Healthcare Informatics Market to be Worth US$ 100 Bn by the End 2031
Healthcare Informatics Market: Introduction
According to the report, the global healthcare informatics market was valued at US$ 31 Bn in 2020 and projected to expand at a CAGR of ~12% from 2021 to 2031. Increase in technological advancements and rise in demand for lab automation are the major factors anticipated to propel the global healthcare informatics market during the forecast period. North America held a major share of the global healthcare informatics market in 2020 due to high awareness about pharmaceutical information systems and hospital information systems in the region.
The healthcare informatics market in Asia Pacific is expected to expand at a high CAGR of 13.8% from 2021 to 2031 due to rise in information sharing among clinicians, patients, and authorized entities through healthcare informatics systems and increase in installation of advanced technologies for data collection from multiple clinical, financial, operational, and patient-derived sources in the region.
Rise in Demand for Lab Automation to Drive Market
The demand for lab automation has increased over the past few years, as it is a highly effective solution to address the shortage of skilled personnel and reduce human intervention in laboratory processes. For instance, in July 2020, Danaher Corporation moved into a marketing contract with Clever Culture Systems (CCS), a pioneer in microbiology automation using AI, to endorse the APAS Independence in their suite of lab automation solutions. Routine lab procedures are being automated with the help of devoted workstations and software for programming instruments, which enhance lab productivity and enables individual researchers to focus on critical tasks.
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Lab automation also helps reduce human errors that could occur, owing to performing repetitive tasks such as pipetting. Additionally, adoption of automation in laboratories aids in making the processes cost-effective, rapid, and efficient. Manual processes are considered to consume more time than automated ones, accounting for over 60% of the total time invested in the workflow. Automating specimen workflows could help save time and require less resource allocation. Furthermore, the adoption of automation enables to continue the runs overnight rather than having to pause them and carry out the reaction the next day.
Hospital Information Systems Dominate Global Market
In terms of type, the global healthcare informatics market has been classified into hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information systems, and health insurance information systems. The hospital information systems segment dominated the global healthcare informatics market in 2020, and the trend is anticipated to continue during the forecast period. The segment's dominance can be attributed to increase in rate of adoption of hospital information systems in emerging markets. The hospital information systems segment has been split into electronic health record, electronic medical record, real-time healthcare, patient engagement solutions, population health management, and others. The pharmacy information systems segment has been segregated into prescription management, automated dispensing systems, inventory management, and others. The medical imaging information systems segment has been split into radiology information systems, monitoring analysis software, picture archiving & communication systems, and others.
Oncology to Offer Lucrative Opportunities
Based on application, the global healthcare informatics market has been categorized into renal diseases, autoimmune diseases, oncology, cardiology, gynecology, respiratory diseases, and others. The oncology segment held a major share of the global healthcare informatics market in 2020. Informatics tools play a significant role in both oncology practice and research. Additionally, rise in focus on the application of informatics for precision oncology boosts the growth of the segment.
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Hospitals to be Major End User
In terms of end user, the global healthcare informatics market has been divided into hospitals, specialty clinics, insurance companies, pharmacies, and others. The hospitals segment dominated the market in 2020, owing to the availability of budget for the installation of expensive healthcare informatics systems.
North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global healthcare informatics market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global healthcare informatics market during the forecast period. Technological advancements and rise in awareness about pharmaceutical information systems and hospital information systems are the major factors driving the market in the region. The market in Europe is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and an increase in the demand for healthcare informatics devices in the region.
The healthcare informatics market in Asia Pacific is likely to grow at a rapid pace in the near future. Rise in awareness and increase in healthcare expenditure in the region are projected to propel the market in Asia Pacific over the next few years. Japan, India, and China are anticipated to be lucrative markets for healthcare informatics during the forecast period.
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Growth Strategies of Key Players
Key players operating in the global healthcare informatics market are Medtronic, Koninklijke Philips N.V., Health Gorilla, Cerner Corporation, MV Informática Nordeste Ltda., LabVantage Solutions, Inc., NXGN Management, LLC, Allscripts Health Care, LLC, nThrive Revenue Systems, LLC, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Benchmark Systems, and CNSI. These companies adopt the strategy of partnerships in order to expand market share. For instance, in January 2021, in order to bring LabVantage Business and Medical Suite to Brazil, LabVantage Solutions, Inc. announced a strategic alliance with LIDERSALES. LIDERSALES will contribute to the ongoing enhancement of the productivity and reliability of LabVantage facilities in the field through this collaboration.
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