Healthcare Information Systems Market Size, Share, Growth, Trends and Industry Analysis by type (hospital information systems, pharmacy information systems), components (software, hardware), deployment (web-based, on premise), by end user (hospitals) – Forecast till 2027
Healthcare Information Systems Market Overview
The global healthcare information systems market is expected to register a CAGR of 10.0% during the forecast period of 2018 to 2023.
Healthcare Information Systems Market Dynamics
Factors such as rising healthcare costs and the rising prevalence of some chronic diseases such as cancer and coronary heart disease, as well as an ageing population, are propelling the healthcare information systems industry forward. The use of modern technologies in healthcare institutions is driving the healthcare information systems market. The increasing use of digital healthcare infrastructure, which assists in the collection and management of data created by hospitals, clinics, and institutes, has improved the efficiency and efficacy of their services.
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One such technology that allows for real-time patient monitoring is digital wearable devices. In recent years, patients have been increasingly adopting and requesting these devices. Furthermore, rising awareness of e-prescriptions among practitioners and patients is helping to drive market growth. Over the forecast period, an increase in the number of initiatives performed by various medical facilities is expected to enhance this market. Some of the important applications that utilize healthcare information systems include cybersecurity in the medical area, mobile apps, biomedical informatics, telemedicine, electronic health records (EHR), virtual reality (VR), and artificial reality (AR) technologies. The market is expected to rise due to an increase in demand for cloud computing applications in medical institutions. Companies are currently concentrating their efforts on producing high-utility services that provide personalized care. Real-time locating services, self-service kiosks, report monitoring tools, portal technology, and pharmacogenomics are just a few of the advanced services that are helping to improve the entire patient experience.
The ongoing pandemic is putting a burden on healthcare systems around the world, pushing hospitals and other medical facilities to hustle to ensure that data can be transmitted efficiently. The ‘digital front door’ is critical to how providers should respond to COVID-19 in terms of access, triage, and treatment. The impact of the COVID-19 pandemic on the market is expected to expand as vaccinations and antiviral medications are developed. The pandemic has heightened the need for telemedicine and mHealth technologies to become a reality in the healthcare profession, as correct patient data, linked patient records, interoperability, and cybersecurity remain front of mind. One of the issues faced by hospital IT personnel as the demand for hospital capacity grows is figuring out how to swiftly deploy EHR systems to alternate care venues.
Healthcare Information Systems Market Segmentation
Type, components, deployment, end user, and region are all used to segment the worldwide healthcare information systems market.
Hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information systems, and revenue cycle management are the different types of market segments.
The market is separated into two categories based on component types: software and hardware.
The market is classified into three categories based on deployment: web-based, on-premise, and cloud-based.
Hospitals, diagnostics centres, academic and research institutions, and others are among the end users in the market.
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Healthcare Information Systems Market Regional Overview
The global market for healthcare information systems was led by the Americas. The dominance of the North American healthcare information system industry is due to rising demand for high-quality diagnostics systems. Furthermore, the widespread use and storage of electronic records in the healthcare system, as seen in countries such as Canada and the United States, is fueling the growth of this regional healthcare information system market.
Europe was predicted to be second in the global market for healthcare information systems in 2017. This is owing to the presence of a well-established healthcare system, increased awareness of the region’s situation, and the presence of developed economies in the region. Furthermore, the industry has benefited from an increase in government measures to promote eHealthcare, a growing geriatric population, and medicine accessibility through online channels
In 2017, Asia Pacific grew at the quickest rate in the global healthcare information systems market. The Healthcare IT industry in Asia-Pacific has a significant market potential. India and China, as well as South Korea, are among the fastest-growing countries. As a result, governments in these quickly rising countries have made a variety of attempts to improve healthcare services and infrastructure. Furthermore, substantial government investments in this sector, as well as an increasing population with chronic conditions, are likely to drive the market forward during the projection period.
The Middle East and Africa, on the other hand, had the smallest share of the worldwide healthcare information systems market. The presence of underdeveloped economies and low per capita income, particularly in the African continent, causes the market to lag. Due to increased government expenditure in healthcare and the existence of developed economies such as the UAE, Kuwait, Dubai, and others, the Middle East is expected to hold the majority of the market share within this region.
Healthcare Information Systems Market Competitive Dynamics
The notable players of the market are Agfa-Gevaert N.V., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Carestream Health, Cerner Corporation, GE Healthcare, McKesson Corporation, Medidata Solutions Inc., NextGen Healthcare, Philips Healthcare, Siemens Healthineers.
Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
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