Healthcare Information Systems Market is Expected to Witness Remarkable Growth at a CAGR

Healthcare Information Systems Industry Data Book Covers Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, Revenue Cycle Management Markets.

The global healthcare information systems markets size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period.

Hospital Information System Market Report Highlights

The global hospital information system market size was valued at USD 118.2 billion in 2022, and it is expected to reach USD 405.6 billion by 2030. The market is expected to grow at a CAGR of 17.4% from 2023 to 2030.

• The population health management type segment accounted for the maximum revenue share in 2022 due to the improved healthcare outcomes provided by the software
• The web-based deployment segment dominated the industry in 2022 owing to benefits offered, such as reduced business costs and improved accuracy
• The software component segment led the industry in 2022 owing to the presence of technologically advanced IT infrastructure in healthcare organizations
• North America led the market in 2022 due to the presence of a large number of vendors, such as Cerner (Oracle), GE Healthcare, Carestream Health, IBM, and McKesson Corporation, in the region offering information solutions

Electronic Health Records Market Report Highlights

The global electronic health records market size was estimated at USD 29.7 billion in 2022, and it is expected to reach USD 38.5 billion by 2030. The market is expected to expand at a CAGR of 6.9% CAGR (2023-2030).

• The web-based EHR segment dominated the overall revenues share as of 2021 and is projected to witness a CAGR of over 4.6% from 2022 to 2030. A high adoption rate by physicians is expected to boost the market growth
• The ambulatory use segment which includes physician clinics, laboratories, and pharmacies is expected to exhibit the fastest growth over the forecast period owing to the increasing number of ambulatory care centers globally
• The acute care segment held a considerable market share of about 46.8% in the market due to government initiatives for the adoption of EHRs
• North America held a major market share as of 2021, due to the presence of well-established healthcare infrastructure as well as favorable government initiatives regarding population health management
• The U.S. is dominating the market in North America due to the presence of established players in the country
• The industry participants are focusing on product launch, partnerships, collaborations, mergers, and acquisitions to sustain the competition
• In Asia Pacific, the market is anticipated to witness lucrative growth of around 6.9% owing to the developing healthcare infrastructure in Asian countries, such as Indonesia, China, and India

Patient Engagement Solutions Market Report Highlights

The global patient engagement solutions market size was valued at USD 21.9 billion in 2022, and it is expected to reach USD 70.3 billion by 2030. The market is expected to expand at a CAGR of 17.5% CAGR (2023-2030).

• The web and cloud-based segment emerged as the largest delivery type segment in 2021 as it supports hassle-free information flow between patients and healthcare providers. Moreover, bulk data can be stored in these platforms and accessed remotely
• By component, the software and hardware segment dominated the market in 2021 owing to the continuous development in patient engagement solutions, along with the increasing applications in health and wellness, patient education, and chronic disease management
• The rising prevalence of chronic diseases such as cardiovascular diseases, obesity, and diabetes, which require constant monitoring, is expected to drive the demand for patient engagement solutions in the coming years
• The communication functionality segment dominated the market in 2021 as it forms the core of any patient engagement solution. Market players are continuously releasing upgrades and new features to enhance offerings. For instance, in November 2020, Cerner partnered with WELL Health Inc. to boost the communication capabilities of its patient portal- HealtheLife
• North America dominated the global market in 2021 owing to the increased adoption of m-health and electronic health records (EHRs) and growing investments in patient engagement software by major companies
• Companies are adopting various strategies to sustain competition. New product/solution development, partnerships, mergers, acquisitions, strategic collaborations, and geographical penetration are some of the key strategies adopted by market players 

Access the Global Healthcare Information Systems Industry Data Book, 2022 to 2030, compiled with details like market sizing information forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory technological framework studies

Population Health Management Market Report Highlights

The global population health management market size was valued at USD 57.2 billion in 2022, and it is expected to reach USD 280.8 billion by 2030, registering a CAGR of 22.1% CAGR (2023-2030).

• PHM software offers predictive data analytics, which can be applied for interpreting population characteristics from unstructured clinical data
• The services product segment held a majority of the market share in 2021, as healthcare providers prefer in-house maintenance services
• Healthcare providers held the largest market share of the end-use segment in 2021. The providers can focus effectively on patient-centric care and reducing overall costs. The large market share is attributed to the implementation of the ACA which is the Affordable Care Act for the prevention of diseases, and the adoption of IT in healthcare, this will boost the market growth and create opportunities for the service provider to effectively collect and maintain patients' data.
• North America was the largest regional market in 2021 and is likely to retain its position over the forecast period, as the providers, payers, providers-payers, and accountable care organizations promote the use of PHM services
• In Asia Pacific, the market is expected to witness the fastest growth in the coming years due to rising healthcare expenditure and improving healthcare infrastructure in the region
• Acquisitions and business partnerships with other market players are some of the strategic initiatives undertaken by key players to strengthen their market presence

Pharmacy Automation Devices Market Report Highlights

The global pharmacy automation devices market size was valued at USD 5.8 billion in 2022, and it is anticipated to be valued at USD 11.6 billion by 2030, registering a CAGR of 10.0% CAGR (2023-2030).

• The medication dispensing system product type segment dominated the industry in 2021
• The retail pharmacy end-use segment dominated the global industry in 2021
• This growth can be attributed to the growing number of retail pharmacies and the increasing need to manage them
• The Asia Pacific region is expected to grow at the fastest CAGR over the forecast period
• This growth can be attributed to the increasing patient base and improving the healthcare system in the region
• The COVID-19 pandemic has led to an increased number of patients needing medications
• Shortage of staff has made the industry growth possible; this has provided the industry an opportunity to flourish with an increased demand for medication and proper management of the pharmacies

Laboratory Informatics Market Report Highlights

The global laboratory informatics market size was valued at USD 3.7 billion in 2022, and it is expected to reach USD 4.91 billion by 2030. The market is expected to expand at a CAGR of 4.7% CAGR (2023-2030).

• Based on product, LIMS dominated the market in 2021 owing to the associated benefits such as data tracking and management with fewer errors
• The ECM product segment is expected to register a CAGR of 3.3% over the forecast period. Demand for upgraded laboratory informatics technologies such as Enterprise Content Management (ECM) solutions amongst research professionals and industry players, respectively, is expected to increase over the forecast period
• By delivery mode, the cloud-based segment is anticipated to register a lucrative CAGR of 5.4% over the forecast period due to the growing acceptance of cloud-based services by industry participants
• North America dominated the market and accounted for a revenue share of over 40.0% in 2021, which is attributed to supportive government initiatives promoting the adoption of LIMS
• In Asia Pacific, the market is likely to witness profitable growth over the forecast period due to the increasing RD expenditure deployed by the public and private sectors, coupled with the increasing awareness levels pertaining to LIMS
• Key players are involved in partnerships, mergers and acquisitions, and the launch of new products. In September 2021, PerkinElmer has completed the acquisition of BioLegend. This purchase of BioLegend marks the major transaction in the company’s history as it expands PerkinElmer’s life science franchise

Revenue Cycle Management Market Report Highlights

The global revenue cycle management market size was valued at USD 269.2 billion in 2022, and it is expected to reach USD 658.7 billion by 2030. The market is expected to expand at a CAGR of 11.2% CAGR (2023-2030).

• The market size is anticipated to be valued at USD 658.7 billion by 2030, owing to the growing digitalization of healthcare and outsourcing of RCM solutions
• In 2021, the software segment dominated the market owing to the growing amount of data and the need to streamline workflows and consolidate unorganized data
• The integrated services segment dominated the market in 2021 owing to the growing demand for a coordinated format to manage various financial activities through a single platform
• In 2021, the web-based delivery mode segment dominated the market owing to numerous benefits offered by web-based solutions over on-premises deployed systems
• The physician back-office segment dominated in 2021 owing to the growing number of physician offices in developed countries such as the U.S.
• North America dominated the market in 2021 owing to the presence of well-established, large healthcare facilities and an increasing number of physician offices

Order your copy of the Free Sample of “Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Competitive Landscape

Key players operating in the healthcare information systems industry are –

• athenahealth, Inc.
• Philips Healthcare
• Agfa Gevaert Group
• McKesson Corporation
• Epic Systems Corporation
• Allscripts Healthcare, LLC
• Cerner Corporation
• GE Healthcare
• Hewlett Packard
• Agfa Gevaert Group

Grand View Research’s healthcare information systems industry data book is a collection of market sizing information forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Go through the table of content of Healthcare Information Systems Industry Data Book to get a better understanding of the Coverage Scope of the study

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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