Market Research Report
Hospital Information System Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||704939|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Hospital Information System Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: September 1, 2019||Content info: 114 Pages||
The major factors for the growth of the hospital information system market include the increasing demand for the quality healthcare system, technological development in the healthcare sector, and the growing use of EHR systems.
Electronic Health Record (EHR) is a real-time and patient-centered record that makes the patient information available quickly and securely to the concerned and authorized user. The EHRs contain the patient's medical history, treatment plans, and the test results of laboratory. EHRs improve the disease diagnosis ability and reduces the chances of errors in the results, which ultimately improve the patient outcome. As per the study of the HealthIT.gov, around 94% of the EHR providers report that their EHR makes the records readily available at the point of care, and 88% of the EHR providers reported that their EHR provides benefits for the clinical practices. This indicates that the providers understand the significance of the EHR systems. Owing to this, the demand for EHR systems in healthcare practices is increasing. The use of EHR is increasing, due to the higher patient satisfaction, in terms of the services they get. As EHR is a major component of HIS system, the need to integrate and manage the EHR, along with other administrative and clinical processes, is expected to contribute for the growth of hospital information systems market in the forecast period. Along with that, other factors, such as increasing demand for the quality healthcare system, rising investments in healthcare, and technological development in healthcare sector, are driving hospital information systems (HIS) market.
As per the scope of this report, the hospital information system is used to record, monitor, and manage the operations related to the hospital. These operations include administration, financial operations, and documentation. The market is segmented by type, mode of delivery and geography.
Cloud Based is the Segment by Mode of Delivery is expected to witness Fastest Growth over the Forecast Period.
Cloud-based systems store data on external servers where they can be accessed via the web, requiring only a computer with an internet connection. Cloud-based delivery helps healthcare providers and patients access information anytime, anywhere. Cloud-based information systems are cost-effective, particularly for small to medium-sized practices, as there are no large hardware expenditures, and the software expense is a consistent subscription rate. Cloud-based radiology information portals also allow physicians and medical practitioners to control access to sensitive information. Furthermore, cloud services get updated more frequently in comparison to on-premise counterparts to comply with legal, regulatory, and accreditation requirements. Thus, healthcare functionality can be enhanced with the use of cloud-based systems, which offer broader integration, allow easy and secure sharing of data among the healthcare professionals, which, in turn, is fueling the growth of the market.
North America is Expected to Dominate the Market
The landscape for hospital information systems has undergone a significant change in the past few years, primarily due to the government's push to digitalize healthcare from various initiatives to increase the adoption of electronic health records (EHR) to increasing investments in healthcare information exchange systems. Rapid digitalization of the healthcare sector is fueling the demand for hospital information systems in the country, and government programs, such as Medicare and Medicaid, are also supporting the broader use of hospital information systems. Currently, in the United States, the healthcare sector is under continuous pressure to decrease running costs through approaches, such as improved workflow efficiencies. Various government initiatives, rising healthcare expenditure, and the high adoption rate of new healthcare technology are expected to remain major factors driving the market in the United States, over the forecast period.
The market studied is a fragmented market owing to the presence of various market players. Some of the market players are Agfa-Gevaert Group, Allscripts Healthcare Solutions Inc., Cerner Corporation, GE Healthcare, Integrated Medical Systems, Koninklijke Philips NV., McKesson Corporation, Carestream Health, and Wipro Limited