Hospital Information System Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis Application (Electronic Healthcare Record, Clinical Information System, Administrative Information System, Pharmacy Information System, and Others); Delivery Mode (Web and Cloud-Based and On-Premises); and Region/Country
Detailed Analysis of COVID-19 Impact on the Hospital Information System Market
The Hospital Information System Market is expected to grow at a CAGR of 10% during the forecast period. The hospital information system deals with the management aspects. This market is implemented to improve medical policies to adopt safe and effective hospital information systems. In addition, the hospital information system (HIS) is fully automated and manages the clinical data of the patients which helps to improve the success rate of treatment and also this technology is used to monitor, control, and minimize the theft of data & storage. Moreover, market key players in this market are adopting advanced technology for better assistance in the healthcare sector and looking for better advancements in the future which will drive the growth of this market during the forecast period. For instance, in 2019, Northwell Health and Allscripts announced and signed an agreement to develop the next-generation HER that would be AI-based, voice-enabled, and cloud-based.
Some of the major companies operating in the medical coding market include Allscripts Healthcare Solutions Inc., Cerner Corporation, Carestream Health, Merge Healthcare Inc., NXGN Management LLC, GE Healthcare, Siemens Healthineers AG, Wipro Limited, McKesson Corporation, and Koninklijke Philips N.V.
Insights Presented in the Report
“Amongst application, electronic healthcare records (EHR) category is expected to witness considerable growth during the forecast period”
Based on application, the market has been categorized into electronic healthcare records, clinical information systems, administrative information systems, pharmacy information systems, and others. Amongst these, the electronic healthcare records (EHR) category is expected to witness significant growth during the forecast period. This is mainly due to the hospitals and other clinical systems adopting EHR technology in minimizing medication prescription errors, adverse drug events monitoring, and billing errors are the major factors for the growth of this market during the forecast period. For instance, according to the Office of the National Coordinator for Health Information Technology (ONC), data from 2019 & 2021, 86% of non-federal general acute care hospitals had adopted a 2015 addition certified electronic health record (EHR).
“Amongst delivery mode, handheld category held a significant share in 2020”
Based on the delivery mode, the market has been categorized into web & cloud-based, and on-premises. Among these, the web & cloud-based category is expected to witness a significant growth rate in the hospital information system market. The cloud-based technology is continuing its momentum due to various security lapses in web-based and on-premises systems. Moreover, software systems that are used in the hospitals such as diagnostic test reports, medical data of the patients, and the security of the storage data are also contributing to the growth of this market during the forecast period. For instance, according to the Centers for Diseases Control and Prevention (CDC), around 89.9% of physicians are using EMR/EHR systems in the U.S.
“North America to witness significant growth during the forecast period”
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. This is mainly due to the higher per capita income and the increasing healthcare spending in the U.S. Moreover, the rising hospital administration rate of the patients coupled with the increasing integration of EHR & EMR software across the region. availability of advanced healthcare infrastructure, increasing the adoption rate of new technological advancements in medical coding, EHR, and ongoing initiatives of the government to enhance awareness and provide funding in this region. For instance, as per the 2022 American Academy of Professional Coders (AAPC), there are thousands of services performed by providers and an equal number of injectable drugs and supplies to be tracked, and medical coding classifies these for easier reporting and tracking.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Hospital Information System Market|
|2.2.||Research Methodology of the Hospital Information System Market|
|2.5.||Main Objective of the Hospital Information System Market Study|
|5||IMPACT OF COVID-19 ON THE HOSPITAL INFORMATION SYSTEM MARKET|
|6||HOSPITAL INFORMATION SYSTEM MARKET REVENUE (USD BN), 2019-2027F|
|7.1.||Electronic Healthcare Record|
|7.2.||Clinical Information System|
|7.3.||Administrative Information System|
|7.4.||Pharmacy Information System|
|8.1.||Web and Cloud-based|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of the World|
|11||HOSPITAL INFORMATION SYSTEM MARKET OPPORTUNITIES|
|12||HOSPITAL INFORMATION SYSTEM MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14.1.1.||Porter’s Five Forces Analysis|
|15.1.||Allscripts Healthcare Solutions Inc.|
|15.4.||Merge Healthcare Inc.|
|15.5.||NXGN Management LLC|
|15.7.||Siemens Healthineers AG|
|15.10.||Koninklijke Philips N.V.|
Research Methodology for the Hospital Information System Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the hospital information system market were the three major steps undertaken to create and analyze the adoption of hospital information systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the hospital information system market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the hospital information system market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the hospital information system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as application and delivery mode. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hospital information system market. Further, we conducted factor analysis using dependent and independent variables such as various application and delivery mode of hospital information system equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hospital information system market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the hospital information system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally.
The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the hospital information system market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the hospital information system market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the hospital information system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application and delivery mode in the hospital information system market.
The main objective of the Hospital Information System Market Study
The current & future market trends of the hospital information system market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the hospital information system market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of application and delivery mode.
- Define and analysis of the regulatory framework for the hospital information system market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the hospital information system market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the hospital information system market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry