Hospital information system (HIS) plays a vital role in simplifying the workflow of hospitals by digitizing the entire operations of a hospital. HIS provides a common source of information about a patient's health history and doctors schedule timing. Hospitals generate huge amount of data which needs to be managed to ensure efficient functioning, that is where the hospital information system plays an important role.
Market Statistics:
The global hospital information system market is estimated to account for US$ 44,948.7 Mn in terms of value by the end of 2021.
Market Drivers:
Increasing adoption or implementation of hospital information system (HIS) around the world is expected to aid in the growth of the global hospital information system market. For instance, in June 2021, Indian Railways announced the introduction of hospital management information system (HMIS) at its super-specialty hospital located at Karbigahiya to provide an integrated clinical information about patients at railway hospitals across the country.
Market Opportunities:
Emergence of COVID-19 across the globe is expected to offer lucrative growth opportunities for players in the global hospital information system market. For instance, The U.S. Centres for Disease Control (CDC) is using Oracle’s National Electronic Health Records Cloud plus Oracle’s Public Health Management Applications Suite to manage the COVID-19 vaccination program throughout the United States.
Market Restraints:
Concerns regarding data safety and adequate healthcare infrastructure are expected to impede growth of the global hospital information system market.
Hospital Information System Market - Impact of Coronavirus (Covid-19) Pandemic
There is an increasing demand for health information systems (HIS) to identify, collect, store, manage, and transmit accurate and timely COVID-19 related information/data. The pandemic has stimulated innovative ideas and the use of modern information technologies. Furthermore, hospitals worldwide are implementing various strategies, such as health information system, in their efforts to mitigate the challenges they are facing during the ongoing pandemic. This in turn is expected to drive growth of the market.
To know the latest trends and insights prevalent in the Global Hospital Information System Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hospital-information-system-market-5044
Key Takeaways:
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 2022 and 2028.
In type segment electronic medical records sub segment held dominant position in the global hospital information system market in 2020, accounting for 48.1% share in terms of value, increasing demand for quality healthcare system is expected to propel growth of the segment over the forecast period.
Market Trends:
- Increase in implementation of healthcare IT solutions is expected to augment growth of the global hospital information system market. For instance, in December 2020, Indian Railways launched another major IT initiative towards according priority for the well-being of its work force. The Hospital Management Information System (HMIS) has been launched to improve the quality of health services and aid in utilization of resources in a transparent manner.
- Market players are adopting various strategies, such as merger and acquisition, to strengthen their market position, in turn is expected to boost the growth of the global hospital information system market. For instance, in January 2021, Royal Philips signed an agreement to acquire Capsule Technologies, a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.
Competitive Landscape:
Major players operating in the global hospital information system market are Wipro Limited, Epic Systems Corporation, McKesson Corporation, Koninklijke Philips NV, General Electric Company, Cerner Corporation, Integrated Medical Systems, Allscripts Healthcare Solutions Inc., and Dedalus S.p.A (Agfa-Gevaert Group), among others.
Recent Developments:
In August 2021, Royal Philips announced the launch of two new Philips HealthSuite solutions that are secure, cloud-based and intended to break down barriers across patient care in scalable, cost-effective model. HealthSuite solutions help health systems deliver on the quadruple aim through a connected, protected, future-ready, & cost-predictive single cloud infrastructure and Software-as-a-Service (SaaS) model.
In March 2019, McKesson Corporation and Navigating Cancer teamed up to offer an enhanced Patient Relationship Management (PRM) platform for community-based oncologists. This new platform is a comprehensive clinical workflow tool for both oncology teams and patients that provides integrated, personalized care.
In August 2018, Thumbay Technologies launched the ‘Sehatak’ software, an advanced hospital information management system compliant with EMRAM 7th Stage standards. It is specially designed to cater to the needs of large healthcare providers and hospital chains.
