Hospital Information System Market

Industry Insights-

• The Global Hospital Information System Market was valued at USD 14.70 Billion in 2020
• It is anticipated to reach USD 48.35 Billion by 2027
• A CAGR of 12.65% is anticipated over the forecast period

Overview-

Hospital information system is exceptionally organized information system which is utilized to monitor, record and managing of clinic related activities like finance, organization, documentation, and planning. The objective of hospital information system is to improving the quality of medical care, to remove duplications strategies, staff efficiency, to eliminate duplications of strategies and advancing the local area health. Hospital information system is extensive software for recording of all financial, remedial, and the management data.

This data in hospital information system is circulated among the respective departments and reduces the lead time for communication between the departments. Hospital information system likewise expands the quality and patient satisfaction. Hospital information system can make the different records which make the management to get overview effectively and make key arrangements likewise within less time Hospital information system depends on the clinical records and patient-flow.

Hospital information system expands productivity of the information; reduce the errors and time consumed for documentation. The significance of hospital information system is to generate updates, maintaining the manageability, decision making in the pathways, interdepartmental access and information introduction. Hospital information system is a group of software which gathers the information from departments and stores in the server. This stored information is interpreted utilizing various devices and utilized for making the essential choices. Hospital information system is a software, it is not difficult to gathers the information and store that information.

Covid-19 Impact-

During Covid-19 pandemic, there is positive impact on hospital information system market over the forecast period. Hospital information systems empower clinical professionals to assess and analyze patients, e-prescribes drugs and therapies and recognizes changes in their ailments through remote consultations. Consequently, the COVID-19 pandemic is giving huge opportunities to hospital information system because of social distancing is only solution developed for minimizing exposure of COVID-19. In such manner, telemedicine addresses an attractive, powerful, and reasonable choice. Also, this innovation is of basic significance in keeping healthcare providers safe.

Key Players-

Some of the key players for global Hospital Information System Market are-

• GE Healthcare
• Agfa-Gevaert N.V.
• Practice Fusion Inc.
• McKesson Corporation
• All Scripts Healthcare Solutions Inc.
• Epic Systems
• Computer Sciences Corporation
• Siemens Healthcare
• Philips Healthcare
• S A Infotechnology Pvt Ltd
• Napier Healthcare Solutions Pte. Ltd.
• 3M Health Information Systems
• HISP India
• others

Segmentation Analysis-

By Product:

• Electronic Health Record
• Electronic Medical Record
• Clinical Decision Support
• E-prescribing
• Personal Health Records
• Other

The Electronic Health Records (EHRs) segment is expected to grow at a significant rate in the global healthcare IT market, due to the increasing adoption of EHRs in hospitals and healthcare organizations. Additionally, increasing government support for healthcare IT, such as the use of EHRs, is expected to propel the growth of this segment. Moreover, the adoption of EHRs is expected to reduce medical errors and improve the quality of patient care, thereby driving the growth of this segment.

Moreover, increasing demand for effective disease management at lower costs is expected to boost software adoption, fueling segment growth during the forecast period. The software helps reduce the re-admission of patients and provides cost-effective alternatives to physicians. Furthermore, the solutions enable risk stratification, data aggregation, patient communication, and care coordination, which helps improve patient outcomes. All these factors are anticipated to drive the market growth of the population health management systems segment during the forecast period. The segment is expected to expand further at the fastest CAGR, maintaining its leading position throughout the forecast period.

By Delivery:

• Cloud-based
• Web-based
• On-premises

Cloud-based deployments are expected to witness the highest CAGR during the forecast period. This is due to the increasing adoption of cloud-based healthcare solutions by healthcare providers to reduce the cost of ownership and improve the quality of service. Cloud-based deployments provide a cost-effective and scalable solution for the healthcare industry. Additionally, cloud-based deployments are ideal for telemedicine and remote patient monitoring services, which are expected to have a high demand in the coming years.

The web-based deployment segment is expected to hold the largest market share due to its easy accessibility and usage. Web-based solutions can be easily installed and maintained, thus providing an advantage over on-premise solutions. Furthermore, the growing demand for web-based solutions for streamlining the workflow of hospitals is expected to drive the segment's growth. Additionally, the growing demand for web-based solutions by hospitals for administrative tasks, such as legal and financial operations, is also expected to contribute to the segment's growth.

By Application:

• Immunization Database
• Clinical Repository
• Billing
• Claim and reimbursement
• Inventory Management
• Other

The revenue cycle management segment has accounted for the highest market share and is estimated to be the fastest-growing segment during the forecast period. This is due to the government's role in providing reimbursements to low-income patients for their healthcare expenditure, as well as the rising adoption of healthcare insurances. Additionally, healthcare units like hospitals are outsourcing the revenue cycle management tasks to third-party service providers in order to focus on their core operations and reduce their operational costs.

By End-user:

• Hospitals
• Pharmacy
• Diagnostic centers and clinics
• Other

The rising need for efficient data management, improved patient care services, and reduced healthcare costs are the key factors driving the growth of the healthcare information systems market. The need for enhanced patient care services, increased digitalization of health services, and increased government initiatives to promote the use of digital healthcare services is further driving the growth of the market. The increasing use of cloud-based solutions and data analytics are further fueling the market growth.

By Region:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

In North America, hospital information system market is probably going to lead in the development line of the global market. The development is attributed to favorable government policies, rapid digitalization in the healthcare system and well-established healthcare infrastructure. Hospital information systems has gone through a significant change fundamentally because of the government’s push to digitalize medical care, from different activities to build the appropriation of electronic health records (EHR) to expanding investments in the healthcare information exchange systems. In US, expanding medical services use demonstrates helpful for the nation market development. The U.S. government spends USD 3.5 trillion on medical care services and public health activities. For instance, In July 2017, Mackenzie Health dispatched another electronic medical record (EMR) I in Canada which is carried out in a joint effort with Epic, the product is the main full-suite Epic EMR to be introduced in a Canadian hospital.

Asia Pacific is projected to be the quickest developing hospital information system market during the forecast period. In Asia Pacific include the acceptance and demand for high end medical infrastructure in the region is major factors that would drive the market growth. Fast adoption of digitization in medical services by the arising economies is also adding to the growth. The arising economies, like India and China, are the most rewarding markets because of the rising old population, expanding patient pool, and improving medical services offices. According to OECD report, the share of population aged over 65 years is expected to double to reach and on average 27.6% in 2050, whereas between 2015-2050, the share of population aged over 80 years is expected to triple reach 10.2% in high income Asia-Pacific countries. Besides, the rising awareness about these systems and their developing significance combined with the strong government projects and policies is projected to support the development.

Market Drivers-

Rapidly evolving healthcare facilities

The major factors driving the growth of global hospital information system are rapidly evolving healthcare facilities. Recently developed clinical information software can address wide scope of issues going from information storage to information management. Numerous medical care cloud programming like EHR systems, EMR systems, e-prescribing, hospital telemetry system, remote medical care, has demonstrated its effectiveness in managing tremendous information and giving exact results.

Besides, medical care software is additionally used to analyze patient data. Accordingly, developing applications of software in hospitals has significantly helped the segmental development. In addition, data analyst in healthcare information system industry drives the market growth. The principal drivers of health information systems are Data examination; the medical care industry continuously creates information. Cooperative consideration Patients regularly need to medicines from various medical services suppliers. At that point the medical services information analysis can improve patient care.

Increasing government funds and initiatives from private and public sectors

Furthermore, increasing government funds and initiatives from private and public sectors also drives the hospital information system market. Increasing government funds and initiatives from the private and public sector around the globe and rapid technological advancements, rising healthcare cost and changing world demographic have forced the government to enhance the healthcare.

Fast advancement in medical services system combined with elements such as rising interests in clinical policies are driving clinics to adopt effective and safe hospital information systems to support the consistency of medical care procedures. However, high maintenance cost and requirement of skilled staff to operate may hamper the market growth. In spite of that, rapid digitalization in healthcare sectors can offer more opportunities for the further growth of the global hospital information system in forecast period.

Recent Developments-

• April 20th, 2021: iMDsoft Ltd. also, Dedalus had announced their Channel Partner Agreement, approving Dedalus to distribute MetaVision licenses and administrations, and support clients in Australia and New Zealand (ANZ). iMDsoft chose Dedalus ANZ as their Channel Partner because of their capacity to provide the highest level of service for advanced medical services products and their demonstrated record as a leader in managing clinical and intense care arrangements in huge scope private and public medical services associations. Through its Channel Partner program, iMDsoft accomplices with driving medical care innovation organizations all throughout the globe, allowing implementing and supporting MetaVision solutions for basic consideration, sedation (perioperative) and intense care units at local clinics in their regions.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2020:	USD 14.70 Billion
Base year considered	2021
Forecast Period CAGR %:	12.65 %
Market Size Expected in 2027:	USD 48.35 Billion
Tables, Charts & Figures:	175
Pages	200
Hospital Information System Companies	GE Healthcare, Agfa-Gevaert N.V., Practice Fusion, Inc. McKesson Corporation, All Scripts Healthcare Solutions, Inc.,  Epic Systems, Computer Sciences Corporation, Siemens Healthcare, Philips Healthcare, S A Infotechnology Pvt Ltd, Napier Healthcare Solutions Pte. Ltd., 3M Health Information Systems, HISP India, others.
Segments Covered	By Product, By Application, By Delivery, By End-user
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa