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Global Hospital Information System, Business Growth, Market Trends, Insights 2024
Hospital Information System, Market Growth, Global Dynamics
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According to The Business Research Company's, 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 growth in the historic period can be attributed to growing usage of digital healthcare infrastructure, rising prevalence of chronic diseases and 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 growth in the forecast period can be attributed to increasing government initiatives, rise in funding, increase in healthcare access and growing awareness regarding the importance of emr. Major trends in the forecast period include leveraging artificial intelligence to improve tracking, recording and maintenance of data, focusing on medical devices to improve patient monitoring and overall care quality, offering electronic health record platforms to capture, store, and share patient data in a structured way, focusing on cloud based technologies for wide range of applications and leveraging strategic partnerships and collaborations to expand their product portfolio and increase areas of applications.
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Market Drivers and Trends:
The growing usage of digital healthcare infrastructure is expected to propel the growth of the hospital information systems market going forward. Digital healthcare infrastructure refers to digital technologies in the healthcare market aimed at providing better quality medical services such as real-time tracking of medical data using wearable medical devices. Using digital healthcare infrastructure in hospitals helps to improve patient monitoring in the hospitals. For instance, in September 2021, the government of India launched Ayushman Bharat, a central government digital mission program that aims to enhance and create a platform for the digital health ecosystem. This initiative helps to connect digital health solutions for hospitals across the country and bring a revolutionary change in health facilities and infrastructure. Therefore, the growing usage of digital healthcare infrastructure is driving the growth of the hospital information systems market.
The use of artificial intelligence is a key trend in the hospital information system market. Major companies operating in the market are leveraging artificial intelligence to improve tracking, recording and maintenance of data. For instance, in August 2022, TidalHealth, a Maryland-based Hospital information system, and Health Care company, that provides a network of hospitals, clinics, and physicians for the provision of emergency care, launched a collaboration designed to increase patient diagnosis accuracy, reduce clinician burnout, and enhance revenue through improved documentation. TidalHealth will implement the software, which uses AI to help physicians diagnose medical conditions across its network in Maryland and Delaware to optimize practitioners' workflows. The software is intended to help TidalHealth clinicians automate electronic health records (EHR)) chart reviews and enhance patient safety by ensuring all diagnoses are identified.
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Major Key Players of the Market:
Rio Tinto Group, Iluka Resources Limited, FCI Aravali Gypsum and Minerals, zawawi minerals, kunooz oman holding, Rajasthan State Mines and Minerals limited, CHEM-CARB, NMDC Ltd, Uranium Corporation of India Ltd, Hindalco, Vedanta Ltd, Coal India Ltd, Gujarat Mineral Development Corporation Ltd, MOIL, Indian Rare Earths Ltd, Shaanxi Coal and Chemical Industry Group Co Ltd, Henan Yukuang International Mining Investment Co Ltd, Baumineral GmbH, Steag GmbH, Knauf Gips KG, Torralba Group, British Gypsum (St Gobain), ETEX Group, Polska sp. z o.o, Harrison Gypsum, The H Lima Company Inc, Little Salt Creek Gyp Mine, Twisselman Gypsum, Allied Custom Gypsum, National Gypsum, Diamond Gypsum LLC, Pioneer Gypsum Mining Inc, Sumitomo Metal Mining Chile Ltda, Cerro Cazador SA, COMSA, Wasit General Trading LLC, Emirates House General Trading LLC, Awam Group LLC, United Mining Industries Company Limited (UMI), African Queen Mines Ltd, Anglo African Gypsum
Hospital Information System Market 2024 Key Insights:
• 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%.
• Surge Of Digital Healthcare Infrastructure Fuels Growth In The Hospital Information Systems Market
• Integration Of Artificial Intelligence Enhances Efficiency And Accuracy In Hospital Information Systems
• North America was the largest region in the hospital information systems market in 2022
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The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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