In a recently published report, Hospital Information System (HIS) Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hospital Information System (HIS) Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Hospital Information System (HIS) Market is valued approximately at USD 20.91 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 11.51% over the forecast period 2020-2027.
Hospital information systems (HIS) is an extremely synchronized data structure which tapes, screens and manages hospital related activities namely, documentation, administration, scheming and finance. The rise in the occurrence of disease and disorders has led to surge in the patient cases in hospitals which has extensively burdened the management systems. For Instance: According to Disease Control and Prevention, around 100 million individuals which include both male and female population were impacted by diabetes or prediabetes by the end of the year 2017 in United States. In the present scenario, nearly 1 in 10 individuals are affected by diabetes. Also, 84.1 million American adults which is approximately 1 in 3 individuals have prediabetes. Newly diagnosed cases of type 1 & type 2 diabetes cases were registered in Youth population of United States which is positively influencing the hospital admissions and driving the growth of the market. Further, HIS enhances efficacy of the information and lowers the errors and time spent on documentation. Hospital information system is a software with a wide-range of features for recording of all financial, management and therapeutic information.
The market growth is chiefly driven by growing demand to cut the excess of healthcare finances, streamline the hospitals workflow in order to advance outcomes and reduce the risk of errors. Moreover, due to some other advantages such as efficient workflow, better storage, operations streamlining, management and distribution of patient data, the demand for hospital information systems is boosting. Additionally, growth in government initiatives worldwide is also fueling the growth of the global HIS market. However, complex implementation and maintenance expenses and shortage of skilled professionals impedes the growth of the market over the forecast period of 2020-2027.
The regional analysis of global Hospital Information System (HIS) market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the well-established Healthcare infrastructure and presence of major market players in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income, rising population and increasing healthcare problems such as Cardiovascular diseases, Cancer and more would create lucrative growth prospects for the Hospital Information System (HIS) market across Asia-Pacific region.
Major market player included in this report are:
Meditech (Medical Information Technology, Incorporated)
Computer Programs and Systems, Inc. (CPSI)
GE Healthcare Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
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Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Hospital Information System (HIS) Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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