HOSPITAL INFORMATION SYSTEM MARKET ANALYSIS

A hospital information system (HIS) is an element of health informatics that focuses primarily on the administrative needs of hospitals. The system is designed to manage all healthcare data. HIS helps healthcare organizations to overcome any complicated challenges they face in the current healthcare industry. HIS is designed to manage patients and their related information in a centralised way via electronic data processing and predict health status within the hospital environment. A hospital information system is an innovative approach to help multiple doctors take care of their all-day outpatient management. It is a set of applications designed to manage healthcare data. In short, the hospital information system plays an important role in simplifying the workflow of hospitals by digitizing the entire operations of a hospital.

Market Statistics:

The global hospital information system market was valued at US$ 39,696.3 Mn in 2020 and is forecast to reach a value of US$ 75,824.7 Mn by 2028 at a CAGR of 7.3%between 2021 and 2028.

North America held dominant position in the global hospital information system market in 2020, accounting for 40.5% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Hospital Information System Market Share (%), by Region, 2020

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Recent Developments:

In January 2021, Royal Philips announced that it has signed an agreement to acquire Capsule Technologies, Inc. to transform the delivery of care along the health continuum with integrated solutions. Philips’ current portfolio already includes real-time patient monitoring, therapeutic devices, telehealth, informatics, and interoperability solutions.

In December 2020, Allscripts Healthcare Solutions announced the launch of the novel Sunrise 20.0, a comprehensive platform of healthcare that connects all aspects of care, including acute, surgical, ambulatory, radiology, pharmacy, and laboratory services.

In October 2020, Cerner Corporation announced the historic and successful first deployment of modern electronic health record (EHR) at Mann-Grandstaff VA Medical Center in Spokane, WA. It is will be a historic milestone toward improving the secure and seamless exchange of health information across the federal government.

Market Drivers:

1. Favorable government initiatives and increasing adoption of advanced healthcare solutions is expected to augment the growth of the global hospital information system market during the forecast period. For instance, in June 2019, Ministry of Health and Family Welfare (MoHFW), India announced the launch of new real time Health Management Information System online portal in five states; Punjab, Karnataka, Tripura, Chandigarh, and Uttar Pradesh.
2. Increase in implementation of healthcare IT solutions across the globe is expected to propel growth of the global hospital information system market over the forecast period. For instance, as per the Healthcare Information and Management Systems Society (HIMSS), healthcare IT services have witnessed an upsurge in adoption over the past years, whilst remote monitoring services recorded an increment in adoption from 13% in 2016 to 22% in 2019.

Figure 2. Global Hospital Information System Market Share (%) in Terms of Value, by Type, 2021

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Market Restraints:

1. Lack of proper IT infrastructure in developing regions is expected to hamper growth of the global hospital information system market. IT infrastructure improves the safety, effectiveness, access, timeliness, patient-centeredness, and efficiency. Poor IT infrastructure may contribute to poor quality of care and outcomes, particularly among vulnerable population groups.
2. Data security and privacy concerns are also expected to hinder growth of the global hospital information system market. According to the major healthcare data breaches reported over the years, the most common threats to data privacy and security include unauthorised access, data theft, data loss, hacking IT incidents, improper disposal of data, and more.

Market Opportunities:

1. The outbreak of COVID-19 is expected to offer significant growth opportunities for players in the global hospital information system market. For instance, according to the National Center for Biotechnology Information (NCBI), the pandemic required health information systems to rapidly adapt to identify, collect, store, manage, and transmit accurate COVID-19 related data.
2. Growing patient pool across the globe is expected to offer lucrative growth opportunities for players in the global hospital information system market. For instance, according to the World Health Organization (WHO), between 5.7 and 8.4 million deaths are attributed to poor quality care each year in low- and middle-income countries (LMICs), which represents up to 15% of overall deaths in these countries.

Market Trends/Key Takeaways:

1. Surging developments in healthcare infrastructure are expected to drive growth of the global hospital information system market. For instance, in August 2021, the Government of Delhi approved the INR 13.9 billion project for setting up a cloud-based integrated health information management system across its hospitals.
2. Introduction of novel products by major players is expected to aid in the growth of the global hospital information system market. For instance, in January 2019, CoverMyMeds and Cerner Corporation teamed up to integrate patient-specific information into the HER (electronic health record) for healthcare providers to view pricing information at point-of-care.

Competitive Landscape:

Company Profiles:

1. Dedalus S.p.A (Agfa-Gevaert Group)
2. Allscripts Healthcare Solutions Inc.
3. Cerner Corporation
4. General Electric Company
5. Integrated Medical Systems
6. Koninklijke Philips NV
7. McKesson Corporation
8. Epic Systems Corporation
9. Wipro Limited