Healthcare Information System Market Size to Surpass US$ 487.8 BN by 2030

As per Precedence Research, The healthcare information systems market size is expected to surpass around US$ 487.8 billion by 2030 and expanding growth at a CAGR of 7.8% from 2022 to 2030.

The healthcare information system helps to store data and information of patients in an integrated system. The healthcare information system is applicable in variety of ways such as medical imaging information system, hospitals information system, revenue cycle management, pharmacy information system, and laboratory information systems. The components used in the healthcare information system are software and hardware. As a result, the global healthcare information system market is growing due to technological advancements.

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The developing and developed regions, the government has started investing in healthcare infrastructure. This is driving the expansion of the healthcare information system market. The electronic health records are being captured with the help of healthcare information system. These health records help to track and maintain the data of patients. The developing nations such as the U.S., the UK, and China are utilizing healthcare information system on a large scale. This is attributed to the favorable government initiatives led down by government of those countries. Thus, these factors are boosting the growth of the global healthcare information system market during the forecast period.

The major market players of the healthcare information system market are striving hard to expand their market reach. For that, they are adopting unique strategies such as product launch, joint venture, mergers, partnerships, acquisitions, and collaboration. All of these strategies have helped key market players to expand their geographical reach globally. In addition, the government of developed nations is providing incentives and tax rebates for the growth and the development of the global healthcare information system market.

Report Highlights:

• Based on the application, the revenue cycle managementsegment dominated the global healthcare information system market in 2020 with largest market share. The health and medical insurance are gaining popularity in the market. The revenue cycle management helps to keep track of all the information and data related to reimbursement.
• On the basis of component, the servicessegment holds the largest market share the global healthcare information system market in 2020.The healthcare information system service providers offer variety of services such as consulting and hosting of websites.
• Based on the end user, the hospitals segment dominated the global healthcare information system market in 2020 with largest market share. The healthcare information system had helped hospitals in different ways. These systems help hospitals to maintain, monitor, and track all the information related to patients.
• On the basis of deployment, the web-based segment holds the largest market share the global healthcare information system market in 2020. The web-based healthcare information system is quite easy to install and is very cost effective in nature for small and medium scale organizations.
• North America is the largest segment for healthcare information system market in terms of region.The factors such as existence of major market players, surge in demand for advanced and innovative technologies, and improved healthcare infrastructure are driving the growth of the healthcare information system market in North America region.
• Asia-Pacific region is the fastest growing region in the healthcare information system market. The healthcare information system market in Asia-Pacific region is being driven by the technological developments and rising utilization of eHealth platforms in healthcare centers and hospitals.

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Future of Healthcare Information System Market

The technological advancements in the field of healthcare sector are driving the growth of the global healthcare information system market. The healthcare information systems have become integral part of the healthcare industry. The integration of technologies such as blockchain, artificial intelligence, and robotics is benefiting the healthcare information system market. These technologies help in cost savings for various hospitals. As a result, the global healthcare information system market is expected to expand in coming years.

COVID-19 Impact Analysis:

• The COVID-19 pandemic had shifted the healthcare sector growth significantly.
• Similarly, due to fear of transmission of coronavirus from one person to another, the healthcare practitioners adopted digital solutions.
• One such platform is healthcare information system. This system helps to track and monitor patient’s health in remote areas as well.
• Thus, the impact of the COVID-19 epidemic on the growth of the global healthcare information system market is positive. 

Key Developments in the Marketplace:

• In India, the government approved an INR 13.9 billion project in August 2021 to put up a cloud based integrated healthcare information management system throughout the region’s hospitals.
• Medtronic introduced its new Open Innovation Platform (OIP) in October 2021 to address patient requirements in Asia-Pacific region.
• Capsule Technology Inc., a major developer of medical device integration and data technologies for healthcare institutions and hospitals was acquired by Royal Philips in January 2021.

Some of the prominent players in the global healthcare information system market include:

• Cerner Corporation
• Orion Health
• Philips Healthcare, Inc.
• Seimens
• NextGen Healthcare
• Epic Systems
• Mckesson Corporation
• Carestream Health
• AllScripts
• Medidata Solutions, Inc.
• Agfa Gevaert N.V.

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