Please Wait.....
Report
Hospital IT Market Assessment, By Component [Hardware, Software, Services], By Deployment [Cloud-Based, On-Premises, Web-Based], By Application [Patient Management, Financial Management, Clinical Management, Administrative Management], By Size of Hospital [Less Than 100 Beds, 100 to 500 Beds, More than 500 Beds], By Type of System [Pharmacy Information System, Electronic Health Records, Clinical Information Systems, Administrative Information Systems, Laboratory Information Systems, Radiology Information Systems, Others], By Region, Opportunities and Forecast, 2017-2031F
Market Report I 2024-04-19 I 241 Pages I Market Xcel - Markets and Data
Global Hospital IT Market size was valued at USD 95.55 billion in 2023, expected to reach USD 235.11 billion in 2031 with a CAGR of 11.91% for the forecast period between 2024 and 2031. The remarkable expansion of the global hospital IT market is being driven by factors such as the increasing need for efficient healthcare management, which is driving the adoption of IT solutions, advancements in telemedicine and digital health technologies for remote patient monitoring, and government initiatives. At the forefront of the growing expansion of the global hospital IT market is the increasing elderly population alongside a rise in chronic health issues on a global scale. With the world's demographic composition trending towards an older age bracket, the demand for interoperable and advanced healthcare solutions is surging.
Smart hospitals, equipped with cutting-edge technologies and personalized care, emerge as a promising solution to cater to the intricate medical needs of this demographic segment. Smart hospitals leverage technological progressions to enhance operational efficiency, optimize resource utilization, and streamline inventory management, resulting in notable cost savings. This not only improves healthcare accessibility but also strengthens the sustainability of the healthcare sector. A relentless commitment to elevating patient satisfaction is driving the integration of seamless, technology-driven solutions, encompassing digital health records, telemedicine provisions, and wearable health monitoring devices. Additionally, government initiatives and financial support act as catalysts for the global hospital IT market, accelerating adoption of digital health adoption and integration of advanced technologies in hospital workflow.
Growing Demand for Remote Patient Management
The increasing demand for remote patient management (RPM) systems is a key driver propelling the expansion of the global hospital IT market. As healthcare shifts towards more patient-centric models, RPM systems play a pivotal role in remotely monitoring patients' health conditions, enhancing care accessibility, and enabling real-time data transmission between patients and healthcare providers. This growing demand stems from the benefits of RPM in improving healthcare efficiency, reducing hospital readmissions, and empowering patients to actively participate in their care, consequently fuelling the growth trajectory of the hospital IT market worldwide. For example, in August 2023, GE Healthcare, disclosed its FDA 510(k) clearance for the portrait patient monitoring system. This approval permits its deployment within U.S. hospitals. The Portrait Mobile system consists of wearable sensors designed to continually gather vital sign data from patients within hospital settings. This data is wirelessly transmitted to a monitor resembling a smartphone, facilitating real-time monitoring and analysis of the patients' health metrics.
Rising Prevalence of Lifestyle Disorders
The surging demand for enhanced healthcare services propels the expansion of the global hospital IT market. This increased need stems from the evolving expectations of patients, advancements in medical treatments, and a heightened emphasis on personalized care. Present-day patients seek more accessible, efficient, and technology-integrated healthcare solutions that promise seamless experiences and improved health outcomes. Furthermore, healthcare providers are adopting innovative IT solutions to boost patient engagement, streamline operational processes, and secure superior clinical results. These solutions encompass a spectrum of tools such as electronic health records (EHRs), telemedicine platforms, AI-driven diagnostics, and data analytics systems. Together, these technologies empower healthcare professionals to deliver elevated standards of care. Driven by the drive for improved healthcare, the hospital IT market expands, propelled by the essential need to meet, and surpass patients' and healthcare providers' evolving expectations and demands.
Fast Adoption of Interoperability and Seamless Data Exchange
The driving force behind the global hospital IT market is the promotion of interoperability and seamless data exchange. This initiative ensures complete patient care by facilitating fluid communication and integration between disparate healthcare systems. Interoperable systems allow for efficient sharing of medical records, streamlining workflows, enhancing diagnostic accuracy, and enabling comprehensive care coordination among healthcare providers. This emphasis on interoperability optimizes operational efficiency and fosters innovation, paving the way for transformative advancements in healthcare delivery on a global scale. In October 2023, Royal Philips, a prominent figure in health technology, unveiled the integration of Philips Capsule Medical Device Information Platform (MDIP) with Philips Patient Information Center iX (PIC iX), delivering an unprecedented, all-encompassing patient profile for hospitals.
Government Initiatives
Governments across the globe are launching various initiatives to encourage the adoption of advanced technologies in hospitals. These programs involve funding, policy adjustments, and incentives to encourage healthcare facilities to incorporate cutting-edge technologies. By supporting the adoption of electronic health records (EHRs), telemedicine platforms, AI tools, and compatible systems, governments aim to elevate healthcare accessibility, effectiveness, and accuracy. These initiatives are propelling the growth of the hospital IT sector, creating an environment where technological advancements are fundamental to contemporary healthcare delivery worldwide. The Ministry of Health's Directorate General of Health Services (DGHS-India) along with the Bangladesh Computer Council has introduced modern strategies to effectively execute the government's plan of providing digital healthcare services directly to the public, aiming to create a Smart Bangladesh and fulfill the Government's Vision 2041. Under the guidance of the Department of Information and Communication Technology, Government of Bangladesh, the Phase-1 User Acceptance Testing (UAT) for the "Health Service Management System" software has been implemented at Sylhet MAG Osmani Medical College Hospital (SOMCH). This initiative falls under the "Digital Sylhet City" project by the Bangladesh Computer Council, with the commencement of Master Trainers' training on May 28, 2023, at the Training Room of Sylhet MAG Osmani Medical College Hospital (SOMCH).
Artificial Intelligence Transforming Healthcare
Artificial intelligence (AI) stands as a transformative power reshaping healthcare and advancing the expansion of the global hospital IT market. Within healthcare, AI's application spans predictive analytics, personalized medicine, and image recognition, expediting faster and more precise diagnosis. AI-powered systems optimize hospital functions by refining workflows, improving data handling, and enhancing patient care through predictive analysis. Its capacity to interpret complicated medical data accelerates decision-making, enhances treatment accuracy, and ultimately enhances the efficiency of healthcare provision. Consequently, the integration of AI increases the demand for sophisticated IT solutions in hospitals, driving market growth and innovative solutions. In September 2023, Microsoft Corp., announced an extensive partnership to utilize generative AI and various digital technologies. They aim to provide physicians, advanced practice providers, and nurses with increased time to focus on patient care, thus enhancing the overall patient experience. This collaboration signifies the cutting-edge advancements in healthcare, demonstrating the application of advanced digital technologies to improve care delivery to consumers.
Outlook of Global Hospital IT Market
The global hospital IT market outlook promises significant advancement and ongoing innovation. This promising growth is defined by a fusion of cutting-edge technologies such as artificial intelligence (AI), big data analytics, Internet of Things (IoT), and telemedicine, reshaping the landscape of healthcare services. These technological advancements not only improve patient care, streamline operational processes, but also enhance the precision of diagnoses. The growing demand for digital health solutions, driven by the necessity for remote healthcare access, personalized medicine, and data-centric decision-making, amplifies the market's growth potential. Government initiatives emphasizing healthcare digitization and smart technology integration further accelerate this transformative journey. Envisioning a future with interconnected hospital systems, seamless data exchange, and AI-powered predictive analytics, this evolution anticipates improved patient outcomes, streamlined workflows, and cost-effectiveness. These dynamics propel the hospital IT market towards an era where technological innovation merges seamlessly with healthcare, promising groundbreaking solutions to meet the evolving demands of a swiftly evolving healthcare landscape.
Key Players Landscape and Outlook
Prominent healthcare companies are collaborating with global IT companies to improve patient care, reduce costs, data interoperability and gain competitive advantage. Such cooperative ventures are pivotal in the industry's advancement, facilitating exploration and utilization of fresh pathways within the expansive and evolving hospital IT market. For instance, in April 2023, the technology giant Microsoft Corp. revealed an extended collaboration with Epic. Their joint initiative aims to further develop and incorporate generative AI technology into healthcare services. This expansion merges the capabilities of Azure OpenAI Service1 with Epic's cutting-edge electronic health record (EHR) software, enhancing their longstanding partnership. This collaboration aims to focus on innovating a wide range of generative AI-driven solutions that can be integrated into Epic's EHR platform.
1. Research Methodology
2. Project Scope & Definitions
3. Outlook of Global Hospital IT Market
4. Executive Summary
5. Global Hospital IT Market Outlook, 2017-2031F
5.1. Market Size & Forecast
5.1.1. Value
5.2. By Component
5.2.1. Hardware
5.2.2. Software
5.2.3. Services
5.3. By Deployment
5.3.1. Cloud-Based
5.3.2. On-Premises
5.3.3. Web-Based
5.4. By Application
5.4.1. Patient Management
5.4.2. Financial Management
5.4.3. Clinical Management
5.4.4. Administrative Management
5.5. By Size of Hospital
5.5.1. Less Than 100 Beds
5.5.2. 100 to 500 Beds
5.5.3. 500 Beds and Above
5.6. By Type of System
5.6.1. Pharmacy Information System
5.6.2. Electronic Health Records
5.6.3. Clinical Information Systems
5.6.4. Administrative Information Systems
5.6.5. Laboratory Information Systems
5.6.6. Radiology Information Systems
5.6.7. Others
5.7. By Region
5.7.1. North America
5.7.2. Europe
5.7.3. South America
5.7.4. Asia-Pacific
5.7.5. Middle East and Africa
5.8. By Company Market Share (%), 2023
6. Global Hospital IT Market Outlook, By Region, 2017-2031F
6.1. North America*
6.1.1. Market Size & Forecast
6.1.1.1. Value
6.1.2. By Component
6.1.2.1. Hardware
6.1.2.2. Software
6.1.2.3. Services
6.1.3. By Deployment
6.1.3.1. Cloud-Based
6.1.3.2. On-Premises
6.1.3.3. Web-Based
6.1.4. By Application
6.1.4.1. Patient Management
6.1.4.2. Financial Management
6.1.4.3. Clinical Management
6.1.4.4. Administrative Management
6.1.5. By Size of Hospital
6.1.5.1. Less Than 100 Beds
6.1.5.2. 100 to 500 Beds
6.1.5.3. 500 Beds and Above
6.1.6. By Type of System
6.1.6.1. Pharmacy Information System
6.1.6.2. Electronic Health Records
6.1.6.3. Clinical Information Systems
6.1.6.4. Administrative Information Systems
6.1.6.5. Laboratory Information Systems
6.1.6.6. Radiology Information Systems
6.1.6.7. Others
6.1.7. United States*
6.1.7.1. Market Size & Forecast
6.1.7.1.1. Value
6.1.7.2. By Component
6.1.7.2.1. Hardware
6.1.7.2.2. Software
6.1.7.2.3. Services
6.1.7.3. By Deployment
6.1.7.3.1. Cloud-Based
6.1.7.3.2. On-Premises
6.1.7.3.3. Web-Based
6.1.7.4. By Application
6.1.7.4.1. Patient Management
6.1.7.4.2. Financial Management
6.1.7.4.3. Clinical Management
6.1.7.4.4. Administrative Management
6.1.7.5. By Size of Hospital
6.1.7.5.1. Less Than 100 Beds
6.1.7.5.2. 100 to 500 Beds
6.1.7.5.3. 500 Beds and Above
6.1.7.6. By Type of System
6.1.7.6.1. Pharmacy Information System
6.1.7.6.2. Electronic Health Records
6.1.7.6.3. Clinical Information Systems
6.1.7.6.4. Administrative Information Systems
6.1.7.6.5. Laboratory Information Systems
6.1.7.6.6. Radiology Information Systems
6.1.7.6.7. Others
6.1.8. Canada
6.1.9. Mexico
*All segments will be provided for all regions and countries covered
6.2. Europe
6.2.1 Germany
6.2.2 France
6.2.3 Italy
6.2.4 United Kingdom
6.2.5 Russia
6.2.6 Netherlands
6.2.7 Spain
6.2.8 Turkey
6.2.9 Poland
6.3. South America
6.3.1. Brazil
6.3.2. Argentina
6.4. Asia-Pacific
6.4.1. India
6.4.2. China
6.4.3. Japan
6.4.4. Australia
6.4.5. Vietnam
6.4.6. South Korea
6.4.7. Indonesia
6.4.8. Philippines
6.5. Middle East & Africa
6.5.1. Saudi Arabia
6.5.2. UAE
6.5.3. South Africa
7. Market Mapping, 2023
7.1. By Component
7.2. By Deployment
7.3. By Application
7.4. By Size of Hospital
7.5. By Type of System
7.6. By Region
8. Macro Environment and Industry Structure
8.1. Supply Demand Analysis
8.2. Import Export Analysis
8.3. Value Chain Analysis
8.4. PESTEL Analysis
8.4.1. Political Factors
8.4.2. Economic System
8.4.3. Social Implications
8.4.4. Technological Advancements
8.4.5. Environmental Impacts
8.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
8.5. Porter's Five Forces Analysis
8.5.1. Supplier Power
8.5.2. Buyer Power
8.5.3. Substitution Threat
8.5.4. Threat from New Entrant
8.5.5. Competitive Rivalry
9. Market Dynamics
9.1. Growth Drivers
9.2. Growth Inhibitors (Challenges and Restraints)
10. Regulatory Framework and Innovation
10.1 Patent Landscape
10.2 Innovations/Emerging Technologies
11. Key Players Landscape
11.1. Competition Matrix of Top Five Market Leaders
11.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2023)
11.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
11.4. SWOT Analysis (For Five Market Players)
11.5. Patent Analysis (If Applicable)
12. Pricing Analysis
13. Case Studies
14. Key Players Outlook
14.1. GE Healthcare Technologies Inc.
14.1.1. Company Details
14.1.2. Key Management Personnel
14.1.3. Products & Services
14.1.4. Financials (As reported)
14.1.5. Key Market Focus & Geographical Presence
14.1.6. Recent Developments
14.2. Siemens Healthineers AG
14.3. Microsoft Corporation
14.4. Adheretech Inc.
14.5. McKesson Corporation
14.6. Koninklijke Philips N.V
14.7. Medtronic, Inc.
14.8. SAP SE
14.9. Oracle Health
14.10. Intel Corporation
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
15. Strategic Recommendations
16. About Us & Disclaimer
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security