Global Healthcare Information System (HIS) Market (2023-2028) by Component, Delivery Mode, Application, End User, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis

Around 80% of health systems plan to increase their investment levels in digital healthcare over the next five years, according to the HIMSS report

The Global Healthcare Information System Market is estimated to be USD 334.02 Bn in 2023 and is expected to reach USD 589.71 Bn by 2028, growing at a CAGR of 12.04%.

A healthcare information system (HIS) is a complete system that combines multiple technologies, procedures, and data to handle and organize healthcare-related information within a healthcare organization. It is essential for improving healthcare delivery's effectiveness, precision, and caliber while enhancing patient outcomes. This software will examine the essential elements and advantages of a healthcare information system comprising numerous related parts. The electronic health record (EHR) system, which functions as a computerized repository for patient medical records, including their medical history, diagnoses, prescriptions, lab results, and treatment plans, is one of the main elements.

Healthcare professionals can access and update patient data in the EHR in real time, enabling quick and well-informed decision-making. Due to several crucial variables, the HIS market has seen tremendous expansion in recent years. First, the growing use of electronic health records (EHRs) has significantly fueled the market's growth. With the use of EHRs, healthcare providers may digitize patient data, making it readily available and transferable between various offices and healthcare facilities. This results in better care coordination and continuity, which lowers medical errors and improves patient safety.

Furthermore, the need for advanced HIS solutions has increased due to the growing emphasis on data-driven decision-making and healthcare analytics. Healthcare organizations are starting to see the benefits of using data to better understand patient demographics, spot patterns, and allocate resources. Due to this, sophisticated HIS platforms have been created that can analyze vast amounts of data and produce insights that healthcare practitioners may use.

A healthcare information system might also have modules for managing claims and billing, keeping track of inventories, and analyzing data for reporting and research. These modules improve healthcare organizations’ operational effectiveness, financial management, and performance monitoring even more. There are many advantages to implementing a healthcare information system. By giving healthcare professionals accurate and current patient information, first enhances patient safety and the standard of care. This lowers the possibility of medical mistakes, redundant tests, and negative drug reactions. A HIS improves care coordination and interprofessional communication. It facilitates teamwork, promotes easy patient data sharing, and guarantees that all healthcare professionals involved in a patient's care have access to pertinent data.

The growing demand for interoperability and integration among healthcare systems is a crucial element driving the expansion of the HIS market. Interoperable HIS systems are necessary as healthcare providers work to achieve seamless data sharing and cooperation. To maintain continuity of care and enhance patient outcomes, interoperability allows healthcare organizations to share patient information across various platforms and healthcare providers.

Additionally, A HIS streamlines data reporting and analysis, empowering healthcare organizations to see patterns, track progress, and make informed choices. This helps with projects aimed at improving quality, research, and keeping an eye on public health. A healthcare information system must be implemented and maintained, which brings additional difficulties. It necessitates a large investment in personnel training, technology infrastructure, and regular system upgrades. Robust data encryption, access controls, and adherence to pertinent rules are required to address privacy and security issues regarding safeguarding sensitive patient information.

Market Segmentations

The Global Healthcare Information System (HIS) Market is segmented based on Component, Delivery Mode, Application, End User, and Geography.

• By Component, the market is classified into Hardware, Software & System, and Services. The hardware market dominates the market share owing to the high hardware cost and hardware is a significant component of HIS.
• By Delivery mode, the market is classified into Web-based, Cloud-based, and On-premises.

The web-based deployment segment led the industry market share. Utilizing web-based solutions greatly lowers operational challenges brought on by handling massive amounts of data. However, the availability of the necessary technical requirements and the operational strength of the systems determine how well web-based deployments can support software and systems. Web-based applications are made specifically for the requirements of the healthcare organization, facilitating improved business procedures and maximizing commercial value. During the projected period, the segment for cloud-based deployment is expected to exhibit the fastest CAGR.

• By Application, the market is classified into Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, Revenue Cycle Management, and Medical Imaging Information Systems.

The highest market share is held by the revenue cycle management (RCM) sector. This is explained by the requirement to lower medical billing errors, lower healthcare reimbursements, change the trend towards the creation of synchronized management systems, and raise the requirement for workflow optimization in hospitals and other institutions. The market for hospital information systems has grown as a result of several important factors, including an increase in the adoption of these systems to boost operational effectiveness, growing public awareness of technologically sophisticated services, and the consequent need to lower healthcare costs. Additionally, it is anticipated that this will accelerate RCM's growth rate over the forecast period.

• By End User, the market is classified into Hospitals, Diagnostic Centers, and Academic and Research Institutes.

The hospital segment commanded the largest market share. The widespread use of healthcare information systems in hospitals has improved staff productivity, resulting in simple and well-organized patient care. It aids in the efficient management of the administrative, financial, and clinical elements of hospitals, as well as the efficient upkeep of hospital inventories and patient data. The usage of hospital information systems has increased as a result of technological developments in cloud-based systems. The highest CAGR is anticipated in diagnostic centers throughout the projection period as a result of the growing demand for laboratory informatics systems for services including sample collection and machine interface.

• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• Americas held the highest share of the market, due to factors like its strong economic development, hospitals, cutting-edge research facilities, universities, and medical device manufacturers. A rise in government investments on healthcare has made Asia Pacific the region with the fastest growing economy and the highest demand for healthcare IT services. In addition, the rising adoption of cutting-edge technologies to improve healthcare infrastructure and reduce medical expenses as well as an increase in healthcare spending in developing Asian nations are the main factors driving demand in this market.

Recent Developments

Athenahealth expanded its mobile EHR voice capabilities for healthcare providers. The voice assistant will help them improve documentation accuracy, provide a better patient experience, and save time. - June 2022

Teladoc Health, Inc. introduced Chronic Care Complete, which is a complete solution for chronic condition management that focused on improving the outcomes of healthcare. - February 2022

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are McKesson Corporation, Medidata Solutions Inc., NextGen Healthcare, Novarad Corporation, NXGN Management, LLC, Oracle (Cerner Corporation), Philips Healthcare, Siemens Healthineers, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

The report presents a detailed Ansoff matrix analysis for the Global Healthcare Information System (HIS) Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.

The analyst analyses the Global Healthcare Information System (HIS) Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.

Based on the SWOT analysis conducted on the industry and industry players, The analyst has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Healthcare Information System (HIS) Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
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Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

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