Healthcare Information Systems Market

Healthcare Information Systems Market Size

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Healthcare Information Systems Market size was USD 234.89 billion in 2021 and projected to grow from USD 277.4 billion in 2023 to USD 593.3 billion by 2032, exhibiting a CAGR of 8.8% during the forecast period.

Healthcare Information Systems denotes a system originated to tackle healthcare data which involves systems that gather, store, control and transmit patient's electronic medical record (EMR), or decisions aiding system healthcare policy. Increasing expenditure on healthcare along with developments in IT infrastructure and growing demand for patient monitoring in a remote way are few factors driving Healthcare Information Systems market growth.

Market Highlights

Healthcare Information Systems Market is expected to project a CAGR of 8.8% during the forecast period, 2022-2032

Healthcare Information Systems Market is expected to reach USD 593.3 billion, growing at a CAGR of 8.8% during forecast period owing to the population health management, patient-centric care management, which reduces the healthcare expenditure by enhancing outcomes through evolution of patient portals and patient registries. Various advancement in technologies related to healthcare IT infrastructure like utilizing IoT, AI along with the growing IT solutions for cybersecurity and AI applications in hospitals is expected to boost the growth of market. Growing prevalence of chronic diseases is resulting in the adoption of remote patient monitoring services, which may boost the demand for healthcare information systems market.

Healthcare Information Systems Market Segmentation:

Cloud-based segment is expected to grow with high CAGR during the forecast period

Healthcare Information Systems Market is classified based on the Deployment into Web-based, On-premises, Cloud-based. Web-based segment dominated the market in 2021 due to the use of web-based systems which decreases the operational discomforts while handling huge data. Web-based applications are tailored as per the requirement of healthcare organization, which help in improved business workflows to generate maximum business value. Cloud-based deployment segment is expected to boost the market during the forecast period due to the increased usage of cloud-based technology and advancements in computing, data processing.

Services segment is expected to grow with high CAGR during the forecast period

Healthcare Information Systems Market is classified based on the Component into Hardware, Software & Systems, Services. Services segment dominated the market in 2021 and is expected to continue its dominance over the forecast period due to the services provided by the institutes like hosting, optimization, consulting, to manage information systems in the healthcare facilities. The increasing necessity for IT and communication services is expected to boost the market growth.

Market Dynamics:   

Growth Drivers

Growing Acceptance of Healthcare IT is Expected to Boost the Growth of the Market

The adoption of the information technology in the healthcare industry is rising and is expected to boost the healthcare information systems market. The healthcare information systems provide data security & data management related to healthcare which rely on the quality and cost of the healthcare operations. Generally used healthcare information systems involve EHR and personal health records. The growing investments by governments in progression and digitalization of healthcare infrastructure have resulted in the development of global healthcare information systems market

Growing Geriatric Population is Expected to Boost the Growth of the Market

The increasing prevalence of diseases long with the growing elderly population and the incidence of road accidents is resulting in the increasing number of hospital admissions and is expected to drive demand disease monitoring and treatment, which is boosting the adoption of healthcare information systems. The increasing usage of smartphones, the growing demand for telehealth solutions along with the acquiring of healthcare information systems due to popularity of digital wearables is expected to boost the Healthcare Information Systems market growth.

Restraint

Data Privacy Issues May Restrain the Growth of the Market

Improper experience for people, high repair charges may restrain the growth of the healthcare information systems market. Patients privacy and data security issues may hamper the growth of the healthcare information systems market.

Recent Developments:

• In March 2022, Cerner Corporation declared the acquisition of Kantar Health for expanding Cerner's offerings in the healthcare data analytics.
• In January 2022, Epic Systems Corporation reported the start of MyChart Central, a new platform to permit patients access their medical records from several HCP’s.

Healthcare Information Systems Market

Key Players Covered:

• Athenahealth, Inc.
• eClinicalWorks
• Agfa Gevaert Group
• McKesson Corporation
• Philips Healthcare
• Hewlett Packard
• Allscripts Healthcare, LLC
• Carestream Health
• GE Healthcare
• Oracle (Cerner Corporation)
• e-MDs Incorporation
• Novarad Corporation
• NextGen Healthcare
• GREENWAY HEALTH, LLC.,
• Medidata Solutions Inc.
• Siemens Healthineers
• Ada Health GmbH
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Healthcare Information Systems Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the market in 2021 owing to the presence of hospitals, medical device manufacturers, research centers and economic development in countries of this region. Asia Pacific is expected to dominate the market due to the high demand for healthcare services and increasing government expenditure on healthcare which is expected to boost the growth of the market in the forecast period.

Impact of Covid-19 on Healthcare Information Systems Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries. The demand for telehealth and remote monitoring increased to restrict the spread of virus. Pandemic boosted the digital transformation of healthcare systems and the necessity of data analytics and predictive modelling has increased. Covid-19 had a positive impact on the growth of the Healthcare Information Systems market.

Healthcare Information Systems Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Healthcare Information Systems Market Scope and Segments:

Frequently Asked Questions (FAQ):