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Feb 23, 2021 (Market Insight Reports) — Latest Report Study on “Healthcare Information Systems Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030”.
The global Healthcare Information Systems market size is expected to be worth around US$ 269.2billion by 2030, according to a new report by Vision Research Reports.
The global Healthcare Information Systems market size was valued at US$ 100.6 billion in 2020 and is anticipated to grow at a CAGR of 10.7% during forecast period 2021 to 2030.
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The market is majorly driven by an increase in the adoption of advanced technologies in healthcare facilities. Growing usage of digital healthcare infrastructure, which helps in collecting and managing information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services. Furthermore, an increase in the number of patients suffering from chronic diseases and rising demand for cloud-based systems are expected to boost the market in the forecast period.
Potential opportunities for IT in healthcare in applications such as reducing operating costs incurred while record-keeping and meeting regulatory standards for privacy, as well as efficient hospital workflow management, are among other factors driving uptake. Furthermore, it is expected that these systems will, in the long run, save money and allow organizations to earn significant profits.
Growing demand for radiology information systems in diagnostic procedures has propelled the healthcare information systems market. The sophisticated database system allows medical professionals to track massive image files produced during the course of diagnosis and treatment.
Hospital information systems (HIS) held the largest revenue share in 2016 due to extensive usage in various applications such as computerization of financial, administrative, and patient care activities. The implementation of these solutions in hospitals has proven to be more advantageous than traditional methods. Some of these advantages are reduction in the scope of error due to the availability of analytical IT solutions, improvement in operational efficiency, and reduction in healthcare expenditure.
Pharmacy information systems accounted for the second-largest revenue share in 2o16 and is expected to witness steady growth over the forecast period. This can be attributed to factors such as an increase in the adoption of technologically advanced solutions that allow pharmacists to manage medication workflow in order to improve the effectiveness and efficiency of services. In addition, it plays a vital role in reducing medication errors and improving patient safety by evaluating patterns of drug use and side effects.
Medical imaging information systems are expected to register the highest CAGR of 9.6% over the forecast period. This is attributable to factors such as increasing demand for effective management of medical imagery and rising preference for these systems in tracking billing information. An increase in the prevalence of chronic diseases and the need to efficiently handling image archives are also expected to boost this segment through 2025.
Web-based deployment held the largest revenue share in 2016 due to the expansion of web technologies across verticals by using hypertext-based principles over traditional software-based applications. Deployment of web-based systems results in streamlined and enhanced operating processes within medical facilities, addressing several issues regarding the maintenance of large databases. Furthermore, the systems can be easily managed and updated and require only the main server for installation, through which any updates on the web-based system can be processed easily and quickly.
Cloud-based deployment held the second-largest share in 2016 and the segment is likely to progress at the fastest pace over the forecast period. Various healthcare organizations are looking forward to optimizing workflow by installing cloud-based solutions, which are known for their greater accessibility, better security, and cost-effectiveness. Easy access to and availability of these systems in urban and remote areas will contribute to the growth of the segment over the forecast period. Additionally, cloud-based deployment allows providers to save money by reducing in-house storage needs, thus, making information accessible from various locations.
Hospitals held the largest revenue share in 2016 and the segment is expected to clock in a CAGR of 7.3% over the forecast period. This is owing to factors such as the presence of a large number of hospitals and the growing penetration of IT in the field. Over the years, information and communication technology has played a vital role in hospitals, by handling crucial data generated by various departments. Furthermore, the implementation of IT has revolutionized the entire workflow of data within hospitals, aiding the operating of non-patient care activities.
Diagnostic centers held the second-largest market revenue in 2016 and is anticipated to be the fastest-growing segment over the forecast period. This is largely owing to the increasing demand for these technologies, which will help in storing and feeding data in large numbers. These devices have provided flexibility in tracking patient and billing records, which has helped diagnostic centers immensely. Academic and research institutes have also played a key role in propelling the healthcare information systems market. The use of these advanced technologies has helped professionals in easily accessing data.
Services held the largest revenue share in 2016 and is expected to register a CAGR of 7.5% owing to rising adoption in hospitals and clinics, which will enable the administrative staff to store data in bulk. The rise in demand for the installation of software solutions in institutions for training and education purposes has also led to the largest share of the services segment.
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Hardware held the second-largest revenue share in 2016. There has been high adoption of advanced hardware within medical facilities in order to store and access large databases and programs. Accessible to all individuals, they will also improve efficiency, enhance productivity, and reduce costs. For instance, NextStep Solutions. Inc. aims at providing multiple hardware configurations to meet clients’ demands. Players are also training staff on advanced programming, Internet technology, and operating systems, which is expected to boost demand over the forecast period.
Software and systems is expected to be the fastest-growing segment by 2025, due to rising demand for advanced software in hospitals, clinics, and training institutes. In addition, growing penetration of IT in the medical sector and surging adoption of technological developments in web-based software and eHealth platforms are likely to boost the market in the coming years. Significant adoption of Electronic Health Records, which is expected to assist physicians and lab assistants in storing, managing, and accessing crucial data, will also benefit the segment.
North America dominated the global market. This is due to initiatives taken by governments in order to accelerate the implementation of IT services in the sector. This eventually helped in streamlining various processes in hospitals, education centers, and clinics. An increase in the number of chronic diseases and augmentation in healthcare expenditure are some of the other factors boosting the regional market.
Europe held the second-largest revenue share in 2016 and is expected to exhibit a CAGR of 8.0%. This can be attributed to factors such as an increase in patient population and implementation of these systems in various public and private hospitals, which have shown significant improvement in daily operations. Moreover, an increase in government initiatives to promote eHealthcare, growing geriatric population, and accessibility to drugs through online channels have contributed to the market.
Asia Pacific is expected to be the fastest-growing region over the forecast period. This is owing to factors such as an increase in government initiatives and a rise in awareness regarding these systems. Moreover, massive investments in this sector by various governments and a growing population with chronic diseases are expected to boost the market through 2025.
Philips Healthcare; NextGen Healthcare; Carestream Health; Cerner Corporation; GE Healthcare; McKesson Corporation; Athenahealth, Inc.; Allscripts; Medidata Solutions Inc.; Siemens Healthineers
- Application Outlook
- Electronic health record
- Electronic medical record
- Real-time healthcare
- Patient engagement solution
- Population health management
- Prescription management
- Automated dispensing systems
- Inventory management
- Revenue Cycle Management
- Medical Imaging
- Monitoring analysis software
- Picture archiving and communication systems
- Deployment Outlook
- Component Outlook
- Software and Systems
- End-Use Outlook
- Diagnostic Centers
- Academic and Research Institutes
- Regional Outlook
- North America
- The U.S.
- The U.K.
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America
The Healthcare Information Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Healthcare Information Systems market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Healthcare Information Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Information Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Information Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Healthcare Information Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Healthcare Information Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Information Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Information Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Information Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Healthcare Information Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Healthcare Information Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Information Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Information Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Information Systems market. These factors have benefited the growth of the global market for Healthcare Information Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Information Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Healthcare Information Systems are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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