The global healthcare information system (HIS) market is estimated to grow at a CAGR of around 10% during the forecast period. The market growth is attributed to the increasing use of IT solutions in the healthcare industry. Patient-centered care management, population health management, and point-of-care solutions assist healthcare providers in cutting down healthcare expenditure and improving outcomes. Technological advancements in the healthcare IT landscape, such as the use of IoT, and AI is one of the major factors driving the market growth. Furthermore, the increased usage of electronic health record (EHR) systems is likely to propel market growth in the coming years. However, the high costs of deploying HCIT systems for small and medium-sized hospitals, as well as resistance from traditional healthcare providers and IT infrastructure limits in emerging economies, may stymie industry expansion. The rise in security and interoperability concerns will pose a hindrance to the healthcare IT business.
Hospital information systems contribute a significant share in the global HIS market
Based on the application, the hospital information system segment is projected to contribute a significant share in the market during the forecast period. The segmental growth of the market is attributed to the increase in the number of hospitals and healthcare centers across the globe coupled with the rising adoption of IT solutions in the industry. In addition, the rising prevalence of chronic diseases such as cardiovascular diseases (CVDs) results in an increasing patient pool that generates a huge amount of data that must be managed efficiently, which increase the demand for hospital information system globally.
Moreover, based on deployment, cloud-based deployment of HIS is estimated to grow at a significant growth rate during the forecast period. Healthcare functionality can be enhanced by cloud-based healthcare IT systems which offer the potential for interoperability and integration. The ability to share information easily and securely is a critical capability, and cloud services are good enablers for this. In addition, cloud service offers access to a much larger ecosystem of healthcare provider, payer, life sciences, and IT solution partners; which increase the potential for a wide range of services to healthcare provider organizations.
North America to contribute a prominent share in the global HIS market
North America is projected to hold a prominent share in the global HIS market and is expected to follow the same trend during the forecast period. The regional growth of the market is attributed to the high economic development coupled with the well-established healthcare infrastructure, increased penetration of advanced technology across healthcare facilities, and the presence of key market players in the region. Europe is expected to observe significant adoption of HIS owing to the rising need to curtail the escalating healthcare costs. Additionally, the fastest growth is expected in the Asia Pacific region on the back of increasing government initiatives for eHealth, growing need to adhere to regulatory guidelines, and high return on investment (ROI). Also, the regional growth can be attributed to the rising deployment of IT projects in economies such as China, India, Australia, and New Zealand. There is a considerable demand for technologically improved solutions and services in healthcare systems in the Asia Pacific which drives the global market growth.
Market Structure and Competitive Landscape
The global HIS market is fragmented and highly competitive. Various IT firms and healthcare institutions have recently increased their collaboration to focus on producing high-utility services and solutions to better-individualized care delivery, data storage efficiency, and data analytics effectiveness. Many companies are also investing in start-ups that will complement their existing product lines. Major players operating in the global HIS market include Allscripts Healthcare Solutions Inc., athenahealth Inc., Agfa Gevaert Group, eClinicalWorks, Philips Healthcare, Hewlett Packard, McKesson Corp., GE Healthcare, Cerner Corp., Epic Systems Corp., Carestream Health, Novarad Corp., e-MDs Inc., Medidata Solutions Inc., Siemens Healthineers, NextGen Healthcare Inc., Ada Health GmbH, SWORD Health, Oracle Corp., and Infor among others. Key businesses are focusing on providing high-quality service by ensuring the renewal of existing software licenses and implementing unique healthcare software solutions including revenue cycle management and patient management. Furthermore, businesses are providing resources for product utilization and implementing digitalization strategies.
- In January 2020, NXGN Management, LLC announced the formation of an exclusive relationship with Doctible to be able to link its service with the NextGen Office cloud-based EHR (Electronic Health Record) and PM (Practice Management) systems and help small companies maintain loyalty, encourage growth and provide better patient care as a result of this agreement.
- in June 2019, Allscripts Healthcare Solutions Inc. purchased digital specialty prescription start-up ZapRx to enhance its portfolio. This new purchase enabled the company’s Veradgim platform to integrate with a cloud-based platform. The company’s Veradigm unit is already engaged in providing services to a range of healthcare stakeholders by integrating software analytics, reporting, and workflow tools. This purchase will enable Veradigm to add the new specification to its product portfolio in the near future.
- In January 2019, Cerner Corporation and CoverMyMeds partnered to integrate patient-specific information into the EHR, allowing healthcare practitioners to examine pricing information at the point-of-care.
RationalStat has segmented the global HIS market on the basis of components, deployment, and application, and region.
- By Components
- By Deployment
- By Application
- Hospital Information System
- Electronic Health Record
- Electronic Medical Record
- Real-time Healthcare
- Patient Engagement Solution
- Population Health Management
- Pharmacy Information Systems
- Medication Dispensing System
- Packaging & Labeling System
- Storage & Retrieval System
- Automated Medication Compounding System
- Tabletop Tablet Counters
- Medical Imaging Information System
- Radiology Information Systems
- Monitoring Analysis Software
- Picture Archiving and Communication Systems
- Laboratory Information Systems
- Others (Revenue Cycle Management, etc.)
- Hospital Information System
- By End User
- Diagnostic Centers
- Academic & Research Institutes
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, RefinitivEikon, ICIS, EUWID, Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for healthcare IT companies, healthcare software developers, cloud service providers, system integrators, healthcare organizations, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global healthcare information services market is expected to grow at a CAGR of approximately 10% during the forecast period 2022-2028.
North America holds a prominent share of the global healthcare information services market.
The global market for healthcare information services was US$ 258 Billion in 2021.
The increasing adoption of IT solutions in healthcare facilities and the rising prevalence of chronic diseases are the key trends to influence the growth of the global healthcare information services market.
Major companies operating in the global healthcare information services market are Allscripts Healthcare Solutions Inc., athenahealth Inc., Agfa Gevaert Group, eClinicalWorks, Philips Healthcare, Hewlett Packard, McKesson Corp., GE Healthcare, Cerner Corp., Epic Systems Corp., Carestream Health, Novarad Corp., e-MDs Inc., Medidata Solutions Inc., Siemens Healthineers, NextGen Healthcare Inc., Ada Health GmbH, SWORD Health, Oracle Corp., and Infor among others.