Global Hospital Information System Market: By Component (Hardware,
Software, and Services), By Mode of Delivery (Cloud-based Technology,
Web-based Technology, and On-premises Installation), By Applications
Type (Clinical, Administrative, Electronic Medical Records, Laboratory,
Radiology, and Pharmacy), By End-users (Healthcare Providers,
Healthcare Facilities, and Patients), and By Regions (North America,
Europe, APAC, and RoW) – Forecast up to 2025
This market research report includes a detailed segmentation of the global hospital
information system market by component (hardware, software, and services), by
mode of delivery (cloud-based technology, web-based technology, and on-premises
installation), by applications type (clinical, administrative, electronic medical records,
laboratory, radiology, and pharmacy), by end-users (healthcare providers,
healthcare facilities, and patients), and by regions (North America, Europe, APAC,
and RoW).
Research Overview
IHR Insights predicts that the global hospital information system market will
grow at a CAGR of 11.2% during the forecast period 2019–2025. Hospital
information systems are designed specifically to manage essential activities of the
hospital, i.e., administration, financial, and support in storing data. The healthcare
industry is dependent on a massive amount of data to make decisions about patient
care and facilitate the delivery of care. Health information systems are useful tools
that aid clinicians and administrative personnel in ensuring better patient
experience. The increase in the adoption of healthcare IT has enabled many
healthcare providers and facilities to deliver rapid, safe, and effective treatment
procedures. It has digitized systems with health data and processed for final output
to boost the market growth.
Digital technologies are supporting the health system's efforts to switching to new
models of patient-centered care and helping them in developing “smart health” to
increase access and affordability, improve quality, and lower the costs.
Technologies, i.e., cloud, artificial intelligence, robotics, internet of medical things,
and digital & virtual reality, are helping to expand the healthcare industry with
speed, quality, and accuracy, and thereby improving the patient experience.
With the advent of new technologies-enabled care services, manufacturers have
focused on developing tools and devices that help to achieve productivity gain for
quick and reliable results. Technology-enabled care (TEC) is consistently seeking to
improve the patient's wellbeing ability to self-manage their health. It helps
healthcare professionals (HPs) to add, change, support patient conditions efficiently
with cost-effective care. The healthcare IT includes the following applications:
Laboratory Information Systems (LIS), Picture Archiving and Communication System
(PACS) and Vendor Neutral Archive (VNA), Radiology Information Systems (RIS),
Cardiovascular Information Systems (CIS), Electronic Health Record (EHR), Claims
Management Solutions, Telemedicine, Clinical Decision Support System (CDSS),
Fraud Analytics, Provider Management Solutions, Services, Billing and Accounts
Management Services.
•TechnologicaladvancementsinhealthcareIThaveledtotheintegrationofmedicaldeviceswithhospitalsystems,therebyeasyandsmoothflowofoperations•TherapidimplementationofadvancedhealthinformationtechnologybyhospitalshasledtoasharpincreaseinpaperlesscareOpportunities
Risk•Datasecurityandsafetyofmedicalrecordisamajorthreattothemarket•HighcostofinstallationandupgradationofhealthcareITwillrestrainthemarketgrowth
Drivers•Increaseinthedemandforqualityhealthcare•GrowingadoptionofEHRsystems•IncreasinginvestmentsfromhealthcareITplayers
Market dynamics
•IntegrationofmedicalequipmentwithIThasledtodrasticchangesintheadoptionandacceptanceofalloperativehealthcaresystems.•AdvanceduseofEMRscanimprovehealthoutcomesandpatientsafetythroughpreventativecareandchronicdiseasemanagement.•Self-managementofdiseasessuchasdiabetes,bloodpressure,andheartratehasincreasedamongseveralpatients.CAGR of ~11.2%: 2019–2025
The broader economic and social costs of poor-quality care, including long-term
disability, impairment, and lost productivity, are estimated to increase HIS amount
to trillions of dollars each year. According to WHO, people can attain health services
whenever required, irrespective of time and location. The economic and social
benefits are clear and need to focus on investing and improving quality to create
trust in health services and by providing access to high-quality healthcare facilities.
Low-quality care unfairly impacts the poor, which is not only morally deplorable but
also economically unsustainable for families and the entire country. Quality health
is the platform of a nation, and no country can afford low-quality or unsafe
healthcare.
Hospital information systems are essential for managing processes in hospital
departments. To access information across and between hospitals, the integration
of systems is necessary. In America’s Essential Hospitals, integrated hospital service
is a significant priority. Essential Hospitals and Health Systems provide a range of
inpatient and outpatient services for millions of patients across the country. Out of
all IT professionals working with cloud apps, 56% said the apps are improving
patient satisfaction, and 55% said they led to better treatment. Cloud-based health
information management systems can benefit rural practices and healthcare
organizations with lower budgets.
North America is considered as the largest region in the global hospital information
systems market due to extensive technological advancements, sophisticated
healthcare infrastructures, and various government initiatives in the region. Europe
was observed to be the second-largest region in the hospital information system
market owing to enhanced digitization of the healthcare processes in the region.
The major factor that drives the market in Asia Pacific includes the acceptance and
demand for high-end medical infrastructure in the region. China, Japan, and India
are expected to grow at a faster rate when compared to other countries in the Asia
Pacific region.
Hardware
Software
Services
Cloud-based Technology
Web-based Technology
On-premises Installation
The software component is the leading segment in the global hospital information
system market with maximum revenue generation. Its updates and frequent
maintenance led to the largest chunk of the HIS market in 2018.
The service component is the second leading and the essential aspect of the market
as it involves an array of technologies that are supported by both hardware and
software. The increasing incidence & prevalence of chronic diseases is driving the
service component of the hospital information system market. This is followed by
the hardware component, which requires set up with installation sharing nearly
~25% of the market.
Healthcare Providers
Healthcare Facilities
Patients
In 2018, the healthcare facilities segment was leading with maximum revenue in the
global hospital information system market with a large number of users and
patients globally.
North America
Europe
RoW
The regions covered in the report include North America, Europe, Asia Pacific, and
Rest of the World. North America is set to be the leading region in the global
hospital information system market, followed by Europe. Asia Pacific and RoW are
set to be the emerging regions. The emerging markets have a high potential to grow
owing to an increase in the patient population and focus on various chronic
disorders. The global hospital information system market is likely to seek a steady
penetration rate in the emerging market, and most of the vendors are targeting to
penetrate India, China, Thailand, and Vietnam markets. Further, driving factors such
as large patient population and government initiatives have become a new trend in
the emerging markets.
Competitive Analysis – The competition among leading vendors is due to the
availability of a wide range of hospital information systems with different brand
names in the market. The market is highly competitive, with all the players
competing to gain a market stronghold. Intense competition, rapid advancements in
technology, frequent changes in government policies, and fluctuating prices are the
key factors that confront the market. The vendors have a strong focus on
understanding the customer base by creating awareness and initiatives to generate
knowledge about their products and upcoming technologically advanced hardware
and software of healthcare IT. The vendors have a strong focus on acquiring smaller
companies and expanding their business operations by leveraging their product
portfolio globally. The competition is growing among the healthcare service
providers – hospitals, physicians’ clinics, and home care where the customer groups
are being consolidated for adopting different healthcare IT products. Most of the
companies focus on developing products in less time and fasten the regulation
process with effective means to commercialize the product early into the market to
stay dominant.
Agfa-Gevaert Group
Allscripts Healthcare Solutions
Cerner Corporation
GE Healthcare
Integrated Medical Systems
Philips Healthcare
McKesson Corporation Healthcare
The market is highly competitive, with all the players competing to gain the
market share. Intense competition, rapid advancements in technology,
frequent changes in government policies, and price are key factors that
confront the market.
The requirement of high initial investment, implementation, and
maintenance cost in the market are also limiting the entry of new players.
Responding to competitive pricing pressures specific to each of our
geographic markets.
Protection of proprietary technology for products and manufacturing
processes.
Benefits – The report provides complete details about the usage and adoption rate
of hospital information system products. Thus, the key stakeholders can know
about the major trends, drivers, investments, vertical player’s initiatives, and
government initiatives toward the medical devices segment in the upcoming years
along with details of the pureplay companies entering the market. Moreover, the
report provides details about the major challenges that are going to impact the
market growth. Additionally, the report gives complete details about the key
business opportunities to stakeholders in order to expand their business and
capture the revenue in specific verticals and to analyze before investing or
expanding the business in this market.
Understanding the potential market opportunity with precise market size and
forecast data.
Detailed market analysis focusing on the growth of the hospital information
system globally.
Factors influencing the growth of the hospital information system market.
In-depth competitive analysis of dominant and pureplay vendors.
Prediction analysis of the hospital information system