Healthcare Information System Market to Garner $1046.48 Billion by 2032: The Brainy Insights
The healthcare information system market should witness a moderate growth rate owing to the increasing expenses on healthcare and rising advancement in information system technology. North America emerged as the most significant healthcare information system market, with a 41.91% market revenue share in 2022.
Newark, Aug. 09, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the healthcare information system market will grow from USD 437.21 billion in 2022 to USD 1046.48 billion by 2032. The healthcare information system market is witnessing a rise in demand due to the increasing expenditure in the healthcare industry. Further, the increasing demand for remote monitoring of patients has led to the high adoption of healthcare information systems in developed and developing regions. Further, the increasing advancements in healthcare IT infrastructure provide lucrative opportunities to the market players.
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Key Insight of the Healthcare Information System Market
North America region to account for the largest market size during the forecast period.
North America will have the most major healthcare information system market share during the forecast period. The factors supporting the growth of the regional healthcare information system market include the high healthcare budget in countries such as U.S. and Canada. The rising pace of economic development and the rising number of academic universities, advanced research centres, diagnostic centres, etc., contribute to the market’s growth. Most global players have their R&D base in the region due to the required IT infrastructure availability.
The cloud-based segment is expected to augment the market during the forecast period.
The deployment mode segment is divided into cloud-based, on-premises and web-based. The cloud-based segment is expected to augment the market during the forecast period. Cloud-based healthcare information systems can be used independently without any installed software. Cloud software has high data transfer efficiency, which is required for advanced analytics.
The software segment is expected to grow at the highest CAGR during the forecast period.
The component segment is divided into hardware, software and services. The software segment is expected to augment the market during the forecast period. Software is used for efficiently managing data and streamlining organizational operations. The rising demand for automating the revenue cycle, laboratory data, and disease progression readings has increased the demand for healthcare information software.
The medical imaging information system segment is expected to augment the market during the forecast period.
The application segment is divided into medical imaging information systems, laboratory information systems, revenue cycle management, and pharmacy information systems. The medical imaging information system segment is expected to augment the market during the forecast period. A medical imaging information system handles medical imaging and related data. It is frequently used with different systems to handle data archives, record-keeping, and billing.
The diagnostic centres segment is expected to grow at the highest CAGR during the forecast period.
The end-user’s segment is divided into hospitals & clinics, academic & research institutes and diagnostic centres. The diagnostic centres segment is expected to augment the market during the forecast period. The diagnostic centres deploy healthcare information systems to perform machine interfacing and sample collection tasks efficiently. Thus, these diagnostic centres deploy healthcare information systems to predict the medical conditions of the patients.
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Driver: Increasing demand for patient care management
Patient-centred care has drawn more attention in recent years and is generally regarded as a fundamental goal of high-quality healthcare systems. Since introducing the patient-centeredness idea in the late 1980s, health care has seen significant change due to technological advancements and modifications in the organization and financing of care delivery. A significant redesign of healthcare procedures based on using and integrating electronic communication at all levels is now possible due to advancements in healthcare information systems. These technologies can assist the transition from institutional-centric to patient-centric applications.
Restraint: Lower investment in developing regions
The underdeveloped regions need to be made aware of the functioning of the healthcare information system market. The stakeholders in these regions need to be made aware of the use of information systems in the healthcare industry. Also, the healthcare budget in these industries could be improved, leading to lower demand for high-end systems.
Opportunity: Increasing investment in the pharmaceutical and biotech industry
Rapid advancements in pharmaceutical and biotech drug production are increasing niche therapies. This change is affecting equipment requirements and production processes. The shift from mainstream mass-produced pharmaceuticals to more advanced therapies has necessitated a paradigm shift in pharma manufacturing and processes. Several research and development initiatives across numerous sectors are gaining momentum to achieve this. Digital health-focused technologies, such as computer-aided drug design, computational modelling for predictive toxicity, and big data analytics for clinical trial management, are widely employed across the many stages of drug development in the pharmaceutical industry and related sectors. Thus, the need for rising technological advancement in the pharma and biotech sector will lead to higher use of healthcare information systems.
Challenges: Data security issues
The end-users use a healthcare information system to maintain and provide access to the database, which sometimes leads to data security issues. The cases of cyber data hacking have increased a lot in the recent decade. Many verified platforms have been found guilty of using the data of their end-consumers. Thus, all these factors highlight the risk of sharing crucial data with software providers. This also overlaps with the benefit of using these platforms on a long-term basis. [AS1]Correct it using grammarly
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Some of the major players operating in the healthcare information system market are:
• Athenahealth, Inc.
• Hewlett Packard
• Philips Healthcare
• McKesson Corporation
• Allscripts Healthcare LLC
• Epic Systems Corporation
• Cerner Corporation
• Novarad Corporation
• Carestream Health
• Medidata Solutions Inc.
• e-MDs Incorporation
• Siemens Healthineers
• Ada Health GmbH
• NextGen Healthcare
• SWORD Health
• NXGNManagement, LLC
• GREENWAY HEALTH, LLC
Key Segments Cover in the Market:
By Deployment Mode:
• Medical Imaging Information Systems
• Laboratory Information Systems
• Revenue Cycle Management
• Pharmacy Information Systems
• Hospitals & Clinics
• Academic & Research Institutes
• Diagnostic Centres
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion).All the segments have been analyzed global, regional, and country basis.The study includes the analysis of more than 30 countries for each part.The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight.The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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