USD 358.5 billion
Healthcare Information Systems Market Size, Share, Growth Analysis, By Application(Pharmacy information systems, hospital information systems, laboratory information systems, revenue cycle management), By Component(Hardware, software, and services), By Deployment(Cloud-based, web-based, and on-premises), By End-user(Hospitals, diagnostic centers, academic & research institutes), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2125 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
119
|Figures:
79
Healthcare Information Systems Market Insights
Healthcare Information Systems Market size was valued at USD 358.5 billion in 2019 and is poised to grow from USD 406.4 billion in 2023 to USD 1614.8 billion by 2031, growing at a CAGR of 13.3% in the forecast period (2024-2031).
Healthcare information systems provide solutions for the security and management of healthcare-related data. The impact of information technology on the cost, quality, and safety of healthcare is greater. Electronic medical records, healthcare records, and personal health records are some of the most widely used applications in the healthcare industry. Patient-centered care management, population health management, and point-of-care solutions help providers reduce healthcare costs while also increasing outcomes by developing patient registries and patient portals. One of the main factors influencing market growth is technological advancements in healthcare IT infrastructure, including the use of IoT, big data, and AI. Electronic health records and personal health records are two of the most widely used healthcare information systems. Increased government investments in healthcare infrastructure development and digitization have played a vital role in the growth of the global market. Increasing development strategies such as new product launches, partnerships, and collaborations are significant factors in determining the expansion of the market. However, the reluctance of the healthcare infrastructure to operate these systems is expected to restrain the growth of the global market.
US Healthcare Information Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
13.3% CAGR
Global Healthcare Information Systems Market ($ Bn)
Country Share for North America Region (%)
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Healthcare Information Systems Market Segmental Analysis
Global healthcare information systems market is segmented based on the application, component, deployment, end-user, and region. Based on application, global market is segmented into pharmacy information systems, hospital information systems, laboratory information systems, revenue cycle management, and medical imaging information system. Based on component, the market is segmented into hardware, software, and services. Based on deployment, the market is segmented into cloud-based, web-based, and on-premises. Based on end-user, the market is segmented into hospitals, diagnostic centers, academic & research institutes. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Healthcare Information Systems Market Analysis by Component
Based on component, the healthcare information systems market is segmented into hardware, software, and services. The services segment led the market with a 46% share in 2021 and is expected to hold the majority share again during the forecast period due to the various services provided by companies such as optimization, hosting, consulting, and revenue cycle services to manage information systems in healthcare facilities. The increased demand for IT and communication services in healthcare information systems has enhanced the demand for information system services in this market even further.
Due to the growing need to mitigate healthcare costs and improve data management systems, software is expected to be the fastest growing segment during the forecast period.
Healthcare Information Systems Market Analysis by End-User
Based on end-user, the healthcare information systems market is segmented into hospitals, diagnostic centers, academic & research institutes. The hospital segment held the largest market share in 2021, accounting for 76.8% of the total, and is expected to continue to lead the segment during the forecast period. The growing usage of these systems in hospitals has resulted in increased professional efficiency, resulting in simple and organised patient care. It assists hospitals in managing administrative, financial, and clinical aspects, which aids in the efficient maintenance of hospital inventory and patient records. Cloud-based system advancements have also resulted in an increase in hospital information system adoption.
Diagnostic centers are expected to witness high growth during the forecast period due to the increasing demand for diagnostic services as the global population's prevalence of chronic diseases rises. Furthermore, the growing demand for the automation and integration of healthcare information for efficient patient care, as well as the mass acceptance of laboratory information systems, is anticipated to drive the expansion of this segment.
Global Healthcare Information Systems Market By End-User
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Healthcare Information Systems Market Regional Insights
North America dominated the market in 2021, accounting for approximately 52% of the total, and is expected to maintain this position during the forecast period due to factors such as high economic development and the presence of hospitals, advanced research centres, universities, and medical device manufacturers in this region. The North American government activities to remove paperwork and keep increasing the use of digital technologies for storing patient data have significantly influenced the development of the healthcare information systems market. The region's increased adoption of digital technologies, coupled with growing investments in the construction of smart hospitals, are key causes of the North America market.
Asia Pacific is expected to be the fastest-growing regional market in healthcare information systems, owing to increased government expenditure on health care and increasing preference for healthcare IT services. During the forecast period, the region is also expected to be the most proactive market. Furthermore, increased government and corporate sector investments in healthcare advancements in countries such as China, Japan, India, and South Korea are increasing the growth of the Asia Pacific market.
Global Healthcare Information Systems Market By Region
- Largest
- Fastest
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Healthcare Information Systems Market Dynamics
Healthcare Information Systems Market Driver
- The increasing rates of chronic diseases, a geriatric population, and an increase in road accidents are all contributing to an increase in hospitalized patients. A massive amount of patient-related data must be managed efficiently and economically stored. The rising need to eliminate paperwork is propelling the growth of the global healthcare information systems market size.
Healthcare Information Systems Market Restraint
- The cybersecurity and data breach issues associated with digital data storage are major restraints that may impede market growth. Market participants must address these issues in order to achieve long-term growth. Furthermore, the lack of adequate healthcare infrastructure in developing economies is impeding market growth.
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Healthcare Information Systems Market Competitive Landscape
Global healthcare information systems market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Healthcare Information Systems Market Top Player's Company Profiles
- McKesson Corporation
- Philips Healthcare
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Allscripts Healthcare Solutions Inc.
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Cerner Corporation
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Epic Systems Corporation
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GE Healthcare
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NextGen Healthcare Information Systems LLC
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Athenahealth, Inc.
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Siemens Healthineers
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IBM Watson Health
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Meditech
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eClinicalWorks
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Greenway Health LLC
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DXC Technology
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Carestream Health
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Agfa Healthcare
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Merge Healthcare Solutions Inc.
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Nuance Communications Inc.
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Dell EMC
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Fujifilm Holdings Corporation
Healthcare Information Systems Market Recent Developments
- In November 2022, Malta launched its first national health workforce strategy, an ambitious plan to address the shortage of health-care workers while also addressing gaps in their training, retention, and professional development.
- In November 2022, Fujifilm India Pvt. Ltd., a pioneer in diagnostic imaging and information systems for healthcare facilities, expanded its pulmonology solutions portfolio in India with the launch of the EB-710P, a new slim video bronchoscope.
Healthcare Information Systems Key Market Trends
- Increasing of launching mHealth programs by many companies and healthcare institutions for remote patient monitoring, which is leading to an increase in the implementation of IT solutions for remote patient monitoring services.
- Cloud-based healthcare information systems are becoming more popular, and this has become a major trend in the healthcare industry. Because of the numerous advantages and benefits offered by cloud systems, such as reduced data storage and management costs, most healthcare institutions are replacing on-premises and web-based systems.
Healthcare Information Systems Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global healthcare information systems market forecast analysis, the production of healthcare services is driving up demand for electronic health records in the Asia Pacific region, which is driving up the market growth. The government initiatives that are increasing the utilization of digital health record systems among hospitals, clinics, and diagnostic labs are anticipated to propel the market growth, resulting in increasing the healthcare information systems market share during the analysis period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 358.5 billion |
| Market size value in 2031 | USD 1614.8 billion |
| Growth Rate | 13.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Healthcare Information Systems Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare Information Systems Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare Information Systems Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare Information Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Information Systems Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Information Systems Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Information Systems Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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