New York, USA, June 12, 2023 (GLOBE NEWSWIRE) -- Healthcare Information Systems Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Information Systems Market Information By Type, Components, Deployment, End-User, And Region - Forecast till 2032", the market size was valued at USD 1.5 billion in 2022 and is projected to grow from USD1.69 Billion in 2023 to USD 4.47 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.90% during the forecast period (2023 - 2032).
Market Synopsis
Solutions for data management and information security are provided by healthcare information technology. Today, information technology has a bigger impact on healthcare costs, effectiveness, and safety. The EHRs contain information on the individual's medical history, suggested treatments, and results of laboratory tests. EHRs benefit patients by improving disease diagnosis precision and reducing the possibility of inaccurate findings. Applications commonly utilized in the healthcare industry include electronic medical files, medical services records, and private health records. The velocity at which medical facilities change is a good sign of growth, considering how quickly technological advances are being implemented in the healthcare industry. One of the main benefits of healthcare information technology is that healthcare is becoming more digital. Doctors and other medical practitioners can recognize warning signs thanks to digital records.
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By assisting in areas like tracking illnesses and a reduction in medication errors, healthcare information systems have enhanced management. An upward trend greatly influences the adoption of remote monitoring of patient services in the number of chronic diseases like cancer, diabetes, and congestive heart failure, which is then anticipated to increase the requirement for IT solutions in the sector. The primary drivers of the global market for healthcare information systems are rising healthcare costs, an aging population, and an increase in the prevalence of some fatal diseases like cancer and coronary heart disease. Several governments and healthcare service providers are modifying healthcare information systems to meet the expanding demand for healthcare economically for medical purposes. The proliferation of mHealth initiatives by businesses and healthcare organizations is encouraging a rise in the use of technology solutions for remote patient monitoring services.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 4.47 billion |
| CAGR | 12.90% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Deployment, Component and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The increasing cost of healthcare Mounting prevalence of certain fatal diseases |
| The rising adoption of information technology in the healthcare industry |
Healthcare Information Systems Market Competitive Landscape:
The prominent contenders in the healthcare information systems market are:
- Carestream Health
- Cerner Corporation
- GE Healthcare
- McKesson Corporation
- Agfa-Gevaert N.V.
- Allscripts Healthcare Solutions Inc.
- Athenahealth Inc.
- Medidata Solutions Inc.
- NextGen Healthcare
Healthcare Information Systems Market Trends
Market Drivers:
Some key factors driving the market's growth include increased healthcare spending and improvements to IT infrastructure. Additionally, the overwhelming need for remote patient monitoring is a major factor in its rapid adoption. The creation of patient registries and patient portals, population health management, patient-centered care leadership, and point-of-care solutions help providers reduce healthcare costs and improve outcomes. One of the key factors driving the market growth is technological advancement in the healthcare IT infrastructure, including incorporating IoT, big data, and AI. There are more technological options for cybersecurity and artificial intelligence applications in hospitals and other facilities due to companies creating newer technologies.
Several promising ones include machine learning (ML), AI, and data interoperability. The need for ongoing disease surveillance and therapy is driven by the world's aging population, stimulating industry growth and greater acceptance of healthcare information systems. The requirement for telehealth solutions has increased due to the rise in smartphone users. Additionally, the increasing use of digital wearables among adolescents worldwide assists in the increasing embrace of healthcare information systems.
Restraints
Lack of experienced experts, high upkeep and repair costs, and interoperability issues are some factors limiting the market growth for international healthcare information systems. Worries about the privacy of patients and data breach security may hamper the market for healthcare information systems.
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COVID 19 Analysis
Healthcare facilities and other healthcare agencies have been forced to work quickly to ensure that data can be provided effectively, as the outbreak has put pressure on healthcare systems worldwide. Regarding availability, triage, and even treatment, the 'digital front door' turned out to be the key to how practitioners should handle the COVID-19 situation. Deciding on ways to swiftly bring EHR systems to different medical locations was just one of the hurdles encountered by hospital IT employees due to the increase in demands for hospital capacity. Additionally, electronic health records and additional systems are gaining interest from healthcare facilities like hospitals, diagnostic centers, and clinics to reduce medication prescription errors, adverse drug event tracking, and other medical errors.
Healthcare Information Systems Market Segmentation
By components, the market includes software and hardware.
By type, the market includes hospital information systems and pharmacy information systems.
By deployment, the market includes web-based and on-premises.
By end user, the market includes hospitals.
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Regional Insights
North America is predicted to hold a sizable market share among the regions. Favorable government policies, a stable healthcare infrastructure, and the quick digitalization of healthcare systems are all credited with the growth. The need for software to evaluate and understand how the current global outbreak impacts the nation more than others is also driven by the rising number of COVID-19 cases within the North American region. The demand for better healthcare facilities and growing demands for integrated healthcare systems are expected to keep Europe and North America dominant in the worldwide marketplace for healthcare information systems during the forecast period. Additionally, the APAC region is anticipated to grow more quickly due to the expanding market for healthcare information systems.
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