The Worldwide Hospital Information System Industry is Expected to Reach $79.7 Billion by 2027
DUBLIN, March 16, 2022 /PRNewswire/ -- The "Global Hospital Information System Market By Component, By Deployment, By Type, By Regional Outlook, Industry Analysis Report and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Hospital Information System Market size is expected to reach $79.7 billion by 2027, rising at a market growth of 5.4% CAGR during the forecast period.
A hospital information system (HIS) is a subset of health informatics that emphasizes on hospital management. In various implementations, a HIS is a full, integrated information system designed to manage all aspects of a hospital's operations, such as medical, financial, administrative, and legal complications, and the associated service processing. A hospital information system (HIS) is sometimes known as hospital management system or hospital management software (HMS). Doctors utilize hospital information systems to organize visits since they are a great source of information pertaining to a patient's medical history. The system must protect data and control who has access to it under certain situations.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has disrupted the business operation across various business verticals. It is due to the imposition of various regulations by the governments across the world to curb the spread of the virus. However, the healthcare sector has been positively impacted by the pandemic. The increasing prevalence of COVID-19 has made it necessary for hospitals to use information systemsto save burden.
Furthermore, continuous endeavors for healthcare IT solutions have pushed the use of different modern information systems in emerging countries even further. To reduce exposure, the COVID-19 pandemic has directed toenhancethe level of automation and digitalization in healthcare institutions.
Market Growth Factors:
Enhancement in Data Retrieve-ability & Security
Record keeping in hospital facility is a necessary measure with two challenges: keeping the data secure with only authorized staff having access to it and retrieving it in the shortest amount of time feasible. In addition to these constant issues of space limitation, natural element protection, insect prevention, and so forth, the demand for various advanced solutions is expected to witness a surge in the coming years. HIS is the ideal solution to these issues. All data is securely saved on a server or in the cloud. Because HIS is focused on logins, data security is no longer a concern, as data access is granted depending on the person's job including receptionist, doctor, nurse, radiologist, and so on.
Improved Accuracy and enhanced efficiency
Processes that are automated utilizing software will be handled mechanically without the need for human interaction, resulting in immediate increased efficiency. The programme will not experience human issues such as exhaustion, misunderstanding, or lack of attention; it will do every work entrusted to it with the same precision day after day. Because HIS operations are automated and many activities are entrusted to software to conduct with greatest precision with minimal human participation, the possibility of error is greatly minimized.
Marketing Restraining Factor:
The rise in the number of regulatory compliances
The Healthcare industry has plenty of sensitive data, which is required to be protected through various regulations and compliances like the US Health Insurance Portability and Accountability Act (HIPAA). Data discovery problems and low data quality make it more problematic to carry out the needed audits and fulfill regulatory needs and restrict several data healthcare providers from using them for benefitting their patients. Many governments across the world are increasingly framing strategies and policies to keep a track on the security of patients' data. It is mandate for hospitals to meet this compliance in order to prevent data breaches.
Component Outlook
Based on Component, the market is segmented into Software, Hardware, and Services. It is owing to the high reliance of the hospitals on on-premise solutions to provide better healthcare services to the patients in organized manner. It is because of the factors like high requirement of various advanced systems and devices by the hospitals.
Deployment Outlook
Based on Deployment, the market is segmented into Web Based, On-Premises, and Cloud based. The on-premise segment procured a substantial revenue share. It is owing to the high reliance of the hospitals on on-premise solutions to provide better healthcare services to the patients in organized manner.
Type Outlook
Based on Type, the market is segmented into Electronic Health Record, Patient Engagement Solution, Population Health Management, Electronic Medical Record and Real-time Healthcare. The patient engagement solutions segment acquired a significant revenue share. The rising burden of chronic illnesses, as well as the growing elderly population, is some of the primary causes driving the global adoption of patient engagement solutions.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region with the maximum revenue share. It is due to the growing market for technologically advanced information systems in U.S. hospitals, as well as the high presence of IT vendors such as GE Healthcare, Cerner, Carestream Health, McKesson, and NextGen Healthcare.
KBV Cardinal Matrix - Hospital Information System Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the General Electric (GE) Co. is the major forerunner in the Hospital Information System Market. Companies such as Siemens Healthineers AG, Koninklijke Philips N.V., Wipro Limited are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens Healthineers AG (Siemens AG), Cerner Corporation, AllScripts Healthcare Solutions, Inc., General Electric (GE) Co. (GE Healthcare), Koninklijke Philips N.V., McKesson Corporation, NextGen Healthcare, Inc., Wipro Limited, Dedalus S.p.A. (Ardian), and Integrated Medical Systems Pty Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Acquisition and Mergers
3.2.3 Product Launches and Product Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations and Agreements: 2017, Jan - 2021, Dec) Leading Players
Chapter 4. Global Hospital Information System Market by Component
4.1 Global Software Market by Region
4.2 Global Hardware Market by Region
4.3 Global Services Market by Region
Chapter 5. Global Hospital Information System Market by Deployment
5.1 Global Web-based Market by Region
5.2 Global On-premises Market by Region
5.3 Global Cloud-based Market by Region
Chapter 6. Global Hospital Information System Market by Type
6.1 Global Electronic Health Record Market by Region
6.2 Global Patient Engagement Solution Market by Region
6.3 Global Population Health Management Market by Region
6.4 Global Electronic Medical Record Market by Region
6.5 Global Real-time Healthcare Market by Region
Chapter 7. Global Hospital Information System Market by Region
Chapter 8. Company Profiles
8.1 Siemens Healthineers AG (Siemens AG)
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments
8.1.5.1 Partnerships, Collaborations, and Agreements
8.1.5.2 Product Launches and Product Expansions
8.2 Cerner Corporation
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments
8.2.5.1 Partnerships, Collaborations, and Agreements
8.2.5.2 Acquisition and Mergers:
8.2.5.3 Product Launches and Product Expansions
8.3 AllScripts Healthcare Solutions, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Regional & Segmental Analysis
8.3.4 Research & Development Expenses
8.3.5 Recent strategies and developments
8.3.5.1 Partnerships, Collaborations, and Agreements
8.3.5.2 Product Launches and Product Expansions
8.3.5.3 Acquisition and Mergers:
8.4 General Electric (GE) Co. (GE Healthcare)
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments
8.4.5.1 Partnerships, Collaborations, and Agreements
8.4.5.2 Acquisitions and Mergers:
8.4.5.3 Product Launches and Product Expansions
8.4.6 SWOT Analysis
8.5 Koninklijke Philips N.V.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments
8.5.5.1 Partnerships, Collaborations, and Agreements
8.5.5.2 Acquisitions and Mergers:
8.5.5.3 Product Launches and Product Expansions
8.6 McKesson Corporation
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments
8.6.5.1 Partnerships, Collaborations, and Agreements
8.6.5.2 Product Launches and Product Expansions
8.7 NextGen Healthcare, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Research & Development Expense
8.7.4 Recent strategies and developments
8.7.4.1 Partnerships, Collaborations, and Agreements
8.7.4.2 Acquisitions and Mergers:
8.7.4.3 Product Launches and Product Expansions
8.8 Wipro Limited
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expenses
8.8.5 Recent strategies and developments
8.8.5.1 Partnerships, Collaborations, and Agreements
8.8.6 SWOT Analysis
8.9 Dedalus S.p.A. (Ardian)
8.9.1 Company Overview
8.9.2 Recent strategies and developments
8.9.2.1 Partnerships, Collaborations, and Agreements
8.9.2.2 Acquisition and Mergers:
8.10. Integrated Medical Systems Pty Ltd
8.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/a0x9uf
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