Healthcare Information Systems Market Size Report By 2032

Prathamesh

2 months ago

The global healthcare information systems market was valued at USD 296 billion in 2022 and is expected to reach around US$ 641.98 billion by 2032, at a CAGR of 8.10% from 2023 to 2032.

The global healthcare information systems market is primarily driven by the rising adoption of digital technologies across the healthcare industry. The growing demand for the storage and management of data related to the healthcare and operations. The rising government initiatives to boost the adoption of healthcare information systems are significantly contributing towards the growth of the global healthcare information system. For instance, My Health Record is a digital health record platform for the Australian citizens.

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The presence of the numerous market players and various developmental strategies adopted by them such as new product launches, acquisitions, partnerships, and agreements is a major factor that influences the growth of the healthcare information systems market. For instance, Allscripts Healthcare Solutions entered into a strategic partnership with the US Orthopedic Alliance to introduce improved healthcare information system.

Regional Snapshots

North America accounted for around 46% of the market share in 2020 and was the dominating market. This is simply attributed to the increased adoption of the healthcare information systems across the hospitals especially in the small and medium units in the US. The developed healthcare infrastructure and higher adoption rate of digital technologies in the region is the major factor that boosts the market growth. Furthermore, the presence of well-established IT and telecommunications infrastructure in the region is a significant contributor to the market. The presence of several market players and various developmental strategies adopted by them highly influences the market growth.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The increasing government investments in the development of healthcare infrastructure and adoption of latest digital technologies is boosting the demand for the healthcare information systems. Further, the rising demand for the quality health care services is encouraging the demand for the electronic health records that boosts the healthcare information systems market. The rising number of hospital admissions is generating huge volume of data, which needs to be stored and hence the growth of the market is augmented by the increased need for the data storage in this region.

Table of Contents

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Report Scope of the Healthcare Information Systems Market

Report Coverage	Details
Market Size In 2023	USD 318.50 Billion
Growth Rate	CAGR of 8.10% From 2023 to 2032
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Application, Component, End User, Region

Healthcare Information Systems Market Dynamics

Driver

The rising demand for healthcare information systems for data analytics

The healthcare organizations generates a huge volume of data that needs to be efficiently managed and stored. This data can store the health records of the patients and can provide useful insights while treating the patient. Therefore, the healthcare information systems can improve patient care, which propels the market growth.

Restraints

The financial restrictions can hamper market growth

The major restraints that may hamper the growth of the market is the cybersecurity and data breach issues associated with the digital data storage. This issues needs to be managed by the market players in order to have a sustainable growth. Moreover, lack of proper healthcare infrastructure in the underdeveloped economies is hindering the market growth.

Opportunities

The introduction of technologies like big data analytics and various developmental strategies like new product launches is expected to provide new growth avenues for the market players in the forthcoming years.For instance, in July 2020, Cerner launched a cloud-based electronic health record system the rural healthcare units to improve their operational efficiency and reduce costs.

Challenges

The slow development of the IT infrastructure and slow adoption of the healthcare information systems especially in the developing and underdeveloped nations is a major challenge to the market that restricts the market growth.

Report Highlights

Based on the application, the revenue cycle management was the dominant segment and is expected to be the fastest-growing segment throughout the forecast period. The growth of this segment is mainly accredited to the government initiatives to encourage the adoption of the healthcare information systems. Furthermore, the various healthcare units are increasingly adopting the third-party services to increase the operational efficiency and reduce costs.
Based on the component, the services segment dominated the market, garnering a market share of around 46% in 2020. This can be attributed to the increased outsourcing of the information system management to the third-party services providers. The outsourcing of the healthcare information management to the third-party service providers increases the operational efficiency of the hospitals and helps them to focus on their core activities.
Based on the end user, the diagnostic segment is estimated to be the most opportunistic segment during the forecast period, services owing to the rising prevalence of chronic diseases that propels the need for diagnostic tests. Moreover, the increased adoption of the healthcare information systems helps the diagnostic labs to efficiently manage and store the patient related data at low cost and offers ease of access and easy sharing of data.
Based on the deployment, the web-based segment dominated the market accounting for around 41% of the market share in 2020. The benefits such as easy installation and maintenance, low cost, and enhanced workflow associated with the web-based deployment has augmented its demand among the medium and small-sized healthcare units across the globe that led the growth and dominance of this segment.