The hospital information system market is projected to have a significant growth rate of 11.5% during the forecast period. The major factors driving the hospital information systems include increasing demand for the quality healthcare system, technological development in the healthcare sector, and the growing usage of EHR systems.
Electronic health record (EHR) is a real-time and patient-centred record that makes information about the patient available quickly and securely to the concerned and authorized user. The EHRs contain the patient’s medical history, treatment plans, and the test results of the laboratory. EHRs improve the ability to diagnose the disease and they reduce the chances of errors in the results, which ultimately improve the outcome for the patients.
As per the study by the HealthIT.gov, around 94% of the EHR providers reported that their EHRs make the records readily available at the point of care, and 88% of the EHR providers reported that their EHRs provide benefits for clinical practices. This indicates that the providers understand the significance of the EHR systems. Owing to this, the demand for EHR systems in healthcare practices is increasing. The use of EHR is increasing, due to higher patient satisfaction, in terms of the services that they receive.
As an EHR is a major component of the hospital information system, the need to integrate and manage the EHR, along with other administrative and clinical processes, is expected to contribute to the growth of the hospital information systems market, during the forecast period. Along with that, other factors, such as the increasing demand for quality healthcare system, rising investments in the healthcare sector, and technological development in the healthcare sector, are driving hospital information systems (HIS) market.
Key Market Trends
By Mode of Delivery, the Cloud-based Segment is expected to Witness the Fastest Growth during the Forecast Period
- Cloud-based systems store data on external servers, where they can be accessed via the web, which only requires a computer with an internet connection. Cloud-based delivery helps the healthcare providers and patients access information, anytime and anywhere.
- Also, cloud-based information systems are cost-effective, particularly for small- and medium-sized practices, as there are no large hardware expenditures, and the software expense is based on a consistent subscription rate.
- Furthermore, cloud-based radiology information portals also allow physicians and medical practitioners to control access to sensitive information. Furthermore, cloud services are updated more frequently, in comparison to the on-premise counterparts, to comply with the legal, regulatory, and accreditation requirements.
- Moreover, an increasing number of hospitals, especially the chain of hospitals which need cloud-based information systems to manage data are further fuelling the market growth
- Thus, healthcare functionality can be enhanced with the use of cloud-based systems, which offer broader integration and allow easy and secure sharing of data among the healthcare professionals, which, in turn, is fueling the segment growth over the forecast period.
North America is Expected to Dominate the Market
North America hospital information system projected to have a significant market share among the regions. The growth is attributed to favourable government policies, well-established healthcare infrastructure and rapid digitalization in the healthcare system.
The landscape for hospital information systems has undergone a significant change over the past few years, primarily due to the government’s push to digitalize healthcare, from various initiatives to increase the adoption of electronic health records (EHR) to increasing investments in the healthcare information exchange systems.
In July 2017, Mackenzie Health launched a new electronic medical record (EMR) I in Canada which is implemented in collaboration with Epic, the software is the first full-suite Epic EMR to be installed in a Canadian hospital.
Furthermore, rapid digitalization of the healthcare sector is fueling the demand for hospital information systems in the region, and government programs, such as Medicare and Medicaid, are also supporting the broader use of hospital information systems.
Currently, in the United States, the healthcare sector is under continuous pressure to decrease the running costs, through approaches, such as improved workflow efficiencies. Morover, presence of the key market players and availability of advanced solutions are projected to fuel the market growth in the region.
The market studied is a fragmented one, owing to the presence of various players. The market players are focusing on integrating the technologies and developing more secured information systems to expand their market share. Moreover, companies also focusing on developing healthcare markets to strengthen its market position.
For instance, in January 2020, iPatientCare successfully launched and exhibited its Electronic Health Record and integrated Clinical/Hospital Management System for the Indian healthcare market.
In August 2019, Philips has completed the acquisition of Carestrems Healthcare Information Systems (HCIS) business in 26 of the 38 countries in which it operates
In April 2020, Dedalus S.p.A has acquired healthcare IT portfolio of Agfa-Gevaert Group to expand its business position.
Some of the market players are Dedalus S.p.A., Allscripts Healthcare Solutions Inc., Cerner Corporation, GE Healthcare, Integrated Medical Systems, Koninklijke Philips NV, McKesson Corporation, Carestream Health, and Wipro Limited among others
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