Healthcare Information System Market Size to Surpass US$ 593.29 Billion by 2031 - Growth Plus Reports

Newark, New Castle, USA, May 15, 2023 (GLOBE NEWSWIRE) -- According to an analysis by Growth Plus Reports, the healthcare information system market is estimated to be worth US$ 593.29 billion by 2031, with a revenue CAGR of 8.02%. The report analyzed the key strategies, drivers, competitive landscape, market size, and potential business opportunities.

Key Takeaways:

• The increasing need to optimize workflow in hospitals will drive market growth.

• The increasing digitization of healthcare will drive demand for healthcare information systems.

• North America to dominate the market with the largest revenue share.

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                                 Healthcare Information System Market Scope

Market Drivers
The increasing need to efficiently manage large volumes of patient data is the primary factor driving the revenue growth of the healthcare information system market. Furthermore, a greater emphasis on patient-centered care and an increasing need to reduce costs without hindering patient care is expected to contribute to market revenue growth. Besides this, technological advancements and government initiatives will boost market revenue growth. 

Market Segmentation
Growth Plus Reports has analyzed the global healthcare information system market from five perspectives: Deployment, Application, System, End User, and Region.

Deployment Segmentation: Based on the deployment, the healthcare information system market is segmented into on-premise and cloud-based. The cloud-based segment dominates the market because it provides several advantages over traditional systems, such as better scalability and adaptability.

Application Segmentation: Based on the application, the healthcare information system market is segmented into laboratory informatics, pharmacy automation systems, medical imaging information systems, revenue cycle management, and medical imaging information systems. The revenue cycle management segment dominates the market because of the growing demand in hospitals to eliminate medical billing mistakes, enhance healthcare reimbursements, and optimize workflow.

System Segmentation: Based on the system, the healthcare information system market is segmented into hardware, software & systems, and services. The services segment dominates the market with the largest revenue share because services help healthcare organizations to implement, customize, and optimize their HISs.

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End User Segmentation: Based on the end user, the healthcare information system market is segmented into hospitals, diagnostic centers, and academic and research institutes. The hospital segment dominates the market because hospitals need HIS systems to handle patient data, simplify communication among healthcare practitioners, and enhance clinical workflows.

Regional Growth Dynamics
The global healthcare information system market is segmented based on the region into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

North America dominates the healthcare information system market with the largest revenue share. Favorable government policies, a well-established healthcare infrastructure, and the growing digitization of healthcare systems are attributed to North America's large revenue share in the global market. 

Competitive Landscape

The important players in the healthcare information system market include:

• SYNERGEN Health
• Cerner Corporation (Oracle)
• Veradigm LLC
• Koninklijke Philips NV
• e-MDs Incorporation
• Siemens Healthineers
• Wipro Limited
• General Electric Company
• Epic Systems Corporation
• Novarad Corporation
• Medidata Solutions Inc.

There is moderate competition in the healthcare information system market and major players emphasize research and development. 

Recent developments:

• SYNERGEN Health and PreciseMDX entered a partnership in April 2023 to provide laboratories and diagnostics with an end-to-end revenue cycle solution to improve operational efficiencies, scalability, and growth.

• Royal Philips, stated in January 2021 that it agreed to buy Capsule Technologies, Inc., a leading medical device integration and data solutions developer for hospitals and healthcare organizations.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources 
      1. Secondary Sources 
      2. Primary Sources  
   4. Market Estimation Approach
      1. Bottom Up 
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022) 
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL HEALTHCARE INFORMATION SYSTEM MARKET - ANALYSIS & FORECAST, BY DEPLOYMENT 
   1. On-premise
   2. Cloud-based

HEALTHCARE INFORMATION SYSTEM MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on 'Strategic Developments' registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• 'Business Profile' of Key Players

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