In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Hospital information systems (HIS) is a highly synchronized data system which is used to tape, screen and manage hospitals associated activities such as finance, administration, scheming and documentation. With the rise in the occurrence of disease and disorders, there is an increase in the patient cases in hospitals. HIS increases efficacy of the information, lower the errors and time spent on documentation. Hospital information system is complete software for recording of all therapeutic, financial and management information. With swelling volume and types of patient information, it is becoming complicated process to make the data available to associates, financiers and regulatory authorities. If the information is not presented properly, it can result in poor delivery of care as well as regulatory action. A hospital information system provides complete information about a patient’s health history and allows health care professionals to provide a proper care to the patient by health checks and medication history.
Hospital information system market is anticipated to record a significant CAGR over the forecast period. The growing demands to reduce the wastage of healthcare finances, decrease the risk of errors, and rationalize the workflow of hospitals for improved outcomes are the key contributors to the market expansion. There is a standard shift from traditional approach of paper-based manual operations to paperless IT-based solutions in hospital management. The increasing number of government initiatives across the globe is accelerating the implementation of such technology.
Technological progressions such as implementation of eHealth platforms, cloud computing, Picture Archiving and Communication System (PACS), EHR (Electronic Health Record), web-based technology, Radiology Information Systems (RIS), Software as a Service (SaaS) are attaining momentum in the medical sector. The IT companies and healthcare organizations are collaborating at a higher level to create high utility services and products to advance overall hospital administration.
On the basis of regional platform, global hospital information systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is the largest market for these systems with a shareholding of 48.2% in 2016. The existence of large players locally with emphasis on growth of advanced IT solutions, successful adoption of EHRs (Electronic Health Records) in the region, and high utilization of robust IT infrastructure can be credited to the large share in terms of revenue for the region. Moreover, the government schemes and programs in the region speed up the implementation of information technology in healthcare. The U.S. is the dominating country in the region for this market due to high acceptance and adoption of IT services specifically in healthcare sector.
Asia Pacific is expected to be the fastest growing market with a CAGR of 11.7% during the forecast period. The rising cognizance about these systems and their growing significance along with the supportive government programs and policies is estimated to enhance the market growth. Prompt acceptance of digitization in healthcare by the developing economies is also adding to the growth. The emerging economies, such as China and India, are the most profitable markets owing to the rising elderly population, swelling patient pool, and refining healthcare facilities.CLICK TO DOWNLOAD FREE SAMPLE
Our-in depth analysis of the Global Hospital information systems market includes the following segments:
Global Hospital information systems Market is further classified on the basis of region as follows:
The market is estimated to observe significant growth owing to rapid rise in the implementation of these systems for proficient management of hospital procedures. These complete assimilated systems have application in various operations such as management, finances, legal, etc. The growing demand for effective administration of large volume of data generated and its availability for medical practitioners as and when required is one of the key drivers for the expansion of the market.
Drive towards the computerization due to incompetence of manual procedure, hiked competition, increased expectation of the patients, growing government regulation etc., pushes towards the efficient management of hospitals.
The major challenge encountered by hospital information systems is necessity of trained staff to control the system and high upkeep costs lead to the slow rate of growth in certain parts of the globe.