Hospital information system is comprehensive information system designed to manage all the aspects of a hospital's operation, such as administrative, medical, legal and financial concerns and the corresponding processing of services. With increasing volume and types of patient data, it is becoming complex process to make the data available to partners, payers and regulatory authorities. If the data or information are not presented in properly, it can result in poor delivery of care as well as regulatory action. Hospital information systems provide a complete information about a patient’s health history and allows health care professionals to provide a proper care to the patient by check health and medication history
Some of the key driving factors for the hospital information systems market are government initiatives, initiatives from the private and public sector around the world and rapid technological enhancements, rising healthcare cost and changing world demographic have forced the government to enhance the healthcare. The factors hampering the growth of the market are interoperability issues, the high cost of the installation and availability of skilled workers.
The hospital information systems market has been segmented by product type, by deployment, by component, by application and by geography. In terms of product type, the hospital information system has been categorized into electronic medical record (EMR), electronic health record (EHR), laboratory information system, cardiology information system, radiology information system, material management system, clinical data repository and HR and payroll and others. Based on deployment, the market has been segmented into web based, cloud based and on premise. Based on component, the market has been segmented into hardware, software and services. The application for the market include clinical guidelines, clinical reminders, drug allergy alerts, drug dosing support and others.
In U.S., the government initiatives has accelerated the adoption of hospital information system. The Health Information Technology for Economic and Clinical Health (HITECH) Act, a part of the $787 billion American Recovery and Reinvestment Act (ARRA) of 2009, has brought in healthcare reform initiatives. The HITECH Act, signed into law by President Obama in February 2009, allocated up to $27 billion in stimulus funds to accelerate health IT adoption. The adoption of complete certified EHR along with the achievement of objectives under the Meaningful Use (MU) directives has enhanced the adoption of hospital information system.
Geographically, the hospital information systems market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America was observed to be the largest hospital information systems market due to extensive technological advancements and government initiatives in the region. Countries such as the U.S. and Canada have been successful in implementing electronic records in their healthcare system, which as a result would boost the market growth. Moreover, presence of developed IT and healthcare infrastructure, promising government initiatives in executing hospital information system in the current healthcare infrastructure and constantly improving reimbursement scenario would further propel the market growth. Europe was observed to be the second largest market in the hospital information system owing to enhanced digitization of the healthcare processes in the region. The major factor that would drive the market in Asia Pacific include the acceptance and demand for high end medical infrastructure in the region. China, Japan and India are the expected to grow at faster rate compared to other countries in the region. South American countries such as Brazil and Mexico are the regions that have significant potential for growth due to evolving medical structure, and high disposable income.
The major players operating in this market include All Scripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems, Computer Sciences Corporation, McKesson Corporation, GE Healthcare, Siemens Healthcare, Philips Healthcare, Agfa-Gevaert N.V., Practice Fusion, Inc. among other significant players worldwide.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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