems automate and contain patient clinical data to improve treatment and procedure outcomes. The growing use of these systems in hospitals in developing countries is projected to benefit the hospital information system market growth.
Technology analysis
Both emerging and developed countries are struggling to achieve high standards of care that are affordable, high-quality, and low in error. Using HIS, clinicians can now improve patient outcomes while lowering costs by mining electronic patient information for systemic medical mistakes. It helps them provide cost-effective patient care while reducing resource waste. The healthcare industry is also growing due to the increased use of technologically advanced hospital management solutions. Increasing adoption of electronic health records for patient-centered treatment is also expected to boost the market growth in the coming years. EHR has emerged as a key potential segment in hospital information systems, driven by increased demand for EHR-integrated technologies and the need to simplify electronic healthcare solutions. Government initiatives to promote HER are expected to boost demand for electronic systems. Various EHR benefits result in increased system productivity and patient satisfaction.
Segment Overview
By Component
By Application
By Deployment Mode
Regional Analysis
North America
Growing adoption of IT sevices in healthcare across the region is driving the North America Hospital Information System market
North America held the largest hospital information system market share in 2020, owing to the rising prevalence of chronic diseases. North America is dominating the global hospital information system market during the forecast period owing to adoption of IT services, especially in healthcare. The region's substantial share is also due to increasing demand for the quality healthcare system, increasing government initiatives, effective EHR adoption, and extensive deployment of robust IT infrastructure. Moreover, raising awareness of EHR systems is contributing to the growth of the North America hospital management system market.
Asia Pacific
Rising use of eHealth platforms and cloud computing is fueling the Asia-Pacific hospital information system market
Asia Pacific is anticipated to grow at the highest rate throughout the projection period. Growing adoption of eHealth platforms and cloud computing are propelling the APAC hospital information system market. Strict regulatory monitoring ensures data confidentiality, secure storage, user-level authorization, data traceability, and mitigation of other cyber security concerns. India and China are the most potential markets for hospital information systems solutions in the region, with their growing older population, patient pool, and healthcare infrastructure. Growing advancements in the latest technologies and supportive government programmes promote the healthcare industry's digitalization that fuels the hospital management system market.
Competitive Landscape
The hospital information system market is profitable, both for existing players as well as new entrants. Our analysis revealed that market players adopt different strategies and innovative R&D techniques to expand their business and secure their position in the market. The hospital information system Market is very competitive due to the presence of numerous participants. To expand their market shares, players are focusing on integrating technologies and developing more secure information systems. Also, firms are focusing on new healthcare markets to strengthen their market position. The companies invest in R&D activities to expand their product portfolio, further driving the hospital information system market. In addition, the market players are adopting various strategies such as mergers & acquisitions, contractual agreements, new product launches, increasing investments in R&D, and partnering with other players to expand their global footprint.
List of Key Companies Covered in this Report:
Recent Developments
Report Overview
The study covers the existing short-term and long-term market effects, as well as helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, value chain, and impact of COVID on the market.
Scope of report and segmentation:
By Component
By Delivery Mode
By Application
Report Attribute/Metric | Details |
---|---|
Market Size | USD 105 Billion |
CAGR | 6.1% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Delivery Mode, Application |
Geographies Covered | North America, Europe, Asia-Pacific, Rest of the World |
Key Vendors | • McKesson Corporation (US) • Cerner Corporation (US) • athenahealth, Inc. (US) • Allscripts (US) • Medidata Solutions Inc. (US) • Agfa Gevaert NV (Belgium) • GE Healthcare (US) • Siemens Healthineers (Germany) • Epic Systems Corporation (US) • NextGen Healthcare (US) • Allscripts Healthcare Solutions Inc. (US) • Epic Systems Corporation (US) • Greenway Health, LLC (US) • Integrated Medical Systems (US) • Carestream Health (US) |
Key Market Opportunities | The emergence of new products boost the market growth |
Key Market Drivers | Untapped market with growing demands • Growing adoption of digital healthcare infrastructure • Government initiatives to support the use of e-health solutions • Large population base along with chronic disease prevalence rise |
The hospital information system market is expected to cross USD 105 billion by 2030 at a CAGR of 6.2% during the forecast period 2022-2030.
McKesson Corporation (US), Cerner Corporation (US), athenahealth, Inc. (US), Allscripts (US), Medidata Solutions Inc. (US), Agfa Gevaert NV (Belgium), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), NextGen Healthcare (US), Allscripts Healthcare Solutions Inc. (US), Epic Systems Corporation (US), Greenway Health, LLC (US), Integrated Medical Systems (US), and Carestream Health (US) are the key players in the market of hospital information system
North America holds the largest share in the global market of hospital information system.
Growing adoption of digital healthcare infrastructure and Large population base along with chronic disease prevalence rise are the major market driver of hospital information system
Shortage of skilled professionals may limit the market growth of hospital information system.