Hospital Information System Market Size will expand between 2021 and 2027 owing to the growing preference for technologically advanced automation systems. The rise in the instances of adverse drug events and medication prescription errors has led to the higher need for data security. The growth in the number of government initiatives and the surging healthcare costs will add strong impetus to the market growth.
Furthermore, the increasing requirement for telemedicine services and remote patient monitoring in the ongoing COVID-19 pandemic, coupled with the continuously expanding healthcare facilities are other positive market expansion.
The demand for cloud-based hospital information systems will grow with a higher need for centralized IT resources for different departments. The incorporation of cloud-based systems not only helps in storing data on external servers but also offers exceptional control over patient data. In addition, the increasing adoption of cloud-based delivery as well as radiology information portals is another promising trend for the market progression.
The software segment is likely to surge through 2027 driven by higher incursion to facilitate data storage and management. Rising innovations to offer effective management of large volumes of data and accurate outcomes will also favor the industry growth.
The clinical information systems will expand at a significant pace. The is due to their rising usage in ICUs for effectively managing the patient data as the system can capture, record, and electronically collate all the clinical measurements. The deployment of clinical information systems offers quality improvement, enhanced communication between health professionals, and better clinical research. The higher obligation for optimum treatment success and the easy access to x-rays and scans will infuse a positive scenario for the industry expansion.
North America hospital information system market is set to gain traction ascribing to the increasing government efforts towards healthcare digitalization and the escalating COVID-19 infection count. The rise in the number of favorable policies in the region has made way for the surging developments in healthcare infrastructure and the higher awareness regarding technologically advanced products. The mounting investments and higher product penetration in the U.S. will also contribute towards the regional growth.
Global market players are actively adopting marketing and business growth strategies, such as technical innovations for new product launches, along with partnerships, and acquisitions to achieve competitive advantages.
For instance, in August 2019, Royal Philips disclosed the acquisition of the healthcare information systems business of Carestream Health Inc. in 26 of the 38 countries it operates in. This helped the former firm to proliferate its existing enterprise diagnostic informatics solutions.
In another instance, in April 2020, GE Healthcare extended its longtime partnership with Microsoft in order to introduce a COVID-19 patient monitoring software, deployed on cloud-based solutions for health systems.
Siemens Healthcare (Siemens), McKesson, Comarch, Eclipsys, Cerner Corporation, Wipro, CPIS, Epic System, and Meditech are a few other industry participants in the business.
The ongoing COVID-19 pandemic instigated a tremendous blow on the global economy, on account of the influx of trade restrictions and nationwide lockdowns. However, it significantly bolstered the acceptance of hospital information systems considering the rising need to assist health workers to manage medical care whilst providing home monitoring of the affected COVID-19 patients. Apart from facilitating the early detection of cases, the systems offer the monitoring of the at-risk population base. These platforms are also deployed for telemedicine visits amidst the outbreak.
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