HOSPITAL INFORMATION SYSTEM MARKET ANALYSIS

Hospital Information System MarketSize and Trends

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.

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

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

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.