Hospital Information System Market size is projected to experience significant growth from 2019 to 2025. Growing urge of hospitals to adopt technologically upgraded automation systems to manage administrative issues in hospitals is expected to drive the hospital information system market growth during analysis period. Inefficiency of manual procedures due to increased patient inflow in the hospitals has created huge demand for information systems in hospitals. In addition, recently developed information systems possess several benefits such as easy data access and data security. Also, software offers maximum flexibility and data integrity to users. Therefore, increasing demand of such technologically upgraded systems to manage patient data in hospitals will positively influence the industry growth in forthcoming years.
Rapid development in healthcare infrastructure coupled with factors such as rising investments in medical policies are forcing hospitals to adopt effective and safe hospital information systems to sustain the consistency of healthcare procedures. These software monitor, control and integrate all the activities that improves staff efficiency, minimize procedure duplication and data theft. Aforementioned factors will favor the industry growth in near future.
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Clinical information systems segment will experience considerable growth during analysis timeframe. Clinical information includes electronic medical records, telehealth software, patient engagement solutions and other clinical data. These systems are automated and contain clinical data about patients that facilitates the success rate of treatment and procedures. These systems are very useful in ICUs to efficiently manage patient data and thus, high adoption of clinical information systems in hospitals will prove beneficial for segmental growth.
Software segment will experience considerable growth. Recently developed hospital information software can address wide range of issues ranging from data storage to data management. Many healthcare cloud software such as EMR systems, EHR systems, e-prescribing, remote medical care, hospital telemetry system has proven its efficiency in managing huge data and providing accurate outcomes. Moreover, healthcare software are also used to analyze patient information. Thus, growing applications of software in hospitals has substantially boosted the segmental growth.
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Cloud-based segment had significant revenue share in 2018 and is expected to grow during the analysis timeframe. Cloud models are owned by hospitals that enables use of cloud computing technology as a centralized IT resource accessible by different departments. Currently utilized software allows effective communication between different departments of hospitals. Private cloud service provide exceptional control over patient data that proves convenient to internal or outsourced hospital staff that increases its preference escalating industry growth.
U.S. dominated North America hospital information system market. Increasing healthcare expenditure in the U.S. proves beneficial for the country market growth. For instance, the U.S. government spends USD 3.5 trillion on healthcare services and public health activities. Therefore, immense healthcare expenditure drives demand for efficient and effective software that will spur the industry growth over coming years. Aforementioned factors along with rising government initiatives to create awareness about availability of technologically upgraded hospital information system in public as well as private hospitals will augment the country market growth.
Major industry players in hospital information system market are Cerner Corporation, Comarch, Meditech, McKesson, Epic System, Siemens Healthcare, CPIS, Eclipsys, GE Healthcare, Carestream Health and Wipro. Industry players focus on product launch as their main strategies to expand existing product portfolio and capture potential market share. For instance, in March 2019, Mckesson Corporation announces collaboration with Navigating Cancer to offer patient relationship management platform. Thus, such collaborations will enable the company to broaden its product portfolio.
- Cerner Corporation
- Epic System
- Siemens Healthcare
- GE healthcare