Summary

The hospital information systems market is projected to grow at a CAGR of 8.4% during the forecast period.

The ongoing pandemic is putting healthcare systems under strain worldwide and forcing hospitals and other medical facilities to scramble to make sure data can be shared effectively. The ‘digital front door’ is really key to how providers should be responding to the COVID-19 situation in terms of access, triage, and even treatment. With the surge in the demand for hospital capacity, one of the challenges faced by hospital IT staffers is figuring out how to quickly deploy EHR systems to alternative care locations.

Moreover, the healthcare facilities such as hospitals, diagnostic centers, and clinics are showing interest towards clinical decision support systems, electronic health records (EHRs) and other systems in minimizing medication prescription errors, adverse drug events monitoring and other medical errors. COVID-19 is acting as a trigger for a sharp uptake of teleconsultations. The restrictions on free movement and travel, the limitation of medical services to emergency situations, and the overall increase in suspected and confirmed COVID-19 infections have contributed to the recent surge in teleconsultation platforms.

For instance, during COVID-19 pandemic, in December 2020, Indian Railways launched integrated Hospital Management Information System (HMIS) in South Central Railways and Northern Railways. The HMIS in railways has been developed in co-ordination with RailTel Corporation Limited. The objective of the HMIS is to provide a single-window of clearance of hospital administration activity such as diagnostics, clinical, pharmacy, examinations, industrial health among other things.

The major factors driving the hospital information systems include increasing demand for the quality healthcare system, technological development in the healthcare sector, and increase in government initiatives and rising awareness regarding EHR systems.

Electronic health record (EHR) is a real-time and patient-centred record that makes information about the patient availability quickly and securely to the concerned and authorized user. The EHRs contain the patient’s medical history, treatment plans, and the test results of the laboratory. EHRs improve the ability to diagnose the disease and they reduce the chances of errors in the results, which ultimately improve the outcome for the patients.

As per the study by the HealthIT.gov June 2019, around 94% of the EHR providers reported that their EHRs make the records readily available at the point of care, and 88% of the EHR providers reported that their EHRs provide benefits for clinical practices. This indicates that the providers understand the significance of the EHR systems. Owing to this, the demand for EHR systems in healthcare practices is increasing. The use of EHR is increasing, due to higher patient satisfaction, in terms of the services that they receive.

As per the data published by the Office of the National Coordinator for Health Information Technology (ONC) in October 2018, stated that acute care hospitals were steadily improving their EHR interoperability capabilities for more advanced health data exchange. As EHR is a major component of the hospital information system, the need to integrate and manage the EHR, along with other administrative and clinical processes, is expected to contribute to the growth of the hospital information systems market, during the forecast period. However, factors such as data security and privacy concerns and lack of proper IT infrastructure in developing regions is expected to restrain market growth over the forecast period.

Key Market Trends

Cloud-based Segment is expected to Witness the Fastest Growth during the Forecast Period

Cloud-based systems store data on external servers, where they can be accessed via the web, which only requires a computer with an internet connection. Cloud-based delivery helps the healthcare providers and patients access information, anytime and anywhere.

During the COVID-19 pandemic 2020, healthcare organizations ramp up efforts to treat COVID-19 patients and health IT vendors provided them with tools to manage cases, analyze data and assess patients remotely.

For instance, in May 2020, Allscripts' client Gloucestershire Hospitals NHS Foundation Trust successfully went live with the latest addition to its Allscripts electronic health record (EHR), despite the ongoing novel coronavirus outbreak. NHS Foundation Trust deploys new EHR functionality to identify and escalate treatment for its sickest patients, and it created a go-live virtual office to provide 24/7 remote go-live support.

Also, cloud-based information systems are cost-effective, particularly for small- and medium-sized practices, as there are no large hardware expenditures, and the software expense is based on a consistent subscription rate.

Furthermore, cloud-based radiology information portals also allow physicians and medical practitioners to control access to sensitive information. Furthermore, cloud services are updated more frequently, in comparison to the on-premise counterparts, to comply with the legal, regulatory, and accreditation requirements.

Moreover, an increasing number of hospitals, especially the chain of hospitals which need cloud-based information systems to manage data are further fuelling the market growth. For instance, In June 2019, the North Denmark Region announced that it had chosen Systematic, a Danish software developer, as the supplier of a new electronic health record system for hospitals in the region.

Thus, healthcare functionality can be enhanced with the use of cloud-based systems, which offer broader integration and allow easy and secure sharing of data among the healthcare professionals, which, in turn, is fueling the segment growth over the forecast period.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America hospital information system projected to have a significant market share among the regions. The growth is attributed due to favourable government policies, well-established healthcare infrastructure and rapid digitalization in the healthcare system.

Furthermore, the rising cases of COVID-19 in the North America region are creating a demand for software to analyze and understand how the ongoing pandemic is affecting the country more than other countries. For instance, in February 2020, AdventHealth, a Florida-based health system announced it will implement Epic Systems EHR platform across its 50 hospital campuses and 1,200-plus care sites that ranges over nine states. The implementation of Epic will allow the health system to be on a single, integrated platform. This platform will include its EHR and a revenue cycle management system that covers Advent’s physician practice, acute care, ambulatory, home health, urgent care, and hospice facilities.

The landscape for hospital information systems has undergone a significant change over the past few years, primarily due to the government’s push to digitalize healthcare, from various initiatives to increase the adoption of electronic health records (EHR) to increasing investments in the healthcare information exchange systems.

Furthermore, rapid digitalization of the healthcare sector is fueling the demand for hospital information systems in the region, and government programs, such as Medicare and Medicaid, are also supporting the broader use of hospital information systems. For instance, in February 2020, microsoft announced that it is providing USD 1.1 billion which will include Microsoft cloud services in Mexico. Owing to the digital revolution in this country will drive the overall market growth as more hospitals and healthcare organizations will start using microsoft’s services. Hence, all these factors are projected to significantly boost the market growth for hospital information system market in the North America region.

Competitive Landscape

The Hospital Information System Market is fragmented competitive, owing to the presence of various players. The market players are focusing on integrating the technologies and developing more secured information systems to expand their market share. Moreover, companies also focusing on developing healthcare markets to strengthen its market position. Some of the market players are Dedalus S.p.A., Allscripts Healthcare Solutions Inc., Cerner Corporation, GE Healthcare, Integrated Medical Systems, Koninklijke Philips NV, McKesson Corporation, Carestream Health, and Wipro Limited among others.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Demand for Quality Healthcare System
4.2.2 Technological Development in Healthcare Sector
4.2.3 Increase in Government Initiatives and Rising Awareness Regarding EHR Systems
4.3 Market Restraints
4.3.1 Data Security and Privacy Concerns
4.3.2 Lack of Proper IT Infrastructure in Developing Regions
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Mode of Delivery
5.1.1 Cloud-based
5.1.2 On-premise
5.2 By Type
5.2.1 Clinical Information Systems
5.2.2 Administrative Information Systems
5.2.3 Electronic Medical Records
5.2.4 Laboratory Information System
5.2.5 Radiology Information System
5.2.6 Pharmacy Information System
5.2.7 Other Types
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Dedalus S.p.A (Agfa-Gevaert Group)
6.1.2 Allscripts Healthcare Solutions Inc.
6.1.3 Cerner Corporation
6.1.4 GE Healthcare
6.1.5 Integrated Medical Systems
6.1.6 Koninklijke Philips NV
6.1.7 McKesson Corporation
6.1.8 Carestream Health
6.1.9 Wipro Limited
6.1.10 eClinicalWorks
6.1.11 Epic Systems Corporation
6.1.12 Greenway Health, LLC
6.1.13 NextGen Healthcare, Inc

7 MARKET OPPORTUNITIES AND FUTURE TRENDS