Hospital Information Systems (HIS) Market

SKU: DMHOS2685 | Last Updated On: Jan 25 2023 | Available Formats

>Hospital Information Systems (HIS) Market Expected to reach a CAGR of 11.51% during the forecast period 2022-2029:

Hospital Information Systems (HIS) Market is segmented By Mode of Delivery (Cloud-based, On-premise, Web-Based), By Component (Software, Hardware, Services, Others), By System Type (Laboratory Information System, Clinical Information Systems, Radiology Information System, Administrative Information Systems, Electronic Medical Records, Pharmacy Information System, Others), By End-User (Hospitals, Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Operating Room Equipment Market size was valued at US$ 266512.05 million in 2022 and is estimated to reach US$ 515945.98 million by 2030, growing at a CAGR of 5.8% during the forecast period (2023-2030).Favorable government efforts and rising acceptance of modern healthcare solutions are projected to drive the global hospital information system market during the forecast period. For example, the Ministry of Health and Family Welfare (MoHFW) of India announced in June 2019 the introduction of a new real-time Health Management Information System online site in five states: Punjab, Karnataka, Tripura, Chandigarh, and Uttar Pradesh. Over the projected period, the global hospital information system market is predicted to rise due to an increase in the installation of healthcare IT systems around the world. According to the Healthcare Information and Management Systems Society (HIMSS), healthcare IT services have seen an increase in acceptance in recent years, while remote monitoring services have seen an increase in use from 13% in 2016 to 22% in 2019.

The COVID-19 epidemic is anticipated to provide considerable growth prospects for global hospital information system market participants. According to the National Center for Biotechnology Information (NCBI), the pandemic necessitated quick adaptation of health information systems to identify, collect, store, manage, and communicate correct COVID-19-related data. Globally expanding patient pools are likely to provide profitable growth prospects for competitors in the global hospital information system market. According to the World Health Organization (WHO), poor quality care causes between 5.7 and 8.4 million deaths per year in low- and middle-income countries (LMICs), accounting for up to 15% of all fatalities in these countries.

As per DataM Intelligence, Hospital Information Systems (HIS) Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Hospital Information Systems (HIS) Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.

During the forecast period, North America is expected to account for the largest share of the global hospital information system market. The hospital Information Systems (HIS) Market in the United States and Canada produces the utmost share. Whereas the European Hospital Information Systems (HIS) Market is projected to continue its presence globally during the period of 2023-2030. The region's market is expected to increase in the future, owing to the increasing adoption and implementation of IT services, particularly in the healthcare sector. Furthermore, the big share of the area may be ascribed to the local presence of large businesses with a focus on the development of sophisticated IT solutions, effective implementation of EHRs in the region, and high deployment of solid IT infrastructure.

Developments in the Industry:

The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the hospital information system market globally.  For instance,

  1. In January 2020, iPatientCare launched and exhibited its Electronic Health Record and integrated Clinical/Hospital Management System for the Indian healthcare market.
  2. In August 2019, Philips has acquired Carestream's Healthcare Information Systems (HCIS) business in 26 of the 38 countries in which it operates
  3. In April 2020, Dedalus S.p.A has acquired the healthcare IT portfolio of Agfa-Gevaert Group to expand its business position.

Hospital Information Systems (HIS) Market - Strategic Insights

Metrics

Details

Market CAGR

11.51%

Segments Covered

By Mode of Delivery, By Component, By System Type, By End-User and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Hospital Information Systems (HIS) Market Growth Drivers, and Challenges:

A hospital information system (HIS) is used to record, manage, and monitor the operations associated with a hospital, including administration, financial operations, and documentation. An electronic health record (EHR) is a real-time and patient-centered record that records information about the patient available quickly and securely to the concerned and authorized user. They improve the ability to diagnose the disease and they reduce the chances of errors in the results, which ultimately improves the outcome for the patients.

According to HealthIT.gov, more than 94% of the electronic health record providers reported that their EHRs make the records readily available at the point of care, and 88% of the EHR providers reported that their EHRs provide benefits for clinical practices. Due to the rising demand for EHR systems in healthcare practices, the market is expected to grow significantly over the forecast period.

With increasing cases of coronavirus disease (COVID-19) globally, the market players are innovating new virtual care systems for remote patient monitoring and telemedicine services, to create a safer environment for healthcare providers. Also, the growing adoption of cloud-based computing systems is expected to boost market growth over the forecast period. Several technological advancements, such as the integration of eHealth platforms, Software-as-a-Service (SaaS) with HIS, web-based programs, Picture Archiving and Communication System (PACS), and radiology information systems (RIS) are also driving the growth of the market.

Market Challenges:

The COVID-19 epidemic has impacted workflows in the healthcare industry throughout the world. The sickness has compelled a number of sectors, including various sub-domains of healthcare, to temporarily close their doors. Furthermore, there has been a favorable impact on a variety of healthcare services, including the hospital information system sector. The 'digital front door' is a critical component of how providers should respond to the COVID-19 scenario in terms of access, triage, and even treatment. With the increased demand for hospital capacity, one of the problems for hospital IT personnel is determining how to swiftly deploy EHR systems to alternate care venues.

Market Segmentation Analysis:

By Mode of Delivery:

  • Cloud-based
  • On-premise
  • Web-Based

By Component:

  • Software
  • Hardware
  • Services
  • Others

By System Type:

  • Laboratory Information System
  • Clinical Information Systems
  • Radiology Information System
  • Administrative Information Systems
  • Electronic Medical Records
  • Pharmacy Information System
  • Others

By End-User:

  • Hospitals
  • Clinics
  • Others

Based on the mode of delivery, the cloud-based segment is expected to grow at the fastest growth over the forecast period (2023-2030). Cloud-based systems stores the hospital data on external servers, where it can be accessed through the web, which only requires a computer with an internet connection. Cloud-based delivery helps healthcare providers and patients access information, anytime and anywhere. Also, cloud-based information systems are cost-effective, particularly for small- and medium-sized practices, as there are no large hardware expenditures, and the software expense is based on a consistent subscription rate. In addition, an increasing number of hospitals, especially the chain of hospitals that need cloud-based information systems to manage data are further fueling the market growth.

Regional Share Insights

North American region is dominating the global hospital information systems market and accounted for the largest market share in 2019, due to favorable government policies, well-established healthcare infrastructure, and rapid digitalization in the healthcare system. The hospital information systems market has grown rapidly due to the government’s push to digitalize healthcare, from various initiatives to increase the adoption of electronic health records (EHR) to increasing investments in healthcare information exchange systems. For instance, In July 2017, Mackenzie Health launched a new electronic medical record (EMR) I in Canada which is implemented in collaboration with Epic, the software is the first full-suite Epic EMR to be installed in a Canadian hospital.

Competitive Landscape

The hospital information system market is fragmented with a large presence of market players. The key players are focusing on integrating the technologies and developing more secured information systems to expand their presence globally. Some of the market players are Dedalus S.p.A., Allscripts Healthcare Solutions Inc., Cerner Corporation, GE Healthcare, Integrated Medical Systems, Koninklijke Philips NV, McKesson Corporation, Carestream Health, and Wipro Limited among others.

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