According to the latest report by IMARC Group, titled “Healthcare Information Software Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global healthcare information software market size reached US$ 22.4 Billion in 2019.
Healthcare information software is designed for collecting, storing, managing and transmitting the healthcare data and electronic medical record (EMR) of patients. This large amount of sensitive information is processed and encrypted by the software to avoid security breaches. It makes patient data easily accessible to doctors, patients and public health officials for making effective and informed decisions. Consequently, this software is being employed by various hospitals, nursing homes and other healthcare establishments for improving patient outcomes, minimizing operational errors and enhancing the overall healthcare service experience.
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Increasing prevalence of chronic and lifestyle diseases across the globe is primarily driving the growth of the market. Busy schedules, sedentary lifestyles and growing fast food culture are some of the major factors which have led to an increase in the occurrence of diseases among the masses. Furthermore, technological advancements and potential growth opportunities in healthcare IT are also creating a positive outlook for the market. The increasing adoption rates of real-time applications have improved workflow, enhanced efficiency and patient management which, in turn, has catalyzed the demand for healthcare information software. Other factors contributing to the market growth include increasing research and development (R&D) activities, along with the growing trend of automation and internet of things (IoT)-based services in the healthcare industry. Looking forward, IMARC Group expects the market to exhibit a moderate growth during 2020-2025.
Market Breakup by Deployment Model:
At present, on-premises account for the majority of the total market share.
Market Breakup by Application:
- Medical Research centers
Market Region Summary:
On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America holds the leading position in the market.
The competitive landscape of the market has also been studied in the report with some of the key players being:
- GE Healthcare
- Siemens Healthcare
- 3M Health
- Philips Healthcare
- Agfa Gevaert
- Epic Systems
- NextGen Healthcare
- Merge Healthcare
- Carestream Health
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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