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LONDON, Jan. 12, 2023 /PRNewswire/ -- The use of artificial intelligence is gaining popularity in the hospital information system market trends. Major companies operating in the hospital information system market are leveraging artificial intelligence to improve tracking, recording and maintenance of data. For instance, in August 2022, TidalHealth, a Maryland-based Hospitals information system, and Health Care company, which provides a network of hospitals, clinics, and physicians for the provision of emergency care, launched a collaboration designed to increase patient diagnosis accuracy, reduce clinician burnout, and enhance revenue through improved documentation. TidalHealth will implement the software, which uses AI to help physicians diagnose medical conditions across its network in Maryland and Delaware to optimize practitioners' workflows.
The global hospital information system market size grew 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%.
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Hospital Information System Market Driver - Favorable Government Initiatives
Favorable government initiatives are expected to contribute to the hospital information system market growth during the forecast period. Governments across the world are encouraging the research and development of ways for delivering safe and better healthcare in order to develop more accessible ways to help people. For instance, in September 2020, the three federal agencies FCC (Federal Communications Commission), HHS (US Department of Health and Human Sciences), USDA (United States Department of Agriculture) have signed a memorandum of understanding to work together on the Rural Telehealth Initiative to expand healthcare services in rural parts of the country where healthcare access is challenging.
Hospital Information System Market Segments
The global hospital information system market is segmented -
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
North America Held The Largest Hospital Information System Market Share In 2022
North America was the largest region in the hospital information system market and was worth $44.27 billion in 2022. The hospital information system market in North America is supported by favorable government initiatives in this region. For instance, in June 2021, the United States Department of Health, and Human Services (HHS), announced the allocation of $80 million from the American Rescue Plan to improve COVID-19 data collection, strengthen public health IT in the United States, and increase the workforce's representation of underrepresented communities.
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