Key Market Overview:
Healthcare Information Systems Market size was worth USD 410.00 Billion in 2022, accounting for a CAGR of 13.5% during the forecast period (2023-2030), and the market is projected to be worth USD 911.34 Billion by 2030.
Healthcare information systems are an essential component of modern healthcare businesses, providing the infrastructure to manage and exchange health-related data. These systems include electronic health records (EHRs), picture archiving and communication systems (PACS), and several other tools that allow healthcare providers to store and share medical data. One of the key benefits of healthcare information systems is the ability to streamline workflows and improve efficiency. By automating processes such as appointment scheduling and patient data entry, healthcare providers save time and reduce errors. Additionally, these systems help to improve patient outcomes by providing doctors with better access to medical history and diagnostic information.
Furthermore, EHRs have become a key component of healthcare information systems. The adoption of EHRs is being driven by the need to improve patient care, reduce costs, and comply with regulatory requirements. Telemedicine, which allows patients to receive medical care remotely, has become increasingly popular. Healthcare information systems are playing a key role in enabling telemedicine, by providing secure and reliable communication channels, remote patient monitoring, and digital prescriptions.
Market Dynamics
Drivers:
The demand for healthcare services is increasing due to the aging population, which drives the growth of the healthcare information systems market. These systems are improving the efficiency of healthcare delivery and facilitating better communication among healthcare professionals. Furthermore, technological advances, such as cloud computing, mobile devices, and big data analytics, are enabling healthcare information systems to collect and analyze large volumes of data, leading to better decision-making, personalized care, and improved patient outcomes. Therefore, the above-mentioned factors propel the market growth.
Restraints:
The implementation and maintenance of healthcare information systems are expensive, especially for small healthcare settings, which hampers the adoption of healthcare information systems. Additionally, healthcare information systems store and manage sensitive patient data, and the security and privacy of this information are very crucial. Breach of the data due to increasing cyber-attacks leads to significant legal, financial, and reputational consequences which hamper the market growth.
Opportunities:
In the healthcare industry, the development and implementation of advanced technologies such as the Internet of Things (IoT), Blockchain, and Virtual and Augmented Reality (VR/AR) will offer significant benefits for healthcare providers, patients, and businesses. IoT devices collect and transmit real-time patient data, enabling remote monitoring and improved patient outcomes, while blockchain enhances data security and patient control over their health data. Additionally, VR/AR technologies improve patient engagement, education, and treatment outcomes by offering immersive experiences. These technologies enhance the efficiency of healthcare services, reduce healthcare costs, and improve patient outcomes, which will benefit businesses by enabling them to deliver better services and products to customers, generating new revenue streams and creating ample opportunities for the market in the forecast period.
Healthcare Information Systems Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 911.34 Billion |
| CAGR (2023-2030) | 10.5% |
| By Type | Hospital Information Systems (HIS) (Electronic Health Record, Electronic Medical Record, Real-time Healthcare, Patient Engagement Solution, Population Health Management, and Others), Pharmacy Information Systems (PIS) (Medication Dispensing System, Packaging and labeling systems, Storage and Retrieval System, Automated Medication Compounding System, and Others), Medical Imaging Information Systems (MIIS) (Radiology Information System, Monitoring Analysis Software, Picture Archiving and Communication System, and Others), Laboratory Information System, Revenue cycle management (RCM) systems, Practice management systems, and Others. |
| By Component | Software, Hardware, and Services. |
| By Deployment | Web-Based, Cloud-Based, and On-Premise |
| By Application | Clinical (Electronic Prescribing, Computerized Physician Order Entry (CPOE), Clinical Decision Support Systems (CDSS), and Others) and Non-Clinical (Administrative, Financial, and Operational Systems) |
| By End-use | Hospitals, Diagnostic Centers, Ambulatory Care Centers, and Others. |
| By Region | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Players | Cerner Corporation (Oracle Corporation), GE HealthCare (General Electric), Epic Systems Corporation, Allscripts Healthcare, LLC, Siemens Healthineers (Siemens), Koninklijke Philips N.V., NXGN Management, LLC, Medidata Solutions (Dassault Systèmes), Greenway Health, LLC (Greenway Medical Technologies, Inc.), and Hewlett Packard Enterprise Development LP |
Market Segmentation:
By Type
Based on type, the market is categorized into hospital information systems (HIS), pharmacy information systems (PIS), medical imaging information systems (MIIS), laboratory information systems, revenue cycle management (RCM) systems, practice management systems, and others. The hospital information system (HIS) holds the largest market share in the year 2022. As, healthcare information system is a comprehensive, integrated system designed to manage all aspects of hospital operations, including patient registration, appointment scheduling, electronic health records (EHRs), computerized physician order entry (CPOE) systems, clinical decision support systems (CDSS), billing and insurance, and more. The hospitals are the primary care providers and are required to have electronic health records by law. However, medical imaging information systems (MIIS) are expected to witness the fastest CAGR over the forecast period. MIIS is a software solution designed to manage medical imaging processes, including the storage, retrieval, and sharing of digital medical images such as X-rays, CT scans, and MRIs. This enables healthcare providers to access patient images and reports from any location, providing quicker diagnosis and treatment planning thereby making this the fastest-growing segment.
By Component
Based on components, the healthcare information systems market is categorized into software, hardware, and services. The software segment holds the largest market share in the year 2022. As software is the foundation of any healthcare information system and includes several clinical and non-clinical software solutions. Software providers offer cloud-based solutions to meet the demand for remote access and improved data security which enhances the services for the patients. However, the service segment is anticipated to witness the fastest CAGR over the forecast period. As healthcare organizations require specialized services to help them implement, maintain, and optimize their healthcare information systems. Services include consulting, implementation, training, and support. As the demand for customized and integrated healthcare information systems solutions grows, the need for specialized services is likely to grow.
By Deployment
Based on deployment, the healthcare information systems market is categorized into web-based, cloud-based, and on-premise. The web-based segment holds the largest market share in the year 2022. As web-based systems offer several advantages for healthcare organizations, including streamlined data processing, customized applications, and improved business workflows. This leads to increased efficiency and productivity, allowing healthcare providers to generate more value for their businesses. By leveraging web-based technology, healthcare organizations reduce operational challenges associated with managing large volumes of data, while also tailoring their systems to fit their specific needs and workflows. This results in improved performance and better outcomes for both the healthcare organization and its patients. However, the cloud-based segment is anticipated to witness the fastest CAGR over the forecast period. This is due to several factors, such as the need for cost-effective and scalable solutions, and the growing trend toward digital transformation.
By Application
Based on the application, the market is categorized into clinical and non-clinical applications. The clinical segment holds the largest market share in the year 2022. This is due to the clinical applications, such as electronic health records (EHRs) and computerized physician order entry (CPOE) systems, which are essential for the effective delivery of healthcare services that are widely used by healthcare providers. These applications are designed to support clinical workflows, improve patient care, and reduce medical errors, and are increasingly being adopted by healthcare organizations around the world thereby, making this segment the largest segment. Furthermore, the clinical segment is classified into electronic prescribing, computerized physician order entry (CPOE), clinical decision support systems (CDSS), and others. However, the non-clinical segment is expected to witness the fastest CAGR over the forecast period. As these applications are crucial for supporting the business operations of the healthcare organization. These applications are used to support administrative workflows and other non-clinical functions, such as billing, coding, inventory management, and human resources.
By End-use
Based on end-use, the market is categorized into hospitals, diagnostic centers, ambulatory care centers, and others. The hospital segment holds the largest market share in the year 2022. In hospitals healthcare information systems are essential for managing patient care, storing and accessing medical records, and providing clinical decision support to healthcare providers. As a result, hospitals are investing heavily in healthcare information systems to improve patient outcomes and streamline their operations. However, the ambulatory care centers segment is anticipated to witness the fastest CAGR over the forecast period, due to the growing focus on preventive care and the need to manage chronic conditions outside of hospitals. As a result, these facilities are investing in healthcare information systems to improve patient care and streamline their operations.
By Region
Based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of the healthcare information systems market. This dominant position is attributed to the high demand for advanced healthcare services in the region due to the factors such as an aging population, a high prevalence of chronic diseases, and a greater focus on personalized medicine. Additionally, the presence of major players in the region, such as IBM, Cerner, and McKesson, has helped to drive market growth. Furthermore, Asia Pacific is expected to register the fastest CAGR over the forecast period, due to the large and growing population in the region, which is leading to increasing demand for healthcare services. Additionally, governments in the region are investing heavily in healthcare infrastructure and implementing policies to promote the adoption of healthcare information systems. Key countries in the Asia Pacific region, such as China, Japan, and India, are experiencing rapid economic growth, which is enabling them to invest in healthcare infrastructure and adopt advanced healthcare technologies.
Healthcare Information Systems Market Competitive Landscape:
The market is highly competitive, with a large number of players operating at the global and regional levels. The players compete on various parameters such as price, quality, innovation, and customer service. They are constantly investing in research and development to improve their products and expand their market share. Mergers, acquisitions, and partnerships are also common strategies employed by companies to enhance their market position and expand their product portfolio. Key players in the market include-
- Cerner Corporation (Oracle Corporation)
- GE HealthCare (General Electric)
- Epic Systems Corporation
- Allscripts Healthcare, LLC
- Siemens Healthineers (Siemens)
- Koninklijke Philips N.V.
- NXGN Management, LLC
- Medidata Solutions (Dassault Systèmes)
- Greenway Health, LLC (Greenway Medical Technologies, Inc.)
- Hewlett Packard Enterprise Development LP
Recent developments
- In August 2021, Epic Systems Corporation, a leading provider of electronic health record systems, joined forces with Foundation Medicine Inc., a provider of Comprehensive Genomic Profiling (CGP) solutions, to expand its presence in the clinical decision support system market. The partnership involved integrating Foundation Medicine’s CGP platform with Epic Systems’ medical record system, which allows medical professionals to access a wide range of oncological data and records in one place. This integration is expected to improve the quality of treatment for patients by enabling healthcare providers to make more informed decisions based on comprehensive genomic insights.
- In June 2020, Athenahealth Inc. introduced a new embedded solution called athenaTelehealth that enables healthcare providers to conduct telemedicine visits with their patients seamlessly. The system integrates video conferencing with athenaOne, a cloud-based platform for medical practice management, allowing doctors to update patient charts in real time while conducting remote consultations. With athenaTelehealth, medical professionals can examine patients virtually, leading to an increase in visit volumes and financial success for their practice. This innovative solution is designed to help healthcare providers offer high-quality medical care to their patients in a more convenient and efficient manner.
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