The Healthcare Information Systems Market Size was valued at USD 1.5 billion in 2022 and is projected to grow from USD1.69 Billion in 2023 to USD 4.47 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.90% during the forecast period (2023 - 2032). The increased geriatric population, the increasing cost of healthcare, and the mounting prevalence of certain fatal diseases, including cancer and coronary heart diseases, are the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising adoption of information technology is driving the market growth
The rising adoption of information technology in the healthcare industry is the major market driver of the healthcare information systems. Healthcare information systems offer data management and security of data related to healthcare and exponentially influence the cost and quality of healthcare operations. The most commonly used healthcare information systems include electronic and personal health records. The increased government investments in developing and digitalizing the healthcare infrastructure significantly contribute to developing the healthcare information systems market. For instance, My Health Record is a digital health record platform for Australian citizens. These health records can enhance patient care in hospitals as the past medical and health records of a particular patient can be analyzed to provide better treatment to the patient. Thus, government initiatives are boosting the adoption of digital health record platforms among hospitals, clinics, and diagnostic labs. This is expected to boost the market CAGR growth of the health information systems market.
Additionally, the rising prevalence of chronic diseases, the growing geriatric population, and rising incidences of road traffic accidents result in an increasing number of hospital admissions. The huge volume of patient-related data must be efficiently managed and economically stored. The growing need for eliminating paperwork is boosting the market growth of the healthcare information systems. Government initiatives to digitalize healthcare facilities majorly contribute to the market's growth. Moreover, developmental strategies such as new product launches, partnerships, and collaborations are major factors that influence the market growth of the healthcare information systems. For instance, Allscripts Healthcare Solutions partnered strategically with the US Orthopedic Alliance to introduce an improved healthcare information system.Thus,these factors drive the Healthcare Information Systems market revenue.
The market segments of Healthcare Information Systems, based on type, includes hospital information systems and pharmacy information systems. The hospital information systems segment dominated the market because their improved efficiency over other services is anticipated to drive the segment. Some key services hospital information systems offer are real-time healthcare, electronic health records, electronic medical records, population health management, and patient engagement solutions.
The Healthcare Information Systems market segmentation, based on components, includes software and hardware. The software segment dominated the market; this is due to the increasing need for efficient management of organizational work processes within the healthcare sector, the shift toward value-based care in economically developed regions, and the rising number of initiatives being undertaken by key players for improving healthcare IT infrastructure are driving the market for software used in such management and information systems.
Based on deployment, the market segmentation of Healthcare Information Systems includes web-based, on-premise. The web-based segment dominated the market; web-based systems significantly reduce operational obstacles encountered due to handling large volumes of data. However, the capability of web-based deployments to support software and systems depends on the availability of the required technical needs and operational prowess of the systems. Web-based applications are custom-built to the needs of the healthcare organization, which facilitate improved business workflows, generating maximum value for the business.
Figure 1 Healthcare Information Systems Market, by Deployment, 2022&2032 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Healthcare Information Systems market segmentation, based on end users, includes Hospitals. The hospital segment dominated the market due to the growing adoption of healthcare information systems in hospitals, which has led to increased efficiency of the professionals, resulting in easy and organized patient care. It helps manage administrative, financial, and clinical aspects of hospitals, which helps maintain hospital inventory and patient records efficiently. Technological advancements in cloud-based systems have also resulted in rising hospital information systems adoption.
By Region, the study providesmarket insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Healthcare Information Systems Market area will dominate this market, owing to growth in the adoption of advanced technology to streamline hospital workflow & cut down medical costs, which are the key drivers of demand for the market in this Region. Moreover, China’s market of Healthcare Information Systems held the largest market share, and the Indian market of Healthcare Information Systems was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studiedin the market reportare The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2 HEALTHCARE INFORMATION SYSTEMS MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Healthcare Information Systems market accounts for the second-largest market share due to theincreased geriatric population and increasing cost of healthcare. Further, the German market of Healthcare Information Systems held the largest market share, and the UK market of Healthcare Information Systems was the fastest-growing market in the European Region.
North Americais expected to grow at the fastest CAGR from 2023 to 2032. This is due to factors such as high economic development and the presence of hospitals, advanced research centers, universities, & medical device manufacturers in this Region.
Healthcare information systems Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the market of Healthcare Information Systems to grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The healthcare information systems industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Healthcare Information Systems industry to benefit clients and increase the market sector. In recent years, the Healthcare Information Systems industry has offered some of the most significant advantages to medicine. Major players in the Healthcare Information Systems market, including 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., and others, are attempting to increase market demand by investing in research and development operations.
Veradigm is a publicly traded American company that provides physician practices, hospitals, and other healthcare providers with practice management and electronic health record technology. Veradigm also provides products for patient engagement and care coordination and financial and analytics technology.Allscripts Healthcare Solutions, a healthcare information technology solutions provider, announced a partnership with Microsoft to develop a new cloud-based healthcare platform. The platform will integrate Allscripts' Sunrise EHR system with Microsoft's cloud technology to provide healthcare organizations with a more comprehensive solution.
Epic Systems Corporation, or Epic, is an American privately held healthcare software company. According to the company, hospitals using its software held medical records of 78% of patients in the United States and over 3% worldwide in 2022. Epic Systems Corporation, a leading provider of electronic health record (EHR) systems, announced the launch of MyChart Central. This new platform allows patients to access their medical records from multiple healthcare providers in one place.
Key Companies in the healthcare information systems market include
Healthcare information systems Industry Developments
March 2022 Cerner Corporation, a healthcare technology company, announced the acquisition of Kantar Health, a data and analytics company focused on the life sciences industry. The acquisition is aimed at expanding Cerner's offerings in the healthcare data analytics market.
January 2022 Epic Systems Corporation, a leading provider of electronic health record (EHR) systems, announced the launch of MyChart Central, a new platform that allows patients to access their medical records from multiple healthcare providers in one place.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1.5 billion |
| Market Size 2023 | USD 1.69 billion |
| Market Size 2032 | USD 4.47 billion |
| Compound Annual Growth Rate (CAGR) | 12.90%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | Increase in adoption of advanced technologies in healthcare facilities. |
| Key Market Dynamics | The increasing cost of healthcare Mounting prevalence of certain fatal diseases |
Healthcare Information Systems Market Highlights:
Frequently Asked Questions (FAQ) :
The Healthcare Information Systems market was valued at USD 1.5 Billion in 2022.
The market is projected to grow at a CAGR of 12.90% during the forecast period, 2023-2032.
Asia-Pacific had the largest share of the market
The key players in 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.
The Hospital information systems category dominated the market in 2022.
Hospitals had the largest share of the market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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