Healthcare Information Systems Market Size is Expected to Grow at a CAGR of 10% By 2023

Healthcare Information Systems Market Analysis

The Global Healthcare Information Systems Market is anticipated to grow at a 10% CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. A healthcare information system or HIS, simply put, is a system that has been designed for managing healthcare data. It comprises systems that help in collecting, storing, managing, and transmitting the electrical medical record of a patient, supporting the healthcare policy decisions, or the operational management of a hospital. Some of the key applications which adopt HIS include artificial reality technologies, virtual reality, electronic health records, tele medication, biomedical informatics, mobile apps, and cybersecurity in healthcare.

Various factors are propelling the healthcare information systems market. Such factors, according to the latest Market Research Future report, include rising demand for cloud computing in medical facilities, growing awareness about e-prescriptions, numerous technological advancements, uptake of various electronic systems especially electronic medical record, and increasing use of digital healthcare infrastructure that helps to collect and manage information generated by institutes, clinics, and hospitals as well as has enhanced effectiveness and efficiency of their services. Additional factors propelling the growth of the healthcare information systems market include the rising adoption of innovative technologies in the healthcare facility, increasing geriatric population, and increasing incidence of some fatal diseases such as coronary heart diseases and cancer.

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On the contrary, lack of skilled and qualified professionals, high maintenance and service cost, and problems associated with interoperability are factors that may hamper the healthcare information systems market growth during the forecast period.

Healthcare Information Systems Market Segmentation

The Market Research Future report offers a complete segmental analysis of the healthcare information systems market based on end user, deployment, components, and type.

By type, the healthcare information systems market is segmented into revenue cycle management, medical imaging information system, laboratory information systems, pharmacy information systems, and hospital information systems. The hospital information systems segment is again segmented into population health management, patient engagement solutions, real-time healthcare, electronic medical record, and others. The pharmacy information systems segment is again segmented into inventory management, automated dispensing systems, prescription management, and others. The medical imaging information system is again segmented into picture archiving and communication systems, monitoring analysis software, radiology information systems, and others. Of these, hospital information systems will lead the market during the forecast period.

By components, the healthcare information systems market is segmented into hardware and software.

By deployment, the healthcare information systems market is segmented into cloud-based, on-premise, and web-based. Of these, the web-based segment will dominate the market during the forecast period.

By end user, the healthcare information systems market is segmented into academic & research institutions, diagnostic center, hospitals, and others. Among these, hospitals will have the maximum share in the market during the forecast period.

Healthcare Information Systems Market Regional Analysis

By region, the healthcare information systems market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific, Europe, and the Middle East and Africa. Of these, North America will command the largest share in the market during the forecast period for the burgeoning demand for superior quality diagnostics system and implementation as well as storage of electronic records in large-scale in the healthcare system in the US and Canada.

The healthcare information systems market in Europe will have the second-largest share in the market during the forecast period for the presence of several developed economies and well-developed healthcare infrastructure.

The healthcare information systems market will grow at the fastest pace during the forecast period as the region has immense market potential, especially for the Healthcare IT industry and serious efforts undertaken by the government to provide better infrastructure and improve healthcare services.

The healthcare information systems market in the Middle East & Africa will have a small share during the forecast period for low per capita income and the presence of poor economies in the African region. The maximum share in the market will be held by the Eastern region owing to the presence of few developed economies such as Dubai, Kuwait, and the UAE, and increasing funds made in the healthcare sector by the government.

Healthcare Information Systems Market Key Players

Notable players profiled in the healthcare information systems market report include Siemens Healthineers, Philips Healthcare, NextGen Healthcare, Medidata Solutions Inc., McKesson Corporation, Cerner Corporation GE Healthcare, Carestream Health, Athenahealth Inc., Allscripts Healthcare Solutions Inc., and Agfa-Gevaert N.V.

Healthcare Information Systems Industry News

Renowned name in health technology, Royal Philips has acquired the Healthcare Information Systems business of Carestream Health Inc. Through this acquisition, they will reinforce their commitment to offering industry-leading healthcare IT and medical imaging solutions. Together they will deliver strong technology capabilities and improved informatics know-how and also enhance their ability to offer health systems and hospitals with flexible solutions while creating a complementary geographic footprint.

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