Hospital Information System Market Expected to Reach $44.32 Billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Hospital Information System Market by Application, Component, and Delivery Model: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global hospital information system market was valued at $15.48 billion in 2020 and is projected to reach $44.32 billion by 2030 registering a CAGR of 11.00% from 2021 to 2030.

Hospital information system is specially organized information system, which is utilized to monitor, record and manage clinic related activities like finance, documentation, and planning. Furthermore, hospital information system is to improving the quality of medical care, to remove duplications strategies, staff efficiency, to eliminate duplications of strategies and advancing the local area health. Hospital information system is extensive software for recording of all financial, remedial, and the management data. This data in hospital information system is circulated among the respective departments and reduces the lead time for communication between the departments. Hospital information system likewise expands the quality and patient satisfaction.

The major factors driving the growth of global hospital information system are rapidly evolving healthcare facilities. Recently developed clinical information software can address wide scope of issues going from information storage to information management. Numerous medical care cloud programming such as EHR systems, EMR systems, e-prescribing, hospital telemetry system, and remote medical care, has demonstrated its effectiveness in managing tremendous information and giving exact results. Besides, medical care software is additionally used to analyze patient data. However, the rise in concerns for data privacy and cyber security and lack of adequate IT infrastructure in developing regions will further hamper the market growth.

During COVID-19 pandemic, there is a positive impact on hospital information system market during the forecast period. Hospital information systems allow clinical professionals to assess and analyze patients, e-prescribes drugs and therapies and recognizes changes in their ailments through remote consultations. Subsequently, the COVID-19 pandemic is giving huge opportunities to hospital information system because of social distancing being the solution developed for minimizing exposure of COVID-19. In such manner, telemedicine addresses an attractive, powerful, and reasonable choice. Also, this innovation is of basic significance in keeping healthcare providers safe.

The hospital information system market is segmented based on application, component, delivery model and region. Based on application, the market is divided into clinical information system, administrative information system, electronic medical record, laboratory information system, radiology information system, pharmacy information system. Based on component, the market is categorized into services and software. Based on delivery model, the market is classified into web and cloud-based and on-premise. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on delivery, cloud-based technology dominated the overall market in 2020.and the segment is anticipated to continue the dominance over the forecast period with a CAGR of 11.30%, owing to increase in use of cloud systems include cost considerations, data storage capacity, and remote access to information. The cloud-based technology is gaining momentum due to numerous security lapses in the web-based and on-premise systems.

Key Findings Of The Study

• Based on application, the laboratory information system segment held the largest share in the global market in 2020.
• On the basis of component, the software segment held the largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• On the basis of delivery model, the web and cloud-based held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 11.90%

North America is projected to account for a major share of the global hospital information system market during the forecast period. The market in the region is anticipated to grow in the future, owing to high acceptance and implementation of IT services specifically in the healthcare sector. Furthermore, the local presence of large players with focus on the development of advanced IT solutions, successful implementation of EHRs in the region, and high deployment of robust IT infrastructure can be attributed to the large share of the region