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The hospital information system market has experienced robust growth in recent years, with its size set to soar from $121.74 billion in 2023 to $133.34 billion in 2024, at a compound annual growth rate CAGR of 9.5%. This upward trend in the historical period can largely be attributed to the burgeoning use of digital healthcare infrastructure, the alarming rise in the prevalence of chronic diseases, and a sharp incline in healthcare expenditure.
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Following the current trend, the hospital information system market size is forecasted to continue its rapid growth trajectory over the next few years, slated to reach $196.01 billion by 2028. This impressive growth extends at a CAGR of 10.1% over the forecast period. Key driving forces responsible for fueling such exponential growth include the concerted government initiatives, rise in funding, improved healthcare accessibility, and growing awareness about the significance of electronic medical records emr.
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Forward-thinking companies pioneering this sector include powerhouses like Cerner Corporation, McKesson Corporation, General Electric Company, Allscripts Healthcare Solutions Inc., Athenahealth Inc., Epic Systems Corp, Koninklijke Philips NV, NextGen Healthcare, Computer Programs and Systems Inc, and more. Leveraging emerging digital technologies, these corporates are at the forefront of driving innovation and propelling market growth.
Adapting to the digital age, healthcare providers are progressively implementing digital healthcare infrastructure. This refers to the use of digital technologies to offer superior quality medical services, including real-time tracking of medical data via wearable medical devices. The adoption of this digital infrastructure in hospital settings has significantly improved patient monitoring.
One notable instance of this digital evolution in healthcare came to the fore in September 2021. The government of India launched Ayushman Bharat, a central government digital mission program purposed to create a platform that enhances the digital health ecosystem. This transformative initiative facilitated the connection of digital health solutions for hospitals across the nation, fostering improvements in health facilities and infrastructure.
The hospital information system market consists of several distinct segments –
1 By Components: Hardware, Software, Services
2 By Type: Clinical Information Systems, Administrative Information Systems, Electronic Medical Records, Laboratory Information Systems, Radiology Information Systems, Pharmacy Information Systems, Other Types
3 By Deployment: Web-Based, On-Premises, Cloud Based
4 By End-User: Hospitals, Insurance Companies, Other End-Users
The global landscape reveals North America’s dominance in the hospital information system market in 2022. However, Asia-Pacific is seen to be the fastest-growing region in the forecast period. The market report provides in-depth analysis across diverse regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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