Healthcare Information System (HIS) Market Size to grow at a considerable CAGR of 10% through 2028

By Ashwin Naphade  | Date: January 12, 2023

Healthcare Information System (HIS) Market Size to grow at a considerable CAGR of 10% through 2028

Market Study Report has added a new report on Healthcare Information System (HIS) market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape of Healthcare Information System (HIS) market in tandem with its competitive terrain.

Global Healthcare Information System Market Analysis and Forecast 2019-2028 Market Introduction The global healthcare information system (HIS) market is estimated to grow at a CAGR of around 10% during the forecast period. The market growth is attributed to the increasing use of IT solutions in the healthcare industry.

Major players operating in the global HIS market include Allscripts Healthcare Solutions Inc., athenahealth Inc., Agfa Gevaert Group, eClinicalWorks, Philips Healthcare, Hewlett Packard, McKesson Corp., GE Healthcare, Cerner Corp., Epic Systems Corp., Carestream Health, Novarad Corp., e-MDs Inc., Medidata Solutions Inc., Siemens Healthineers, NextGen Healthcare Inc., Ada Health GmbH, SWORD Health, Oracle Corp., and Infor among others.

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Market Segmentation

The global HIS market is analyzed on the basis of components, deployment, application, end user, and region. Based on components, the market is divided into software and services. Based on the deployment, the market is categorized into on-premise and cloud-based. Cloud-based is expected to witness a substantial growth rate over the forecast period. On the basis of application, the market is segmented into Hospital Information systems, Pharmacy Imaging Information systems, Laboratory Information Systems, and Others (Revenue Cycle Management, etc.).

Patient-centered care management, population health management, and point-of-care solutions assist healthcare providers in cutting down healthcare expenditures and improving outcomes. Technological advancements in the healthcare IT landscape, such as the use of IoT, and AI is one of the major factors driving the market growth. Furthermore, the increased usage of electronic health record (EHR) systems is likely to propel market growth in the coming years.

However, the high costs of deploying HCIT systems for small and medium-sized hospitals, as well as resistance from traditional healthcare providers and IT infrastructure limits in emerging economies, may stymie industry expansion. The rise in security and interoperability concerns will pose a hindrance to the healthcare IT business.

The hospital information system segment is projected to contribute a significant share in the market during the forecast period. The segmental growth of the market is attributed to the increase in the number of hospitals and healthcare centers across the globe coupled with the rising adoption of IT solutions in the industry.

The hospital information system is further sub-segmented into Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solution, and Population Health Management. Pharmacy information system is sub-segmented into Medication Dispensing System, Packaging & Labeling Systems, Storage & Retrieval System, Automated Medication Compounding System, and Tabletop Tablet Counters.

Medical imaging information system is further analyzed into Radiology Information Systems, Monitoring Analysis Software, and Picture Archiving and Communication Systems. Based on the end user, the market is segmented into Hospitals, Diagnostic Centers, and Academic & Research Institutes.

Market Structure and Competitive Landscape

The global HIS market is fragmented and highly competitive. Various IT firms and healthcare institutions have recently increased their collaboration to focus on producing high-utility services and solutions to better-individualized care delivery, data storage efficiency, and data analytics effectiveness. Many companies are also investing in start-ups that will complement their existing product lines.

Some of the recent developments observed in the industry include,

•In January 2020, NXGN Management, LLC announced the formation of an exclusive relationship with Doctible to be able to link its service with the NextGen Office cloud-based EHR (Electronic Health Record) and PM (Practice Management) systems and help small companies maintain loyalty, encourage growth and provide better patient care as a result of this agreement.

•in June 2019, Allscripts Healthcare Solutions Inc. purchased digital specialty prescription start-up ZapRx to enhance its portfolio. This new purchase enabled the company's Veradgim platform to integrate with a cloud-based platform. The company's Veradigm unit is already engaged in providing services to a range of healthcare stakeholders by integrating software analytics, reporting, and workflow tools. This purchase will enable Veradigm to add the new specification to its product portfolio in the near future.

Questions And Answers: Global Healthcare Information System (HIS) Market

Q1. What is the CAGR that the Healthcare Information System (HIS) Market is expected to register through the projected duration?

Answer: The Healthcare Information System (HIS) Market is likely to register a CAGR of 9.8% over the forecast period.

Q2. Which Are the Key Players in Global Healthcare Information System (HIS) Market?

Answer: Agfa Gevaert Group, eClinicalWorks, Philips Healthcare, Hewlett Packard, McKesson Corp., GE Healthcare, Cerner Corp., Epic Systems Corp., Carestream Health, Novarad Corp., e-MDs Inc., Medidata Solutions Inc., Siemens Healthineers, NextGen Healthcare Inc., Ada Health GmbH, SWORD Health, Oracle Corp among others are the leading players in worldwide Healthcare Information System (HIS) Market

For more details on this report: https://www.marketstudyreport.com/reports/global-healthcare-information-system-his-market-analysis-and-forecast-2019-2028

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About Author

Ashwin Naphade     ibmag.com

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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