Hospital Information System Global Market Report 2024

The hospital information system market size has grown strongly in recent years. It will grow from $121.74 billion in 2023 to $133.34 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The expansion observed in the historical period can be attributed to factors such as the growing usage of digital healthcare infrastructure, an increase in the prevalence of chronic diseases, and a rise in healthcare expenditure.

The hospital information system market size is expected to see rapid growth in the next few years. It will grow to $196.01 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to factors such as increasing government initiatives, a rise in funding, improved healthcare access, and growing awareness regarding the importance of Electronic Medical Records (EMR). Noteworthy trends expected in the forecast period include the leveraging of artificial intelligence to enhance tracking, recording, and maintenance of healthcare data, a focus on medical devices to improve patient monitoring and overall care quality, the provision of electronic health record platforms for capturing, storing, and sharing patient data in a structured manner, an emphasis on cloud-based technologies for a wide range of applications, and the utilization of strategic partnerships and collaborations to expand product portfolios and increase the areas of application.

The hospital information systems market is anticipated to experience growth due to the increasing adoption of digital healthcare infrastructure. Digital healthcare infrastructure involves the implementation of digital technologies in healthcare settings to enhance medical services, such as real-time tracking of medical data using wearable devices. This utilization of digital healthcare infrastructure in hospitals facilitates improved patient monitoring. For example, the Indian government's launch of Ayushman Bharat in September 2021, a central government digital mission program, aims to establish a platform for the digital health ecosystem, connecting digital health solutions across the country's hospitals. This initiative is expected to revolutionize health facilities and infrastructure, contributing to the growth of the hospital information systems market.

The hospital information systems market is expected to be driven by the growing awareness of the significance of Electronic Medical Records (EMR). Electronic Medical Records (EMR) refer to patient records created by healthcare professionals in hospital and outpatient settings. The global electronic medical records market is poised for development owing to the benefits of EMRs, such as enhanced security measures and improved accuracy and completeness of patient records. A partnership between Veradigm and PRA Health Sciences in June 2021 aimed to utilize Veradigm's Study Source platform, integrating electronic health records (EHR) systems with PRA's eSource technology and clinical research expertise. This collaboration emphasizes the role of EMRs in clinical research and is expected to contribute to the expansion of the hospital information systems market.

The incorporation of artificial intelligence (AI) is identified as a key trend in the hospital information systems market. Major companies in the market are leveraging AI to enhance data tracking, recording, and maintenance. TidalHealth, a Maryland-based healthcare company, implemented AI software to improve patient diagnosis accuracy, reduce clinician burnout, and enhance revenue through improved documentation. This application of AI is aimed at automating electronic health record (EHR) chart reviews and improving patient safety. The integration of AI in hospital information systems is a trend expected to drive the market's growth.

Companies within the hospital information system market are actively engaging in partnerships and collaborations. For instance, in April 2021, iMDsoft Ltd., an Israel-based provider of Clinical Information Systems catering to acute and critical care facilities, entered into a strategic partnership with Dedalus, a health software company based in Italy. This collaboration aimed to distribute MetaVision licenses and services, extending support to clients in Australia and New Zealand (ANZ). Dedalus ANZ was selected by iMDsoft as its Channel Partner due to its capability to offer top-notch service for advanced medical services products. Dedalus ANZ's track record as a leader in managing clinical and intensive care solutions in large-scale private and public healthcare organizations further strengthened the partnership. Through its Channel Partner program, iMDsoft collaborates with leading healthcare technology firms globally, facilitating the implementation and support of MetaVision solutions in various clinical units, including critical care, perioperative, and intensive care units at local clinics in their respective regions.

In January 2021, Philips Healthcare, a Netherlands-based company specializing in healthcare solutions, executed the acquisition of Capsule Technologies, a US-based provider of medical device integration and data technologies for hospitals. This acquisition aligns seamlessly with Philips' overarching strategy to revolutionize healthcare delivery through integrated solutions. Capsule Technologies' expertise in medical device integration and data technologies complements Philips' vision, reinforcing its commitment to transforming the healthcare landscape. The strategic acquisition positions Philips Healthcare to offer comprehensive solutions and address evolving healthcare needs.

Major companies operating in the hospital information system market report are Cerner Corporation, McKesson Corporation, General Electric Company, Allscripts Healthcare Solutions Inc., Athenahealth Inc., Epic Systems Corp, Koninklijke Philips NV, NextGen Healthcare, Computer Programs and Systems Inc., Dedalus SpA, Innovaccer, 1mg, Practo, Medi Buddy, Indegene, Ping A Good Doctor, JD Health, CISCO Systems Inc., Honeywell Lifesciences, Philips Healthcare, Agfa-Gevaert NV, Siemens Healthineers AG, Better Doc, Biovotion, Coimbra Genomics, Dacadoo, Doctoralia, NeurNation, Nutrino, TrialReach, N-iX, Intersog, Selleo HQ, DeSmart Software House, Exadel Inc., Softarex Technologies, Canadian Health Systems Inc., Change Healthcare, MED e-care Healthcare Solutions Inc., Optum, Oracle Corporation, Infor Inc., CVS Health, MV Sistemas, Greenway Health, CureMD Healthcare, Mubadala Health, G42 Healthcare, Etisalat, Vezeeta, OKADOC, Safermom, Medsaf, MDaaS Global, Hudibia, AMD Global Telemedicine Inc., Medtronic PLC.

North America was the largest region in the hospital information systems market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hospital information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hospital information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main types of hospital information systems encompass various functionalities, including clinical information systems, administrative information systems, electronic medical records, laboratory information systems, radiology information systems, pharmacy information systems, and others. Clinical information systems, for instance, are computer-based systems designed to gather, store, and modify clinical data on patients. These systems can be utilized at single locations or across entire healthcare systems. Components of hospital information systems include hardware, software, and services, and they can be deployed through web-based, on-premises, or cloud-based models. These systems find application in hospitals, insurance companies, and other end-users in the healthcare sector.

The hospital information systems market research report is one of a series of new reports that provides hospital information systems market statistics, including hospital information systems industry global market size, regional shares, competitors with a hospital information systems market share, detailed hospital information systems market segments, market trends and opportunities, and any further data you may need to thrive in the hospital information systems industry. This hospital information systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hospital information system market consists of sales of medical practice management systems, electronic health records (EHR), e-prescribing software, remote patient monitoring, master patient index (MPI), patient portal, urgent care applications, and medical billing software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.