The hospital information system market size is estimated to be USD 116,102.5 million in 2022 and is expected to witness a CAGR of 17.52% during the forecast period 2023-2033. Expanding use of the systems for effective management of hospital operations and increasing preference for effective management of the large volume of data generated and its accessibility for medical practitioners are factors contributing to the market growth. Furthermore, rising demand for EHR systems and growing demand for high-quality healthcare systems are other factors supporting the market growth. However, privacy and data security issues and a lack of adequate IT infrastructure in developing nations is expected to hinder the growth.

Growing demand for high-quality healthcare systems is predicted to fuel the market growth during the forecast period. There are strict regulatory standards that guarantee the confidentiality, user-level authorization, traceability of information, safe and secure storage of patient data, and mitigation of cyber security threats. In order to prevent security flaws and protect data security, healthcare facilities are converting from on-premise software to cloud-based information systems. Additionally, clinical decision support systems, electronic health records (EHRs), and other systems are gaining interest from healthcare facilities including hospitals, diagnostic centres, and clinics in order to reduce adverse drug events monitoring, medication prescription errors, and other medical errors.

Rising demand for EHR systems is expected to propel the market growth during the projected period. EHRs increase the accuracy of disease diagnosis and reduce the risk of incorrect results, both of which benefit patients. EHRs increase the accuracy of disease diagnosis and reduce the risk of incorrect results, both of which benefit patients. According to a HealthIT.gov study from June 2019, approximately 94% of EHR providers stated their systems make records easily accessible at the point of service, and 88% said their systems have advantages for clinical procedures. This shows that the healthcare professionals are aware of the value of EHR systems. As a result, there is a growing demand for EHR systems in medical clinics.

Segmentation

 By Type

The market is categorized into real-time healthcare, electronic medical record, electronic health record, patient engagement solution, and population health management. In 2022, the population health management segment accounted for the highest revenue share due to the expanding use of IT solutions in healthcare and the escalating demand from healthcare professionals for value-based treatment. Additionally, rising demand for affordable, efficient disease management is anticipated to increase software adoption and support segment expansion throughout the course of the projected period. The software also contributes to fewer patient readmissions and better patient interventions. Additionally, this is predicted to accelerate segment growth. The segment is anticipated to keep leading the market throughout the forecast period while expanding at the fastest CAGR. By providing physicians affordable alternatives, community health management systems help in cost containment. Additionally, the solutions support data aggregation, patient communication, and risk stratification. and care coordination, both of which aid in enhancing patient outcomes.

 By Deployment

The market is categorized into cloud-based, on premise, and web-based. In the global market, the web-based segment accounted for the largest revenue share in 2022 owing to adoption of web-based deployments by hospitals as compared to on-premises deployments. Small- and medium-sized healthcare providers are anticipated to have a strong demand for the web-based platforms, which comprise electronic medical records and other information systems to improve their operational workflows. Additionally, other advantages of web-based deployments, such as simple setup and maintenance, are anticipated to further fuel the segment’s growth. The cloud-based segment is anticipated to experience the fastest CAGR during the projected period. Recent years have seen a significant increase in the use of cloud-based information systems as a result of the growing number of security flaws in on-platform and web-based installations. In comparison to traditional installations, cloud-based solutions provide greater security, which is projected to support segment growth.

 By Component

The market is segmented into services, software, and hardware. In 2022, the software segment accounted for the largest revenue share owing to increasing demand from healthcare facilities for comprehensive integrated software solutions. The software solutions carry out important task such data collection, archiving, interpretation, and analysis. To keep up with the most recent analytics techniques, the software solutions require regular updates. This aids the facilities in managing their operations. However, during the projected period, the services component segment is anticipated to expand at the fastest rate. This rapid expansion can be attributed to a number of factors, including the rising use of technically advanced solutions. Additionally, the main companies’ cost-effective and simple-to-install solutions are helping to fuel the expansion of this market.

Regional Markets

In 2022, North America region accounted for the highest revenue in the hospital information system market and is expected to maintain its dominance during the forecast period. This is attributed to the existence of numerous IT providers, including GE Healthcare, Oracle Cerner, Carestream Health, McKesson, and NextGen Healthcare, in addition to the U.S. hospitals’ high demand for innovative products. Furthermore, the region’s product demand is boosted by the existence of significant hospital settings including St. Jude Children’s Research Hospital, University of Maryland Medical Center, Mayo Clinic, John Hopkins Medicine, and Cleveland Clinic. On the contrary hand, Asia Pacific is anticipated to experience the fastest rate of growth during the projection period. The demand for HIS is predicted to grow as healthcare spending rises and the region’s healthcare IT infrastructure is improved. Enhancing healthcare infrastructure in countries including Japan, Malaysia, Australia, and South Korea is also estimated to assist regional market expansion.

Competitor Insights

Some of the key players operating in the hospital information system market are Merge Healthcare Inc. (IBM), GE Healthcare, McKesson Corp., Allscripts, Carestream Health, Philips Healthcare, Cerner Corp. (Oracle), Siemens Healthineers, and NextGen Healthcare.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, Cerner announced its acquisition by Oracle in December 2021. By giving healthcare practitioners the knowledge they need to choose better treatments, the companies will alter the way healthcare is delivered.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including type, deployment, component from 2023 to 2033.

Report Scope:

Segmentation: Hospital Information System Market Report 2022 – 2033

Type (Revenue, USD Million), 2022 – 2033

• Real-time Healthcare
• Electronic Medical Record
• Electronic Health Record
• Patient Engagement Solution
• Population Health Management

Deployment (Revenue, USD Million), 2022 – 2033

• Cloud-based
• On premise
• Web-based

Component (Revenue, USD Million), 2022 – 2033

• Services
• Software
• Hardware

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA