PRESS RELEASE
Published January 8, 2024
According to a Transparency Market Research study, the global Healthcare Information System Market was valued at US$ 291 Bn in 2022 and is projected to advance at a CAGR of 9.5% from 2023 to 2033.
The healthcare industry has witnessed steady integration of digitalization in the last few years which has led to growing usage of healthcare information systems at hospitals and diagnostic centers. Healthcare information systems have also found demand from academic and research institutes for research activities, which has helped propel the market.
New healthcare information system launches are helping prominent players generate revenue and in gaining an edge over other players. Additionally, leading healthcare information system market players are collaborating with other players to expand their presence and increase revenue share.
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Key Findings of Market Study
- Growth in Integration of Data Analytics in the Healthcare Industry: The last few years have witnessed a steady rise in the integration of data analytics in the healthcare industry. A key reason for the usage of data analytics in the healthcare industry is the increase in data generation in the industry due to a surge in patient population. The rise in integration of data analytics in the healthcare industry is anticipated to help expand the healthcare information system market in the next few years.
- Increase in Demand for Software and Systems: In terms of components, the global market has been segmented into hardware, software systems, and services. The software and systems segment is estimated to account for the dominant market share during the forecast period. Rise in demand for precise patient information and surge in patient expenditure are expected to bolster the segment in the next few years
- Rise in Adoption of Hospital Information Systems: Based on type, the global market has been segmented into hospital information systems, pharmacy information systems, medical imaging information systems, laboratory information systems, and revenue cycle management. The hospital information systems segment is expected to account for dominant market share during the forecast period. Rise in adoption of hospital information systems due to their improved efficiency over other services is anticipated to drive the segment. Some key services offered by hospital information systems are real-time healthcare, electronic health records, electronic medical records, population health management, and patient engagement solutions.
- COVID-19 Pandemic Helped Boost Industry Growth: The outbreak of the coronavirus pandemic affected numerous industries worldwide; however, the pandemic phase helped expand the healthcare information system market. The surge in Covid-19 cases worldwide led to an increase in the need to monitor and track the number of patient admissions at hospitals and clinics. As a result, demand for healthcare information systems witnessed a rise, which fueled market development. Demand is anticipated to continue during the post-pandemic phase as well.
Healthcare Information System Market- Key Drivers
- A surge in government investments in the integration of information technology in the healthcare industry
- Market size is projected to expand in the next few years due to an increase in demand for web-based deployment systems for ease of access to data at any given time
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Healthcare Information System Market-Regional Insights
- North America is projected to witness significant growth in the market in the next few years due to rise in implementation of information technology services in the healthcare industry and surge in adoption of healthcare information systems at healthcare facilities in the U.S. and Canada
- The market in Asia Pacific is anticipated to witness strong growth during the forecast period due to supportive government measures such as the increase in investments toward the development of healthcare infrastructure and rise in usage of electronic medical records in developed countries such as China. Prominent companies are likely to establish R&D centers in countries of the Asia Pacific region due to easy availability of land and labor.
Healthcare Information System Market- Key Players
The global market is competitive and has several international and local players. Entry of new players is likely to intensify the competition during the forecast period.
Leading players are investing in R&D activities to develop cutting-edge health information systems. Rise in demand for improved health information systems is likely to help create business opportunities in the next few years.
Some of the key players operating in the market are
- Cerner Corp.,
- Medidata Solutions Inc.,
- GE Healthcare,
- Siemens Healthcare, and McKesson Corp.
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The global market has been segmented as follows:
By Type
- Hospital Information Systems
- Electronic Health Record
- Electronic Medical Record
- Real-time Healthcare
- Patient Engagement Solutions
- Population Health Management
- Others
- Pharmacy Information Systems
- Prescription Management
- Automated Dispensing Systems
- Inventory Management
- Others
- Medical Imaging Information Systems
- Radiology Information Systems
- Monitoring Analysis Software
- Picture Archiving & Communication Systems
- Others
- Laboratory Information Systems
- Revenue Cycle Management
By End-use
- Diagnostic Centers
- Hospitals
- Academic and Research Institutes
By Component
- Hardware
- Services
- Software and Systems
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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