Key Market Overview:
Hospital Information Systems Market size was worth USD 121.50 Billion in 2022, accounting for a CAGR of 17.5% during the forecast period (2023-2030), and the market is projected to be worth USD 334.61 Billion by 2030.
A Hospital Information System (HIS) is a comprehensive information management system that is used to manage various aspects of hospital operations and patient care. HIS typically includes modules for patient registration, scheduling, billing, electronic health records, pharmacy management, inventory management, and clinical decision support. HIS plays a crucial role in streamlining hospital operations, reducing errors, improving patient care, and enhancing communication between healthcare providers. The system enables healthcare providers to access patient data in real-time, allowing them to make informed decisions about patient care. HISs also provide real-time information on the availability of hospital resources such as beds, staff, and medical equipment.
Hospital Information Systems (HISs) have the ability to improve patient safety and reduce medical errors. HIS solutions facilitate the management and tracking of patient infections and other public health concerns, enabling healthcare providers to respond quickly and effectively to potential outbreaks. HIS solutions also aid in clinical decision-making, ensuring that patients receive the most appropriate and effective treatments.
Governments globally are investing in healthcare IT infrastructure to optimize patient outcomes and reduce expenses. To achieve these goals, financial incentives are being provided to hospitals to encourage them to adopt Hospital Information Systems (HIS).
For instance, in December 2020, Indian Railways introduced an integrated Hospital Management Information System (HMIS) in South Central Railways and Northern Railways. The HMIS, which was created in collaboration with RailTel Corporation Limited, aims to streamline hospital administration activities such as diagnostics, clinical, pharmacy, examinations, and industrial health. By implementing a HIS, hospitals can provide better and more efficient care to patients, while also reducing costs associated with manual record-keeping and other administrative tasks.
Furthermore, with the increasing awareness among patients about advanced healthcare options, they are demanding better quality of care. HIS helps healthcare providers to deliver better outcomes by enabling them to access real-time patient data, track patient progress, and make informed decisions. The above-mentioned factors drive the market growth of the hospital information system market.
The initial cost of implementing HIS is high, especially for small and medium-sized hospitals. This declines the adoption of HIS in these hospitals, which do not have the resources to invest in expensive IT infrastructure. Furthermore, healthcare data is highly sensitive and needs to be safeguarded from unauthorized access. The sensitive nature of patient health data is subjected to security breaches and cyber-attacks, which compromise patient data privacy. The above-mentioned factors hamper the HIS (hospital management systems) market.
The adoption of Artificial Intelligence (AI) and machine learning in Hospital Information Systems (HIS) can improve patient outcomes by providing healthcare providers with real-time insights into patient data. Hospitals with integrated Hospital Information Systems (HIS) generate a vast amount of patient and medical data across different departments. This data can be analyzed using AI technologies to gain deep data intelligence on patient inflow/outflow, data access, security, inventory, equipment, and strategies to improve inefficiencies. Integrating HIS with other departments (finance, inventory, operations, administration, etc.) can enable healthcare providers to deliver optimal patient care, manage operations efficiently, and reduce costs. By using an AI-based integrated HIS, healthcare providers can support a wide range of medical devices and applications while exceeding performance and cost expectations. This can ultimately improve patient outcomes and increase the overall efficiency of healthcare operations. Thereby, creating ample opportunities for the market over the forecast period.
Hospital Information Systems Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||334.61 Billion|
|By Type||EHR, Real-Time Healthcare, EMR, Clinical Information Systems, Administrative Information Systems, Laboratory Information Systems, Radiology Information Systems, Pharmacy Information Systems, and Others|
|By Component||Software and Services|
|By Deployment||Web-Based, Cloud-Based and On-Premise|
|By Region||North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa|
|Key Players||Siemens Healthineers (Siemens), Koninklijke Philips N.V., McKesson Corp., Merge Healthcare Inc. (IBM), GE HealthCare (General Electric), Cerner Corporation (Oracle), Allscripts Healthcare, LLC, NXGN Management, LLC, Dedalus S.p.A., and Wipro Limited|
Based on type, the Hospital Information Systems market is categorized into EHR, real-time healthcare, EMR, clinical information system, administrative information system, laboratory information system, radiology information system, pharmacy information system, and others. The EHR (Electronic Health Record) segment holds the largest market share. As EHR systems offer a comprehensive view of a patient’s health information, including medical history, medications, laboratory test results, and imaging reports. The adoption of EHR systems is increasing globally as they improve patient care, enhance patient safety, and increase operational efficiency in hospitals and other healthcare facilities. Furthermore, real-time healthcare is expected to grow with the fastest CAGR over the forecast period. This is attributed to the increasing demand for real-time monitoring of patient health, especially in critical care and emergency departments.
Based on components, the Hospital Information Systems market is bifurcated into software and services. The software segment holds the largest market share. The increasing adoption of EHRs and other clinical software solutions drives the growth of this segment. The COVID-19 pandemic has also accelerated the adoption of telehealth and virtual care, which has further boosted the demand for software solutions in the HIS market. Furthermore, the service segment is anticipated to grow with the fastest CAGR over the forecast period. This is due to the requirement of consulting, implementation, training, and support and maintenance services for HIS software. These services are significant for the successful implementation and adoption of HIS solutions.
Based on deployment, the market is categorized into web-based, cloud-based, and on-premise. The web-based segment holds the largest market share. As many hospitals are opting for this option. Web-based platforms such as electronic medical records and other information systems are in high demand from small and medium-sized healthcare providers, as they seek to improve their operational workflows. This offers significant business prospects for HIS vendors to offer cost-effective, scalable, and easily accessible web-based solutions that meet the evolving needs of healthcare providers. Furthermore, the cloud-based segment is anticipated to register the fastest CAGR over the forecast period. This is due to the rising security breaches and the cloud-based platforms offer high security.
Based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest market share. This is attributed to the existence of established healthcare infrastructure and favorable government regulations and policies. Additionally, the rising adoption of IT solutions in healthcare in the region propels the growth of the Hospital Information Systems market. Furthermore, Asia Pacific is expected to register the fastest CAGR over the forecast period. This is attributed to the rising adoption of healthcare IT solutions, increasing healthcare expenditure, and growing demand for quality healthcare. Nations such as India, Japan, China, and Australia are investing in the advancement of their healthcare infrastructure and implementing advanced healthcare IT solutions to improve patient outcomes.
Hospital Information Systems Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
- Siemens Healthineers (Siemens)
- Koninklijke Philips N.V.
- McKesson Corp.
- Merge Healthcare Inc. (IBM)
- GE HealthCare (General Electric)
- Cerner Corporation (Oracle)
- Allscripts Healthcare, LLC
- NXGN Management, LLC
- Dedalus S.p.A.
- Wipro Limited
- In January 2023, Koninklijke Philips N.V. and Masimo, announced an extended partnership to enhance patient monitoring capabilities in home telehealth applications. This partnership will integrate Masimo’s W1 advanced health tracking watch with Philips’ patient monitoring system to advance the field of telemonitoring and telehealth. The W1 watch will provide real-time health tracking data to the Philips ecosystem, enabling healthcare providers to remotely monitor and manage patient health more effectively. This collaboration between the two companies demonstrates their commitment to developing innovative solutions that improve the quality of care delivered to patients in their homes.
- In August 2021, the Government of Delhi approved a project worth INR 13.9 billion to establish a cloud-based integrated health information management system across its hospitals. This system will integrate patient health information across all Delhi hospitals and provide a unified platform for healthcare providers to access and manage patient data more efficiently.
- In January 2021, Koninklijke Philips N.V. announced the acquisition of Capsule Technologies Inc., a prominent provider of medical device integration and data technologies to hospitals and healthcare organizations. This strategic acquisition will enable Philips to expand its portfolio of integrated patient care solutions, enhancing its position as a leading provider of healthcare technologies.
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