PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532811
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1532811
The Healthcare Information System Market size was valued at USD 293,013.43 million in 2023, expanding at a CAGR of 8.30% from 2024 to 2032.
A health information system (HIS) is created to oversee healthcare data. This encompasses systems that gather, store, manage, and transmit a patient's electronic medical record (EMR), a hospital's operational management, or a system that supports healthcare policy decisions. As per the World Health Organization, Health Information Systems can produce information that empowers decision-makers at all levels of the health system to recognize problems and needs, make evidence-based decisions on health policy, and allocate scarce resources optimally. The implementation of this system aids in enhancing the quality of patient care, decreasing operational costs, ensuring administration data is error-free, and making the entire internal management process more organized.
Healthcare Information System Market- Market Dynamics
The rapid digitalization of the healthcare sector is expected to drive the growth of the market
Digitalization enhances efficiency in administrative processes, patient management, and clinical workflows in healthcare settings. It enables healthcare institutions to efficiently gather, store, and analyze vast amounts of data. Sophisticated HIS platforms support data-informed decision-making, population health management, and predictive analytics, ultimately enhancing healthcare delivery and operational effectiveness. The digitalization of the healthcare industry has been greatly accelerated by the pandemic, with global spending surpassing USD1.3 trillion, as indicated by digital transformation statistics. Additionally, the combination of Rapid Digital Transformation and a heightened focus on Patient-Centered Care can present market growth opportunities. Nevertheless, the market growth may be hindered by the substantial costs associated with implementation.
Healthcare Information System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.30% over the forecast period (2024-2032)
Based on Component segmentation, Services was predicted to show maximum market share in the year 2023
Based on Deployment Type segmentation, Web-based was the leading type in 2023
Based on Application segmentation, Revenue Cycle Management was the leading type in 2023
Based on End-User segmentation, Hospitals & Ambulatory Services was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Healthcare Information System Market is segmented based on Component, Deployment Type, Application, End-User, and Region.
The market is segmented into three categories according to components: Hardware, Software & Systems, and Services. The Services sector holds the largest share of the market. Services play a crucial role in guaranteeing the efficient deployment, upkeep, and enhancement of these systems.
The market is segmented into two categories according to Deployment Type: Web-based, On-premises, and Cloud-based. Web-based solutions dominate the market. They provide healthcare providers with a range of benefits such as easy access, scalability, and cost-effectiveness, making them a popular choice.
The market is segmented into two categories according to Application: Hospitals Information Systems, Pharmacy Information Systems, Laboratory Information Systems, Revenue Cycle Management, and Medical Imaging Information Systems. Revenue Cycle Management is the leading category in the market. RCM systems are designed to oversee the administrative and clinical tasks related to claims processing, payment, and revenue generation.
The market is segmented into two categories based on End-User: Hospitals & Ambulatory Services, Diagnostic Centers, and Academic and Research Institutes. The dominant force in the market is Hospitals & Ambulatory Services, which provide crucial tools for managing patient information, streamlining clinical workflows, and improving overall healthcare delivery. HIS solutions cover a variety of applications, such as electronic health records (EHR), practice management, billing, and more.
Healthcare Information System Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries for business purposes. North America leads the market, due to favorable government policies, well-established healthcare infrastructure, and rapid digitalization in healthcare systems. Government initiatives like incentives for electronic health records (EHR) adoption, such as the Meaningful Use program in the United States, have boosted the adoption of HIS. As per electronic health record statistics, over 90% of hospitals in the United States have implemented EHR systems by 2021. Europe comes in as the second largest region for market growth, driven by the rapidly increasing geriatric population and the subsequent rise in chronic diseases.
The market for Healthcare Information Systems (HIS) is fiercely competitive, with a variety of participants, including well-established healthcare IT firms, software providers, and up-and-coming startups. These companies dedicate significant resources to research and development to introduce cutting-edge features like artificial intelligence (AI), machine learning (ML), and cloud-based solutions. A crucial competitive aspect is ensuring seamless communication and data sharing among various healthcare systems. Companies with highly interoperable solutions enjoy a competitive edge.
McKesson Corporation (NYSE: MCK) and HCA Healthcare, Inc. (NYSE: HCA) have revealed a new partnership to establish a joint venture that will merge McKesson's US Oncology Research (USOR) with HCA Healthcare's Sarah Cannon Research Institute. USOR serves as the research division of McKesson's The US Oncology Network and leverages a team of skilled investigators and committed clinical personnel with expertise in oncology clinical trials.
On March 26, 2024, Wipro GE Healthcare, a prominent worldwide innovator in medical technology, pharmaceutical diagnostics, and digital solutions, revealed its plan to invest more than INR8000 Crores in manufacturing output and local R&D over the next 5 years. The MedTech industry, considered a Sunrise Sector, is experiencing rapid growth, particularly within the hospital industry in India, which makes up 80% of the total healthcare market and is attracting significant investor interest both domestically and internationally.
GLOBAL HEALTHCARE INFORMATION SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
McKesson Corporation
Veradigm LLC
Medidata (Dassault Systemes)
Agfa-Gevaert Group.
GE HealthCare.
Siemens Healthineers AG
NXGN Management, LLC.
Hewlett Packard Enterprise Development LP
Koninklijke Philips N.V.
Oracle
Epic Systems Corporation.
eClinicalWorks
Carestream Health.
Novarad Corporation
CompuGroup Medical
Ada Health GmbH
SWORD Health
Siilo from Doctolib
Greenway Health LLC
athenahealth, Inc
Infor
Others