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Hospital Information System Market Size, Share, And Growth Rate Analysis 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s hospital information system market report forecasts the hospital information system market size to grow to $173.59 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.

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Hospital Information System Market Size Forecast
The global hospital information system market is expected to grow from $109.5 billion in 2022 to $119.22 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hospital information system market size is expected to grow to $173.59 billion in 2027 at a CAGR of 9.8%.

North America held the largest hospital information system market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Hospital Information System Market Driver ­– Growth In Usage Of Digital Healthcare Infrastructure
For instance, in September 2021, the government of India launched Ayushman Bharat, a central government digital mission program that aims to enhance and create a platform for the digital health ecosystem. This initiative helps to connect digital health solutions for hospitals across the country and bring a revolutionary change in the health facilities and infrastructure. Therefore, the growing usage of digital healthcare infrastructure is driving the growth of the hospital information systems market.

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Key Hospital Information System Market Trend – Technological Innovations
Major companies operating in the hospital information systems sector are focused on introducing technological innovations to sustain their position in the market. For instance, in April 2020, Google Cloud, a US-based company that provides cloud computing services for various sectors, launched Cloud Healthcare API. This is a cloud-based technology that helps in the exchange of medical data between health care applications that are built on Google Cloud. By using this cloud-based healthcare API users can store all the medical records in one place and can easily access the medical data.

Hospital Information System Market Segment
1) By Components: Hardware, Software, Services
2) By Type: Clinical Information Systems, Administrative Information Systems, Electronic Medical Records, Laboratory Information System, Radiology Information System, Pharmacy Information System, Other Types
3) By Deployment: Web-Based, On-Premises, Cloud Based
4) By End-User: Hospitals, Insurance Companies, Other End Users

Hospital Information System Market Major Players and Strategies
Major players in the hospital information system market are Cerner Corporation, Epic Systems, Mckesson Corporation, GE Healthcare, AllScripts, NextGen Healthcare, Philips Healthcare, Siemens Healthineers AG, Wipro Limited, Computer Programs and Systems Inc., OpenEMR, Agfa-Gevaert N.V., Eclipsys, and Koninklijke Philips NV.

In January 2021, Philips Healthcare, a Netherlands-based company that provides laboratory information systems acquired Capsule Technologies. The acquisition is complimentary to Philips’ strategy to transform delivery of healthcare with integrated solutions. Capsule technologies is a US-based provider of medical device integration and data technologies for hospitals.

The Hospital Information System Global Market Report 2023 covers regional data on hospital information system market size, hospital information system market trends and drivers, opportunities, strategies, and hospital information system market competitor analysis. The countries covered in the hospital information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Hospital information systems refer to systems that collect, store, manage, and transmit patients’ medical records. This system brings together all the information and processes of a hospital on a single platform. The hospital information systems are used to store and manage healthcare data.

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