Hospital Information System Market is expected to get major boost in demand over the forecast period 2022-2031

Kenneth Research recently added a report on Hospital Information System Market which provides a detailed insight into the market scenario on the basis of the market size, market volume and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The Hospital Information System Market in India is a considerably big market already but has tremendous scope to grow further. Monitoring of a hospital by using Hospital Information System can provide the hospital administration the best insights of their business and help in assessing the functioning of various departments. In terms of effort and cost, figures are derived automatically from the routine HIS system that saves manual labour extensively. Infact, the system does away with the possibility of erroneous entries that is a big drawback of manual processing of hospital related entries.

The report begins with the introduction section that deals with the current and developing IT enabled healthcare systems in the market, followed by the functions and significance of the hospital information system software. The structure, workflow model of the software along with the vivid description of possible modules that can be incorporated in the software has been elaborately discussed.

The Market Overview section has highlighted the current market scenario with the future expected growth rate of the software market till the year 2015. Also provided is the overview of the top states of India leading in maximum number of Hospital Information System software installation in hospitals and top software manufacturers in the market.

The report provides the driving factors that are encouraging the hospital information system software market among which the booming healthcare market finds a prominent position. The ever growing medical tourism industry, till date low hospital information system software penetration in comparison to the number of hospitals in the country, health insurance market enjoying an unprecedented growth, government’s requirement of up to date methodical data and need of maintaining database for recording various medical cases are the possible reasons for the industry to prosper. A detailed analysis has been made of the drivers. The key challenges of the industry have also been analysed of which inadequate spending in Indian IT infrastructure is a primary reason. Others include lack of IT training of the hospital staff in their initial career stages and the lack in awareness about how the software can make the hospital work process smooth and well organised.

The report further discusses the emerging trends that are being applied for improved healthcare services that include aspects like Telemedicine and Cloud Computing.

The report further analyses the role of government in the market and how it can expand its role to enable automation of the healthcare industry with the help of information technology.

The competition section provides an overview of the competitive landscape in the market. The section includes Porter’s 5 Forces Analysis of the market. A diagrammatic presentation of state-wise percentage market share of the leading software companies in the country. Elaborate company profiles of the major players in the market with general company information, product lines and segmentation, financials are incorporated. The financials provided is well analysed through key ratios which depict the financial position of the company in terms of its revenue earning and profitability, business highlights and recent developments of the respective company for both domestic and foreign players.

The strategic recommendations section focuses on some effective strategic decisions which can be taken up by companies to increase their market shares. The recommendations provided can prove to be useful for the existing as well as potential entrants into the market.

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Hospital Information System Market  by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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