Hospital Information System Market: Industry Demand, Analysis and Future Trends 2028

The global hospital information system market size was valued at USD 57.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2021 to 2028

The global Hospital Information System Market size is expected to reach USD 85.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2021 to 2028. Carestream Health, Siemens Healthineers, McKesson Corporation, Philips Healthcare, Merge Healthcare Inc. (IBM) are some of the key players in this industry. An increase in the adoption of hospital information systems (HIS) for improving operational efficiency in administration, financial, and legal tasks in hospital settings is one of the key factors attributed to the market growth. In addition, growing awareness regarding advanced IT services and consequently growing requirements to curb healthcare costs are among other key driving factors. With the surging adoption of hospital information systems due to the several benefits of information technology, such as lower healthcare expenditure and higher operational efficiency, the demand for analytical IT solutions is increasing in healthcare.

Hospital information solutions aid in reducing medical and administration errors. Electronic Health Records (EHRs), electronic medical records, patient engagement solutions, and population health management are the key types of information systems registering high adoption among end-users. The growing need for efficient management of a large volume of healthcare data generated and its accessibility by the medical practitioners is one of the key factors driving market growth recently.

Furthermore, IT companies and healthcare settings are entering into partnerships and collaborations to streamline the data storage, curb rising costs and effectively use data analytics for better healthcare delivery and outcomes coupled with efficient management and distribution of patient data. For instance, in February 2019, IBM Watson Health announced its 10-year investment of USD 50 million in a research partnership with and Vanderbilt University Medical Center (VUMC) and Brigham and Women’s Hospital, which aimed to focus on the intersection between AI, EHR data, and the user experience.

Related Press Release@ Hospital Information System Market Report

Hospital Information System Market Report Highlights

• The HIS market size is anticipated to be valued at USD 85.2 billion by 2028, owing to an increase in the number of government initiatives worldwide to develop and deploy hospital information systems
• The electronic health record segment dominated the global market in 2020. It is due to growing digitalization coupled with the rising demand for centralization in healthcare administration
• The web-based deployment segment dominated the market, owing to reduced business costs and improved accuracy
• Software component segment dominated in 2020, owing to the presence of technologically advanced IT infrastructure in healthcare organizations
• North America dominated the market in 2020 due to the presence of a large number of vendors, such as Cerner, GE Healthcare, Carestream Health, IBM, and McKesson Corporation, in the region offering information solutions