Global Hospital Information System Market - Segmented by Product, by Mode of Delivery (Cloud-Based, On-Premise, and Web-Based), and Geography - Growth, Trends, and Forecast (2022 - 2030)

The Hospital Information System market is expected to witness a CAGR of approximately 11.0% over the forecast period of 2018-2023. Hospital Information System (HIS) is used to record, monitor and manage the operations related to the hospital. These operations include administration, financial operations, and documentation.

Growing Use of EHR Systems

Electronic Health Record (EHR) is a real time and patient centered record that make the patient information available quickly and securely to the concerned and authorized user. The EHRs contain patient’s medical history, treatment plans, and the test results of laboratory.
EHRs improves the disease diagnosis ability and reduces the chances of errors in the results, which ultimately increases the patient outcome. As per the study of the HealthIT.gov, around 94% of the EHR provider reports that their EHR makes the records readily available at the point of care and 88% of the EHR providers reported that their EHR provides benefits for the clinical practices. This indicates that the providers understand the significance of the EHR systems. Owing to this, demand of the EHR systems in the healthcare practices is increasing. The use of EHR is increasing due to the higher patient satisfaction in terms of the services they get. This rise in EHR use is contributing to the growth of hospital information system (HIS) market as EHR is one of the major components of HIS.
Along with that, other factors such as increasing demand for quality healthcare system, rising investments in healthcare, and technological development in healthcare sector are driving hospital information system market.

Data Security and Privacy Concerns

Healthcare data privacy concerns are making people think if they should adopt the digital health tools or not. The limited functions, redundant and confusing app environment are some of the issues that healthcare payers and providers face while dealing with the mobile or digital health tools. In spite of the presence of regulations regarding the patient’s personal data security, it becomes challenging for population to trust in the online healthcare services. Developed nations have lesser concerns about the data security due to the strict regulations about the same but developing regions are still fighting with the privacy issues owing to the lack of proper regulations.
People in developing regions are still away from the digitalization of the healthcare industry and latest technological advancements in the same, which is resulting into the less trust on digital tools. Increase in the privacy and data security concerns is limiting the growth of hospital information system market as HIS is also one of the tools which uses and stores a person’s medical information.
Along with the above mentioned restraint factor, lack of proper IT infrastructure in developing regions is hindering the growth of hospital information system market.

North America Holds the Largest Share in the Hospital Information System Market

North America accounts for the largest share of the market studied. This can be primarily attributed to higher adoptability of the latest technologies that are coming into the market and involvement of government in the betterment of the healthcare system. These factors are expected to augment the growth of the market studied over the forecast period.

Key Developments in the Market

• May 2018: Allscripts Healthcare Solutions MDRX recently closed an acquisition of Florida-based HealthGrid Holding Company for a deal value of $60 million in cash.
• Jan 2018: GE, Roche Enter Partnership to Develop Integrated Digital Diagnostics Platform to Improve Oncology and Critical Care Treatment.

Major Players - AGFA-GEVAERT N.V., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., CERNER CORPORATION, GE HEALTHCARE, INTEGRATED MEDICAL SYSTEMS PTY LTD, KONINKLIJKE PHILIPS N.V., MCKESSON CORPORATION, MEDICAL INFORMATION TECHNOLOGY, INC., SIEMENS MEDICAL SOLUTIONS USA INC., AND SYSMEX SDN BH among others

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