As per Precedence Research, the healthcare informatics market size is expanding at US$ 84.4 billion by 2029 and expected to registered growth at a CAGR of 12.2% from 2021 to 2030.
As per Precedence Research, the healthcare informatics market size is expanding at US$ 84.4 billion by 2029 and expected to registered growth at a CAGR of 12.2% from 2021 to 2030.
Growth Factors
The surging growth of the research institutes and centers and rising investments by the biopharmaceutical companies towards the research & development activities for the production of various new drugs generatesahigh volume of data. The healthcare informatics systems helps instoring and managinghighvolume of data efficientlythat is driving the demand for the healthcare informatics. Further, the healthcare informatics is being increasinglyadopted in hospitals, pharmacies, and healthcare insurance sectors. The informatics systems helpsin managinghigh volume of data related tomedicines, patients, and reimbursements. This is a major factor that is expected to propel the growth of the healthcare informatics market.
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The healthcare informatics can facilitate consistency in the diagnosis of diseases, early detection of adverse health conditions, and acquisition and dissemination of medicines. Moreover, the increasing adoption of automated digital technologies in healthcare industry is fostering the demand for the healthcare informatics across the globe. The surging penetration of cloud technologies in the healthcare industry is supporting the growth of the healthcare informatics market.
Report Highlights:
- By type, the laboratory was the leading as well as the fastest-growing segment in the global healthcare informatics market. The rising investments in the research& development for the development of new and innovative drugs and diagnosis methods to treat numerous diseases has driven the growth of the laboratory segment.
- On the basis of application, the oncology segment dominated the healthcare informatics market. This can be attributed to the increased research activities and increased treatment of the cancer patients. According to the GLOBOCAN report by the International Agency for Research on Cancer, around 19.3 million new cancer cases and approximately 10 million deaths related to cancer were recorded in 2020 across the globe. The new cancer cases is expected to rise by 47% from 2020 to 2040.
- Based on the end user, the hospitals segment dominated the market in 2020. The rising prevalence of various chronic diseases is resulting in increased number of hospitals admissions. Therefore, the generation of large amount of patient data and reimbursement related data is driving the adoption of the healthcare informatics in hospitals for the storage and management of data.Furthermore, the rising government initiatives to digitize the hospitals and rising investments in the development of advance healthcare infrastructure is expected to fuel the growth of the hospitals segment.
- North America was the leadinghealthcare informatics market in 2020. The higher adoption rate of the advanced technologies in the developed nations like US and Canada has contributed to the dominance of this region. The presence of numerous topbiopharmaceutical companies and numerous contract manufacturing organizations and contract research organizations are collectively contributing towards the growth of the North America healthcare informatics market. The growing investment by the corporates in the research activities for the development of new drugs for chronic disease such as cancer, muscular degeneration,leukemia, lymphoma, and diabetes has fueled the demand for the healthcare informatics systems.
- Asia Pacific is expected to exhibit the highest CAGR during the forecast period. The growing government investments to develop strong healthcare infrastructure and growing volume of patients owing to rising prevalence of chronic diseases is expected to play a prominent role in the growth of the healthcare informatics market in Asia Pacific. Asia Pacific is the home tohigh population which isfueling the demand for the healthcare informatics systems to store, manage, and transfer data related to patients will lead to the growth of the market.
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Future of Healthcare Informatics Market
The introduction of novel technologies such as artificial intelligence and IoT is expected to provide numerous growth opportunities to the market players in the forthcomingfuture. However, the focus would be highly inclined towards enhancing the data breach, data privacy, and cyber security issues. These threats are the major factors that hamper the market growth. There, the demand for the healthcare informatics with enhanced security features is expected to gain rapid traction in the foreseeable future.
COVID-19 Impact Analysis:
- The COVID-19 pandemic positively impacted the market as the need for managing the patient information increased owing to the rapid spike in the number of hospital admissions during the pandemic.
- The increased number of research activities for the study and development of various diagnosis, medicines, and vaccines fostered the market growth.
Key Developments in the Marketplace:
- In February 2021, Tempus collaborated with Precision Health Informatics to improve its precision medicine in the oncology segment.
Segments Covered in the Report
By Type
- Medical Imaging
- Hospital
- Laboratory
- Pharmacy
- Health Insurance
By Application
- Renal Diseases
- Autoimmune Diseases
- Oncology
- Cardiology
- Gynecology
- Respiratory Diseases
- Others
By End User
- Hospitals
- Specialty Clinics
- Insurance Companies
- Pharmacies
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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