Hospital Information Systems Market to Witness a Pronounce Growth by 2024

Hospital information system is comprehensive information system designed to manage all the aspects of a hospital's operation, such as administrative, medical, legal and financial concerns and the corresponding processing of services. With increasing volume and types of patient data, it is becoming complex process to make the data available to partners, payers and regulatory authorities. If the data or information are not presented in properly, it can result in poor delivery of care as well as regulatory action. Hospital information systems provide a complete information about a patient’s health history and allows health care professionals to provide a proper care to the patient by check health and medication history. Some of the key driving factors for the hospital information systems market are government initiatives, initiatives from the private and public sector around the world and rapid technological enhancements, rising healthcare cost and changing world demographic have forced the government to enhance the healthcare. The factors hampering the growth of the market are interoperability issues, the high cost of the installation and availability of skilled workers.

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The hospital information systems market has been segmented by product type, by deployment, by component, by application and by geography. In terms of product type, the hospital information system has been categorized into electronic medical record (EMR), electronic health record (EHR), laboratory information system, cardiology information system, radiology information system, material management system, clinical data repository and HR and payroll and others.  Based on deployment, the market has been segmented into web based, cloud based and on premise. Based on component, the market has been segmented into hardware, software and services. The application for the market include clinical guidelines, clinical reminders, drug allergy alerts, drug dosing support and others.

In U.S., the government initiatives has accelerated the adoption of hospital information system. The Health Information Technology for Economic and Clinical Health (HITECH) Act, a part of the $787 billion American Recovery and Reinvestment Act (ARRA) of 2009, has brought in healthcare reform initiatives. The HITECH Act, signed into law by President Obama in February 2009, allocated up to $27 billion in stimulus funds to accelerate health IT adoption. The adoption of complete certified EHR along with the achievement of objectives under the Meaningful Use (MU) directives has enhanced the adoption of hospital information system.

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Geographically, the hospital information systems market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was observed to be the largest hospital information systems market due to extensive technological advancements and government initiatives in the region. Countries such as the U.S. and Canada have been successful in implementing electronic records in their healthcare system, which as a result would boost the market growth. Moreover, presence of developed IT and healthcare infrastructure, promising government initiatives in executing hospital information system in the current healthcare infrastructure and constantly improving reimbursement scenario would further propel the market growth. Europe was observed to be the second largest market in the hospital information system owing to enhanced digitization of the healthcare processes in the region. The major factor that would drive the market in Asia Pacific include the acceptance and demand for high end medical infrastructure in the region. China, Japan and India are the expected to grow at faster rate compared to other countries in the region. South American countries such as Brazil and Mexico are the regions that have significant potential for growth due to evolving medical structure, and high disposable income.

The major players operating in this market include All Scripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems, Computer Sciences Corporation, McKesson Corporation, GE Healthcare, Siemens Healthcare, Philips Healthcare, Agfa-Gevaert N.V., Practice Fusion, Inc. among other significant players worldwide.

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