Hospital Information System Market: Electronic Health Record Segment Dominated And Accounted For The Largest Revenue Share
Hospital Information System Industry Overview
The global hospital information system market size was valued at USD 57.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028. Rising government initiatives and increasing demand from hospitals to deploy advanced IT solutions for effective operational efficiency are some of the key factors for the increase in the adoption of hospital information systems (HIS). The increasing need to reduce healthcare expenditure due to hospital workflow inefficiencies is expected to increase hospital information systems implementation worldwide. Thus, the growing demand for reduced healthcare costs and effective clinical outcomes is one of the key factors responsible for the adoption of information systems in developed economies and also in emerging economies, such as India, China, the Philippines, and Brazil.
Developing and developed regions are struggling to achieve high care delivery standards, which are both cost-effective and quality-oriented with minimum medical errors. With the help of HIS, providers are now able to streamline their workflows by offering enhanced patient outcomes about costs through investigational mining of electronic patient records for identifying inherent medical inaccuracies in the system. It enables them to offer cost-effective services to patients while reducing resources wastage. Moreover, increasing penetration of technologically advanced hospital management solutions is also aiding the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Hospital Information System market
The increased implementation of healthcare IT solutions and services by hospitals to provide enhanced patient care at reduced expenses, coupled with the growing need to upgrade already existing information systems, is likely to be a key driving factor. Moreover, consistent upgrades in healthcare and IT infrastructures along with increased adoption of cloud computing in hospital settings are also contributing significantly to the market growth. Since, healthcare data is subject to stringent regulatory oversight to ensure patient confidentiality, safe and secure storage, user-level authorization, traceability of information, and mitigation of other cybersecurity threats. Thus, hospitals are switching from on-premises deployments to cloud-based information systems to maintain high data security and avoid security breaches.
In addition, the growing adoption of EHR systems among developing economies owing to increased utilization of electronic health records for patient-centric care is expected to significantly boost the market growth over the next few years. EHR emerged as one of the key potential segments in hospital information systems, primarily owing to the rising demand for streamlining electronic healthcare solutions, technological advancements in healthcare information IT, and growing demand for EHR-integrated tools. Also, government initiatives promoting EHR are likely to propel the demand for electronic systems. EHRs offer a range of advantages to hospitals and patients, ultimately leading to increased system productivity and patient satisfaction.
Furthermore, associated benefits with these information systems, such as operational cost-reduction minimized errors in the end-use facility, and increased successful operational outcomes, are expected to propel market growth. Moreover, government initiatives supporting eHealth programs in developed as well as developing regions and incentives promoting information systems implementation in hospital settings in certain countries are further expected to drive the market over the forecast period.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
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Hospital Information System Market Segmentation
Grand View Research, Inc. has segmented the global hospital information system market report on the basis of type, deployment, component, and region:
Hospital Information System Type Outlook (Revenue, USD Million, 2016 - 2028)
- Electronic health record
- Electronic medical record
- Real-time healthcare
- Patient engagement solution
- Population health management
Hospital Information System Deployment Outlook (Revenue, USD Million, 2016 - 2028)
- Web-based
- On-premises
- Cloud-based
Hospital Information System Component Outlook (Revenue, USD Million, 2016 - 2028)
- Software
- Hardware
- Services
Hospital Information System Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- January 2019: Cerner Corporation collaborated with CoverMyMeds to integrate patient-specific information into the EHR for healthcare providers to view pricing information at point-of-care.
Key Companies profiled:
Some prominent players in the global Hospital Information System market include
- Carestream Health
- Siemens Healthineers
- McKesson Corporation
- Philips Healthcare
- Merge Healthcare Inc. (IBM)
- GE Healthcare
- Cerner Corporation
- Allscripts
- NextGen Healthcare
Order a free sample PDF of the Hospital Information System Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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