Market Highlights
According to MRFR analysis, the global hospital information system market is expected to register a CAGR of ~6.2% from 2021 to 2030 and hold a value of USD ~105.0 billion by 2030.
The key factors driving hospital information systems are growing demand for a high-quality healthcare system, technical advancements in the healthcare industry, and a rise in government activities and public awareness about EHR systems. Electronic Health Records (EHRs) are real-time, patient-centered records that make patient information promptly and securely accessible to the concerned and authorized user. EHRs store a patient's medical history, treatment plans, and laboratory test results. EHRs improve the ability to diagnose disease and lower the likelihood of result errors, resulting in better patient outcomes.
A hospital information system is used to track, monitor, and manage hospital activities. Inclusive of administration, financial operations, and paperwork. The key players are involved in new product launches, strategic agreements, funding, investments, and joint ventures to augment their market positions. For Instance, In October 2021, Allscripts Healthcare, LLC (US) launched Allscripts practice management, an AI-based scheduling application that utilizes real-time provider, practice, and industry data to optimize healthcare providers' work efficiency. Untapped markets with growing demands will fuel the growth of hospital management systems in the near future.
Regional Analysis
North America currently dominates the market and is expected to maintain its dominance throughout the forecast period. The rise is associated to favorable government policies, a well-established healthcare infrastructure, and healthcare system's growing digitalization. Additionally, the rising number of COVID-19 cases in North America is increasing the demand for software that can assess and comprehend how the current pandemic affects the country more than other countries. For example, in February 2020 AdventHealth, a US-based health system, installed Epic Systems' EHR platform throughout its 50 hospital campuses and 1,200-plus care locations across nine states. This platform will comprise an EHR and a revenue cycle management system that will be used to manage revenue for Advent's medical practices, acute care, ambulatory, home health, urgent care, and hospice facilities.
Asia Pacific is anticipated to grow at the highest CAGR throughout the projection period. Technological improvements such as eHealth platforms and cloud computing are contributing significantly to the regional market growth. Healthcare data is subjected to rigorous regulatory scrutiny to maintain the information's confidentiality, safe and secure storage, user-level authorisation, information traceability, and mitigation of other cyber security concerns.
Europe dominates the hospital information system market, with Germany and Italy gaining the lion's share, owing to the established infrastructure, which serves as a growth engine for the business, and the expanding number of private medical care service providers such as University Hospital Dusseldorf (Germany) and Grande Ospedale Metropolitano Niguarda (Italy). The hospital information system market study examines particular market-impacting factors and regulatory changes affecting the industry's current and future trends.
Segmentation
The global hospital management information system market has been segmented into component and delivery mode and application. By component, the market has been segregated into hardware, solutions and services. The solution segment held a considerable share of the market in 2020. The high demand for improved patient care, reduced documentation work, and reduced scope for error will augment the market growth in the assessed period.
Based on application, the global hospital information system market has been classified as Clinical Information System (CIS), Administrative Information System (AIS), Electronic Medical Record (EMR), Laboratory Information System (LIS), Radiology Information System (RIS), Pharmacy Information System (PIS) and others. The Laboratory Information System (LIS) held the largest market share in 2020, owing to increasing demand for LIS in biobanks/biorepositories, need to comply with regulatory standards.
Based on delivery mode, the global hospital information system market has been classified as web-based, cloud-based, and on-premise Cloud-based hospital information systems are growing at the highest growth owing to their advantages, such as user-friendliness, ease of installation, and ease of use.
Key players
Some of the key players in the hospital information system market are 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) among others.
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