Healthcare Information System Market Insights:
Healthcare Information System Market was valued at USD 402.20 Billion in 2021, registering a CAGR of 12.7% CAGR during the forecast period (2022-2030), the is projected to be worth USD 1,179.66 Billion by 2030. Some of the key factors driving the market’s growth include an increase in healthcare spending and improvements to its IT infrastructure. The high need for remote patient monitoring is also a major factor in its rapid acceptance. A survey that was published in The Lancet journal in 2016 predicted that by the year 2040, worldwide spending on health would reach USD 18.3 trillion which is expected to boom the growth of the market.
The increased use of remote patient monitoring services is greatly influencing the adoption of chronic diseases like diabetes, cancer, and congestive heart failure, which is anticipated to increase demand for IT solutions in the sector. As per research from the International Diabetes Federation (IDF), there will be 643 Billion individuals living with diabetes by 2030 and 783 Billion by 2045. Further, as per the American Cancer Society, there will be over 1.9 Billion new diagnosed cancer cases in the United States in 2021. Hence increasing prevelance of chronic diseases is expected to fuel the growth of the healthcare information system market.
Healthcare Information System Market Dynamics:
A system created to manage healthcare data is referred to as a health information system (HIS). This comprises the operational administration of a hospital or a system that supports the formulation of healthcare policy, as well as systems that store, gather, manage, and transmit a patient’s electronic medical record (EMR).
Driver:
The use of cell phones for telemedicine, remote illness management, health management information systems (HMIS), and other purposes is growing. It’s expected that smartphone technology developments for better disease diagnosis is expected to propel the expansion of IT in this industry. For instance, according to information from 2017 researchers at the University of Illinois created a camera to enhance smartphone diagnostic features. Hence, the above-mentiponed factors are major driver of the healthcare information system market.
Opportunities
Facilities such as laboratories, hospitals, academic institutes, and diagnostic centers are creating opportunities in the healthcare information system market by implementing telemedicine and remote patient monitoring. Further, the COVID-19 pandemic also provided crucial opportunities to evaluate the benefits and drawbacks of the current health information system.
COVID-19 Analysis of Healthcare Information System Market:
The health information system market has been severely impacted since the COVID-19 epidemic in many different parts of the world. Shipments were impacted during the initial lockdown due to a labor shortage and the closure of a manufacturing facility. The pandemic’s initial effects on China were tremendous. However, the nation’s circumstances have stabilized, and all product and service production rates have increased. As a result, it is determined that COVID-19’s overall impact on the health information system market is moderate..
Healthcare Information System Market Report Cover:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 1,179.66 Billion |
| CAGR (2022-2030) | 12.7% |
| By Component | Hardware, Software & Systems, Services |
| By Deployment | Web-based, On-premises, Cloud-based |
| By Application | Hospital Information System – Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solution, Population Health Management
Pharmacy Information Systems – Medication Dispensing System, Packaging & Labeling System, Storage & Retrieval System, Automated Medication Compounding System, Tabletop Tablet Counters Laboratory Information Systems Revenue Cycle Management Medical Imaging Information System – Radiology Information Systems, Monitoring Analysis Software, Picture Archiving and Communication Systems |
| By End-use | Hospitals, Diagnostic Centers, Academic and Research Institutes |
| By geography | North America– (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) The Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA) |
| Key Players | athenahealth, Inc.; Agfa Gevaert Group; eClinicalWorks; Philips Healthcare; Hewlett Packard; McKesson Corporation; Allscripts Healthcare, LLC; GE Healthcare; Cerner Corporation; Epic Systems Corporation; Carestream Health; Novarad Corporation; e-MDs Incorporation; Medidata Solutions Inc.; Siemens Healthineers; NextGen Healthcare, Ada Health GmbH, SWORD Health, Siilo, Oracle, NXGN Management, LLC, GREENWAY HEALTH, LLC., Infor |
Healthcare Information System Market Segment Analysis:
By Component
In 2021, the component category’s services section had the highest market share, with 45.3% in the healthcare information system market. This is due to the different services offered by businesses to manage the information systems in healthcare institutions, including optimization, hosting, consulting, and revenue cycle services. The market need for information system services in this area has been further encouraged by the rise in demand for IT and communication services in healthcare information systems. The market sector is also significantly influenced by other services including upgradation, education & training, and installation.
By Deployment
The web-based deployment category dominated the market in 2021 with a 43.1% share. Operational difficulties caused by handling enormous amounts of data are greatly lessened by the usage of web-based technologies. However, the availability of the necessary technical requirements and the functional features of the systems determines the capacity of web-based deployments to support software and systems. Web-based apps are created specifically to meet the needs of the healthcare industry, which allows improved business operations and maximizes value for the company.
During the projected period, the segment for cloud-based deployment is expected to exhibit the fastest CAGR. Utilizing the internet, cloud-based technology offers remote access to software, systems, hosting applications, and services. Numerous security flaws in on-premises and web-based deployment have led to an increase in the use of cloud-based technology. The development of edge computing has made it simpler to process data at the edge, which has increased processing efficiency and allowed for the transfer of necessary data to the private or public cloud for additional analytics.
By Application
The market share held by the revenue cycle management (RCM) sector in 2021 was 67.6%. This is due to the requirement to lower medical billing errors, lower healthcare reimbursements, change the trend toward the creation of synchronized management systems, and raise the requirement for workflow optimization in healthcare facilities. According to a 2020 study, 67% of providers employed AI for RCM, and in the future almost 100% of the CEOs surveyed plan are expected to perform the same. Additionally, it is anticipated that this will accelerate RCM’s growth rate over the forecast period.
Moreover, the rise in the use of hospital information systems to enhance operational efficiency increased awareness of technologically enhanced services, and the ensuing desire to lower healthcare costs are the main drivers of the hospital information system market growth. The demand for analytical IT solutions in healthcare is rising due to various advantages of technology, including cheap healthcare spending and great operational efficiency.
By End-Use
The hospital segment dominated the healthcare information system market with a market share of 76.8% in 2021. The growing use of healthcare information systems in hospitals has improved staff productivity, resulting in simple and well-organized patient care. It aids in the efficient management of the administrative, financial, and clinical elements of hospitals, along with the efficient upkeep of hospital inventories and patient data. The usage of hospital information systems has increased as a result of technological developments in cloud-based systems.
The highest CAGR is anticipated in diagnostic centers throughout the projection period as a result of the growing need for laboratory information systems for services including sample collection and machine interface. The use of healthcare information systems in diagnostic facilities enables medical professionals to make well-informed choices that is expected to aid in developing diagnoses or anticipating situations such as drug interactions and responses.
By Region
In 2021, North America held a 52.6% share of the market, largely as a result of the region’s strong economic growth and the existence of hospitals, cutting-edge research facilities, universities, and medical device manufacturers. For market participants offering healthcare IT services, large hospitals and research institutions including Cleveland Clinic, University of Maryland Medical Center, John Hopkins Medicine, St. Jude Children’s Research Hospital, and Mayo Clinic present prospective growth opportunities.
A rise in government spending on healthcare has made the Asia Pacific the region with the fastest growing economy and the highest demand for healthcare IT services. In addition, the use of cutting-edge technology to improve healthcare infrastructure and optimize hospital workflow while reducing medical expenses is one of the main factors driving demand for IT-based healthcare solutions in growing Asian nations.
Healthcare Information System Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and product & Service launches have accelerated the growth of the Healthcare Information System market. Key players in the market include-
- Athenahealth, Inc.
- Agfa Gevaert Group
- eClinicalWorks
- Philips Healthcare
- Hewlett Packard
- McKesson Corporation
- Allscripts Healthcare, LLC
- GE Healthcare
- Cerner Corporation
- Epic Systems Corporation
- Carestream Health
- Novarad Corporation
- e-MDs Incorporation
- Medidata Solutions Inc.
- Siemens Healthineers
- NextGen Healthcare
- Ada Health GmbH,
- SWORD Health,
- Siilo,
- Oracle,
- NXGN Management, LLC,
- GREENWAY HEALTH, LLC.,
- Infor
Table of Content
- Introduction
- Market Introduction
- Market Research Methodology
- Research Process
- Primary Research
- Secondary Research
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Limitations of the Study
- Component Picture of Healthcare Information System
- Global Healthcare Information System Market: Classification
- Geographic Scope
- Years Considered for the Study
- Research Methodology in brief
- Parent Market Overview
- Overall Healthcare Information System Market Regional Demand
- Research Programs/Design
- Market Breakdown and Data Triangulation Approach
- Data Source
- Secondary Sources
- Primary Sources
- Primary Interviews
- AverApplication primary breakdown ratio
- Market Dynamics
- Drivers
- Drivers
- Restraints
- Restraints
- Opportunity
- Impact forces on market dynamics
- Impact forces during the forecast years
- Industry Value Chain
- Upstream analysis
- Downstream analysis
- Therapeutic
- Direct Channel
- Indirect Channel
- Potential Customers
- Manufacturing/Operational Cost Analysis
- Pricing Analysis by Region
- Key Component Landscape
- Regulatory Analysis
- Porter’s Analysis
- Supplier Power
- Buyer Power
- Substitution Threat
- Threat from New Entry
- Competitive Rivalry
- PESTEL Analysis
- Political Factors
- Economic Factor
- Social Factors
- Technological Factor
- Environmental Factors
- Legal Factor
- Covid-19 impact on Global Economy
- Covid-19 impact on Healthcare Information System Market demand
- Post-Covid Impact on Healthcare Information System Market Demand
- Impact Analysis of Russia-Ukraine Conflict
- Drivers
- Global Healthcare Information System Market Segmentation, Revenue (USD Billion), (2022-2030)
- By Component
- Hardware
- Software & Systems
- Services
- By Deployment
- Web-based
- On-premises
- Cloud-based
- By Application
- Hospital Information System
- Electronic Health Record
- Electronic Medical Record
- Real-time Healthcare
- Patient Engagement Solution
- Population Health Management
- Pharmacy Information Systems
- Medication Dispensing System
- Packaging & Labeling System
- Storage & Retrieval System
- Automated Medication Compounding System
- Tabletop Tablet Counters
- Laboratory Information Systems
- Revenue Cycle Management
- Medical Imaging Information System
- Radiology Information Systems
- Monitoring Analysis Software
- Picture Archiving and Communication Systems
- By End-Use
- Hospitals
- Diagnostic Centers
- Academic and Research Institutes
- Hospital Information System
- By Component
- By Global Healthcare Information System Market Overview, By Region
- North America Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- US
- By Component
- By Deployment
- By Application
- By End-Use
- Canada
- Mexico
- US
- Europe Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- France
- UK
- Spain
- Russia
- Italy
- BENELUX
- Asia Pacific Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- China
- Japan
- Australia
- South Korea
- India
- ASEAN
- North America Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- Latin America Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- Brazil
- Argentina
- Chile
- The Middle East and Africa Healthcare Information System Market Revenue (USD Billion), by Countries, (2022-2030)
- GCC
- Turkey
- South Africa
- Global Healthcare Information System Market Revenue: Competitive Analysis, 2021
- Key strategies by players
- Revenue (USD Billion and %), By manufacturers, 2021
- Player Positioning by Market Players, 2021
- Competitive Analysis
-
- Business Overview
- Business Financials (USD Billion)
- Component Category, Source, and Specification
- Main Business/Business Overview
- Geographical Analysis
- Recent Development
- Swot Analysis
- Athenahealth, Inc.
- Agfa Gevaert Group
- eClinicalWorks
- Philips Healthcare
- Hewlett Packard
- McKesson Corporation
- Allscripts Healthcare, LLC
- GE Healthcare
- Cerner Corporation
- Epic Systems Corporation
- Carestream Health
- Novarad Corporation
- e-MDs Incorporation
- Medidata Solutions Inc.
- Siemens Healthineers
- NextGen Healthcare
- Ada Health GmbH,
- SWORD Health,
- Siilo,
- Oracle,
- NXGN Management, LLC,
- GREENWAY HEALTH, LLC.,
- Infor
-
- Market Research Findings & Conclusion
Disclaimer
Research Methodology
The Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.