Hospital Information System Market Size to Surpass US$ 148.05 Billion by 2032, The Brainy Insights

Newark, Sept. 19, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the hospital information system market will grow from USD 57.92 Billion in 2022 to USD 148.05 Billion by 2032. The hospital information system market is experiencing increased demand due to the rising prevalence of chronic diseases. Furthermore, the growing demand for maintaining a database for administration and clinical applications has resulted in the widespread adoption of hospital information systems in both developed and developing countries. Furthermore, the continuous improvements in hospital IT infrastructure give market participants profitable potential.

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Report Coverage Details

Report Coverage Details
Forecast Period 2023-2032
Base Year 2022
Market Size in 2022 USD 57.92 Billion
Market Size in 2032 USD 148.05 Billion
CAGR 9.84%
No. of Pages in Report 232
Segments Covered Type, Component, and Application
Drivers Increased demand for information systems across hospitals
Opportunities Increased investment in digital technology in recent years
Restraints High cost

Key Insight of the Hospital Information System Market

North America region to account for the largest market size during the forecast period.

North America will have the most major hospital information system market share during the forecast period. The factors supporting the growth of the regional hospital information system market include the high healthcare budget in countries such as the U.S. and Canada. The increasing implementation of hospital information systems in the local hospitals has been a primary driver for the market. Due to the availability of essential IT infrastructure, major global players have their R&D base in the region.

The cloud-based segment is expected to augment the market during the forecast period.

The deployment mode segment is divided into cloud-based, on-premises and web-based. The cloud-based segment is expected to augment the market during the forecast period. A cloud-based healthcare information system can be used without installing any software. Data can be transferred efficiently through cloud software, which is necessary for advanced analytics.

The service segment is expected to grow at the highest CAGR during the forecast period.

The component segment is divided into hardware, software and services. The service segment is expected to augment the market during the forecast period. Third-party organizations offer a variety of services related to consulting, hosting, optimization, and revenue cycle services that are used to manage information systems.

The medical imaging information system segment is expected to augment the market during the forecast period.

The application segment is divided into pharmacy information systems, electronic health records, clinical information systems, administrative information systems, laboratory information systems and others. The administrative information system segment is expected to augment the market during the forecast period. The administrative information system provides programming and technical support to the administrative departments of the hospitals. The administrative information system provides assistance in accounting, human resources, business, and patient management.

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Market Dynamics

Driver: Increasing requirement of patient care management

Patient-centred care has received increased attention recently and is widely acknowledged as a core goal of high-quality healthcare systems. Since the advent of the patient-centeredness concept in the late 1980s, health care has significantly changed due to technical improvements and changes in the organization and financing of care delivery. As of developments in hospital information systems, a major redesign of health care procedures based on using and integrating electronic communication at all levels is now possible. These technologies can help with the transition from institutional-centric to patient-centric applications in hospitals.

Restraint: Lower investment in developing regions

The underdeveloped regions must be educated on how the hospital information system market works. The usage of information systems in the hospitals must be made known to the stakeholders in these locations. Furthermore, the budget of many mid and small-scale hospitals is constrained, resulting in a decreased need for high-end systems.

Opportunity: Increasing investment in the healthcare industry

The rising healthcare budget in most countries has increased access, enhanced quality, and lowered healthcare delivery costs. Further, the investment in high-end administrative systems has increased. The increased health spending is connected with improved health outcomes, particularly in low-income countries; there is no recommended level of health spending. The higher the per capita income, the higher the healthcare expenses in the region. A government spending a significant fraction of its budget on health may signal growth for advanced healthcare systems.

Challenges: Data security issues

End-users employ hospital information systems to maintain and grant access to the database, which might lead to data security vulnerabilities. In the last decade, there has been a significant increase in the number of occurrences of cyber data hacking. Many verified platforms have been revealed to be using their end-users’ data. As a result, all of these considerations underscore the dangers of sharing critical data with software vendors. This also overlaps with the value of using these platforms over time.

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Some of the major players operating in the hospital information system market are:

• Athenahealth, Inc.
• EClinicalWorks
• Hewlett Packard
• Philips Healthcare
• McKesson Corporation
• GE Healthcare
• Allscripts Healthcare LLC
• Epic Systems Corporation
• Cerner Corporation
• Novarad Corporation
• Carestream Health
• Medidata Solutions Inc.
• e-MDs Incorporation
• Siemens Healthineers
• Ada Health GmbH
• NextGen Healthcare
• SWORD Health
• Oracle
• Siilo
• NXGNManagement, LLC
• Infor
• GREENWAY HEALTH, LLC

Key Segments Cover in the Market:

By Deployment Mode:

• Cloud-Based
• On-Premises
• Web-Based

By Component:

• Service
• Hardware
• Software

By Application:

• Pharmacy Information Systems
• Electronic Health Records
• Clinical Information Systems
• Administrative Information Systems
• Laboratory Information Systems
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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