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Healthcare Information System Market Growing Demands and Advancement Analysis

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Growing demand for radiology information systems in diagnostic procedures has propelled the healthcare information systems market. The sophisticated database system allows medical professionals to track massive image files produced during the course of diagnosis and treatment.

The market is majorly driven by an increase in the adoption of advanced technologies in healthcare facilities. Growing usage of digital healthcare infrastructure, which helps in collecting and managing information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services. Furthermore, an increase in the number of patients suffering from chronic diseases and rising demand for cloud-based systems are expected to boost the market in the forecast period.

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Potential opportunities for IT in healthcare in applications such as reducing operating costs incurred while record-keeping and meeting regulatory standards for privacy, as well as efficient hospital workflow management, are among other factors driving uptake. Furthermore, it is expected that these systems will, in the long run, save money and allow organizations to earn significant profits.

The global Healthcare Information Systems market size is expected to be worth around US$ 269.2billion by 2030, according to a new report by Vision Research Reports.

The global Healthcare Information Systems market size was valued at US$ 100.6 billion in 2020 and is anticipated to grow at a CAGR of 10.7% during forecast period 2021 to 2030.

Report Highlights

Hospital information systems (HIS) held the largest revenue share in 2020 due to extensive usage in various applications such as computerization of financial, administrative, and patient care activities. The implementation of these solutions in hospitals has proven to be more advantageous than traditional methods. Some of these advantages are reduction in the scope of error due to the availability of analytical IT solutions, improvement in operational efficiency, and reduction in healthcare expenditure.

Pharmacy information systems accounted for the second-largest revenue share in 2020 and is expected to witness steady growth over the forecast period. This can be attributed to factors such as an increase in the adoption of technologically advanced solutions that allow pharmacists to manage medication workflow in order to improve the effectiveness and efficiency of services. In addition, it plays a vital role in reducing medication errors and improving patient safety by evaluating patterns of drug use and side effects.

Medical imaging information systems are expected to register the highest CAGR of 9.6% over the forecast period. This is attributable to factors such as increasing demand for effective management of medical imagery and rising preference for these systems in tracking billing information. An increase in the prevalence of chronic diseases and the need to efficiently handling image archives are also expected to boost this segment through 2030.

Web-based deployment held the largest revenue share in 2020 due to the expansion of web technologies across verticals by using hypertext-based principles over traditional software-based applications. Deployment of web-based systems results in streamlined and enhanced operating processes within medical facilities, addressing several issues regarding the maintenance of large databases. Furthermore, the systems can be easily managed and updated and require only the main server for installation, through which any updates on the web-based system can be processed easily and quickly.

Cloud-based deployment held the second-largest share in 2020 and the segment is likely to progress at the fastest pace over the forecast period. Various healthcare organizations are looking forward to optimizing workflow by installing cloud-based solutions, which are known for their greater accessibility, better security, and cost-effectiveness. Easy access to and availability of these systems in urban and remote areas will contribute to the growth of the segment over the forecast period. Additionally, cloud-based deployment allows providers to save money by reducing in-house storage needs, thus, making information accessible from various locations.

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Hospitals held the largest revenue share in 2020 and the segment is expected to clock in a CAGR of 8% over the forecast period. This is owing to factors such as the presence of a large number of hospitals and the growing penetration of IT in the field. Over the years, information and communication technology has played a vital role in hospitals, by handling crucial data generated by various departments. Furthermore, the implementation of IT has revolutionized the entire workflow of data within hospitals, aiding the operating of non-patient care activities.

Diagnostic centers held the second-largest market revenue in 2020 and is anticipated to be the fastest-growing segment over the forecast period. This is largely owing to the increasing demand for these technologies, which will help in storing and feeding data in large numbers. These devices have provided flexibility in tracking patient and billing records, which has helped diagnostic centers immensely. Academic and research institutes have also played a key role in propelling the healthcare information systems market. The use of these advanced technologies has helped professionals in easily accessing data.

Services held the largest revenue share in 2020 and is expected to register a CAGR of 8.2% owing to rising adoption in hospitals and clinics, which will enable the administrative staff to store data in bulk. The rise in demand for the installation of software solutions in institutions for training and education purposes has also led to the largest share of the services segment.

Hardware held the second-largest revenue share in 2020. There has been high adoption of advanced hardware within medical facilities in order to store and access large databases and programs. Accessible to all individuals, they will also improve efficiency, enhance productivity, and reduce costs. For instance, NextStep Solutions. Inc. aims at providing multiple hardware configurations to meet clients’ demands. Players are also training staff on advanced programming, Internet technology, and operating systems, which is expected to boost demand over the forecast period.

Software and systems is expected to be the fastest-growing segment by 2030, due to rising demand for advanced software in hospitals, clinics, and training institutes. In addition, growing penetration of IT in the medical sector and surging adoption of technological developments in web-based software and eHealth platforms are likely to boost the market in the coming years. Significant adoption of Electronic Health Records, which is expected to assist physicians and lab assistants in storing, managing, and accessing crucial data, will also benefit the segment.

North America dominated the global market. This is due to initiatives taken by governments in order to accelerate the implementation of IT services in the sector. This eventually helped in streamlining various processes in hospitals, education centers, and clinics. An increase in the number of chronic diseases and augmentation in healthcare expenditure are some of the other factors boosting the regional market.

Europe held the second-largest revenue share in 2020 and is expected to exhibit a CAGR of 9%. This can be attributed to factors such as an increase in patient population and implementation of these systems in various public and private hospitals, which have shown significant improvement in daily operations. Moreover, an increase in government initiatives to promote eHealthcare, growing geriatric population, and accessibility to drugs through online channels have contributed to the market.

Asia Pacific is expected to be the fastest-growing region over the forecast period. This is owing to factors such as an increase in government initiatives and a rise in awareness regarding these systems. Moreover, massive investments in this sector by various governments and a growing population with chronic diseases are expected to boost the market through 2025.

Key Players

Philips Healthcare; NextGen Healthcare; Carestream Health; Cerner Corporation; GE Healthcare; McKesson Corporation; Athenahealth, Inc.; Allscripts; Medidata Solutions Inc.; Siemens Healthineers

Market Segmentation

  • By Application Outlook 
    • Hospital
      • Electronic health record
      • Electronic medical record
      • Real-time healthcare
      • Patient engagement solution
      • Population health management
    • Pharmacy
      • Prescription management
      • Automated dispensing systems
      • Inventory management
      • Others
    • Laboratory
    • Revenue Cycle Management
    • Medical Imaging
      • Radiology
      • Monitoring analysis software
      • Picture archiving and communication systems
  • By Deployment Outlook 
    • Web-based
    • On-premise
    • Cloud-based
  • By Component Outlook 
    • Hardware
    • Software and Systems
    • Services
  • By End-Use Outlook 
    • Hospitals
    • Diagnostic Centers
    • Academic and Research Institutes
  • Regional Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • Germany
      • The U.K.
      • France
      • Russia
      • Italy
      • Spain
      • Netherlands
      • Sweden
    • Asia Pacific
      • Japan
      • China
      • India
      • Australia
      • Singapore
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • South Africa
      • Saudi Arabia

In this study, the years considered to estimate the market size of Healthcare Information Systems are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Buy this premium research report (USD 3500), click here@ https://www.visionresearchreports.com/report/cart/37482 or call: +1 9197 992 333

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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