The global hospital information systems market is expected to grow from $99.16 billion in 2021 to $108.81 billion in 2022 at a compound annual growth rate (CAGR) of 9.7 percent. The hospital information systems market is expected to grow to $151.21 billion in 2026 at a CAGR of 8.6 percent.
The hospital information systems market consists of sales of hospital information systems by entities that are used to store and manage healthcare data. Hospital information systems refer to systems that collect, store, manage and transmit patients' medical records. This system brings together all the information and processes of a hospital on one platform.
These systems might be used at single locations or across entire healthcare systems. The various components include hardware, software and services. These are deployed through web-based, on-premises and cloud-based, and they are used in hospitals, insurance companies and other end users.
Growing use of digital healthcare infrastructure is expected to propel the growth of the hospital information systems market. Digital healthcare infrastructure refers to digital technologies in the healthcare market aimed at providing better quality medical services such as real-time tracking of medical data using wearable medical devices. Using digital healthcare infrastructure in hospitals helps to improve patient monitoring in the hospitals.
Technological innovations are the key trend gaining popularity in the hospital information systems market. Major companies operating in the hospital information systems sector are focused on introducing technological innovations to sustain their position in the market.