NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) — The global healthcare informatics market size is anticipated to arrive at a value of around USD 98,679 Million by 2030, with an average rate of above 12.4% from 2022 to 2030.
In recent years, new and developing technologies have changed healthcare. To respond to a shifting regulatory environment and to significantly improve the quality of care for patients, hospitals and physician offices of all sizes have embraced new technologies. Medical facilities today are high-tech operations that place cutting-edge technologies in the hands of skilled personnel. Nevertheless, hospitals and healthcare settings have enormous opportunities to expedite their deployment and use of modern technologies.
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The demand for robust and efficient healthcare informatics assistance will only grow as medical facilities around the world continue to upgrade. Governments pushed medical facilities to modernize their IT systems, particularly when it came to the usage of electronic health records, through legislation like the Health Information Technology for Economic and Clinical Health (HITECH). These shared, complete records enable a patient’s medical professionals to work together as a team and make critical healthcare decisions based on the entirety of the patient’s medical history.
COVID-19 Impact on Healthcare Informatics Industry
Health informatics is one of the most rapidly expanding areas of study and employment today. While health informatics has been continuously increasing in popularity and demand, its urgency was heightened in the aftermath of the COVID-19 pandemic. The COVID-19 pandemic has clearly proven that key challenges and risks to humanity require global solutions and shared decisions. Data and analytics are critical components of such decision-making processes. Several projects have begun to facilitate the national and worldwide exchange of various types of COVID-19 data, such as molecular (from sequencing to pharmacological targets), epidemiological, and eventually policy and intervention methods data.
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Global Healthcare Informatics Market Growth Aspects
Some of the important trends in the healthcare informatics market include rising demand for data integration, surging requirements from pharma and biotech companies, and rising adoption of electronic health records (EHRs). Integrating health information technology isn’t about more than just meeting new legal criteria. Nowadays, organizations that use information technology services are more competitive in their respective markets. On top of that, electronic health records are already widely employed in the medical field and over 85% of office-based doctors utilize an EHR system.
However, the rising security concerns related to integrated systems and high service and maintenance costs incurred by healthcare informatics systems are some of the aspects hindering the market growth. Furthermore, increasing government investments to develop advanced healthcare facilities and a rising number of patient bases requiring regular medical assistance are a few factors that are able to generate several growth prospects for the industry in the coming years.
Healthcare Informatics Market Segmentation
The global healthcare informatics market has been segmented based on type, application, end-user, and geography. Based on the type, the market is divided into hospital information systems, medical imaging information systems, laboratory information systems, pharmacy information systems, and health insurance information systems. Among them, the hospital information system generated the largest healthcare informatics market revenue, whereas the laboratory information system segment attained the fastest growth rate throughout the forecast period 2022 – 2030.
By application, the market is categorized into oncology, cardiology, gynecology, renal diseases, autoimmune diseases, respiratory diseases, and others. Based on our analysis, the oncology segment gathered a significant healthcare informatics market share in 2021. However, the cardiology segment is likely to witness the fastest growth rate in the coming years. Furthermore, the end-user segment is split into specialty clinics, hospitals, insurance companies, pharmacies, and others. In 2021, hospital end-user occupied the majority of the market share, although the pharmacies will register the highest CAGR in the projected years.
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North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global healthcare informatics market. Based on the regional classification, the North region conquered the utmost market shares in 2021 due to the increased adoption of technologically advanced systems and IoT technologies. In addition, the surge in government investments in the healthcare sector, and infrastructurally developed hospitals are some of the factors that are supporting the North America healthcare informatics market growth. On the other hand, the Asia-Pacific region is anticipated to witness the fastest growth rate (CAGR) throughout the forecast period 2022 – 2030. Several companies in the region have shown interest in investing in and developing digitization solutions for healthcare records. Furthermore, favorable government policies are likely to boost the Asia-Pacific market growth in the coming years.
Key players covered globally in the Allscripts, Accuro Healthcare Solutions, Agfa HealthCare Corp, Cardinal Health, Benchmark Systems, Cerner Corp., CNSI, Axiom Resource Management Inc., Cognizant Technology Solutions, and Medtronic.
Companies in the healthcare informatics market are assisting the healthcare industry in reducing errors and improving coordination. Robust informatics platforms created by key players assist patients in keeping track of their health state, while clinicians may access their patients’ records at their fingertips.
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Mr. Frank Wilson
Acumen Research and Consulting
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