Healthcare Information System Market
Number of pages: 100 | Report Format: PDF | Published date: April 24, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 296.3 billion |
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Revenue Forecast in 2031 |
US$ 593.29 billion |
|
CAGR |
8.02% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Deployment, Application, System, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare information system market was valued at US$ 296.3 billion in 2022 and is expected to register a revenue CAGR of 8.02% to reach US$ 593.29 billion by 2031.
Healthcare Information System Market Fundamentals
A healthcare information system (HIS) is designed to manage and store healthcare data in a digital format. It typically includes electronic health records (EHRs), computerized physician order entry (CPOE), clinical decision support systems (CDSS), and other software applications designed to improve the quality and efficiency of healthcare delivery. The main objective of a HIS is to improve the management of patient information, streamline communication between healthcare providers, and facilitate better patient care. HIS allows healthcare providers to access patient data in real-time, regardless of location, which helps ensure they have the most up-to-date information to make informed decisions. Some common features of a Healthcare Information System include patient registration, appointment scheduling, billing, and payment processing, laboratory and radiology results, medication management, and clinical documentation. HIS also includes features such as data analytics and reporting, which can be used to track patient outcomes, monitor population health trends, and identify areas for improvement.
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Healthcare Information System Market Dynamics
As the volume of patient data continues to grow, healthcare providers seek ways to manage this data more efficiently, which is a primary driver for the growth of the global healthcare information system market revenue share. Healthcare information systems can help providers to streamline data management processes and reduce the risk of errors and inconsistencies. With a growing emphasis on patient-centered care, healthcare providers seek ways to engage patients better and provide more personalized care. Healthcare information systems can help providers to collect and analyze patient data, which can be used to tailor care plans to individual patients. Furthermore, healthcare prices are rising, and providers seek methods to minimize costs without sacrificing patient care. Healthcare information systems can assist providers in increasing efficiency, reducing waste, and avoiding unnecessary costs. Technological advancements like artificial intelligence, machine learning, and the Internet of Things (IoT) make it possible to collect and analyze data in novel ways. Healthcare information systems use these technologies to provide improved insights into patient health and care outcomes. Moreover, governments worldwide are investing in healthcare information systems to improve healthcare outcomes and reduce costs. In many cases, government initiatives are driving the adoption of healthcare information systems in healthcare organizations.
However, healthcare information systems require storing and transmitting sensitive patient data, making data security a critical concern. Providers must ensure that patient data is protected from cyber-attacks and breaches, which can be costly and time-consuming. Moreover, implementing healthcare information systems can be expensive, especially for small organizations. The hardware, software, and training costs can be a significant barrier to adoption, particularly for organizations with limited budgets. Additionally, high implementation costs, resistance to change, and concerns about data security are some of the restraints impeding the overall market revenue growth.
Healthcare Information System Market Ecosystem
The global healthcare information system market is analyzed from five perspectives: deployment, application, system, end user, and region.
Healthcare Information System Market by Deployment
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Based on the deployment, the global healthcare information system market is segmented into on-premise and cloud-based.
The cloud-based segment dominated the market with the principal revenue share in 2022. A cloud-based HIS is a system hosted and delivered over the internet rather than being installed and operated locally on a healthcare organization’s servers. Cloud-based HIS typically offers several advantages over traditional systems. One of the most significant advantages is scalability, as cloud-based systems can easily be scaled up or down to meet changing demands. This can be particularly beneficial for healthcare organizations that experience fluctuations in patient volumes, as they can adjust their system resources accordingly. Another advantage of cloud-based HISs is cost-effectiveness, as they typically require lower upfront costs than on-premise systems. Cloud-based systems also eliminate the need for healthcare organizations to invest in their hardware and infrastructure, which can be costly and time-consuming to maintain. These aspects contribute to the growth of the cloud-based segment’s revenue share.
Healthcare Information System Market by Application
Based on the application, the global healthcare information system market is segmented into laboratory informatics, pharmacy automation systems, medical imaging information systems, revenue cycle management, and medical imaging information systems.
Revenue cycle management (RCM) accounted for a prominent market revenue share, owing to the need to reduce medical billing errors, reduce healthcare reimbursements, move the trend towards creating synchronized management systems, and increase the demand for workflow optimization in hospitals and other facilities. RCM refers to managing the financial transactions associated with healthcare services, from the initial patient encounter to the final payment of the claim. The RCM within a HIS typically includes a suite of software applications designed to manage and automate the billing and payment processes. Some common features of RCM software include patient registration and insurance verification, charge capture and coding, claims submission and processing, denial management, and payment processing. RCM software applications can also include analytics and reporting tools that provide insights into revenue trends, claims processing efficiency, and other key performance indicators. These factors contribute to the revenue growth of the revenue cycle management segment.
Healthcare Information System Market by System
Based on the system, the global healthcare information system market is segmented into hardware, software & systems, and services.
The services segment accounted for a prominent market revenue share, mostly because of the many services the businesses offer to manage the information systems in healthcare institutions, including optimization, hosting, consulting, and revenue cycle services. The services specifically refer to the various professional services provided to healthcare organizations to help them implement, customize, and optimize their HISs. The Services segment is a critical component of the HIS market. It ensures that healthcare organizations have the support they need to maximize the value and effectiveness of their HIS investment. A HIS typically includes professional services, such as consulting, implementation, training, support, and maintenance. Healthcare organizations may engage with third-party service providers to provide these services or work with the HIS vendor directly.
Consulting services within the HIS services typically involve working with healthcare organizations to identify their specific needs and requirements and to develop a customized HIS implementation plan. Implementation services involve configuring and deploying the HIS, integrating it with existing systems, and testing it to ensure it functions properly. Similarly, the maintenance services within the HIS Services segment typically involve performing regular updates and upgrades to the HIS to ensure that it remains current and effective.
Healthcare Information System Market by End User
Based on the end user, the global healthcare information system market is segmented into hospitals, diagnostic centers, and academic and research institutes.
The hospital’s segment is a key player in the healthcare information system market, with the largest revenue share in 2022. Hospitals are large and complex organizations that require comprehensive HIS solutions to manage patient data, streamline communication between healthcare providers, and optimize clinical workflows. HIS solutions designed for the Hospitals segment typically include a range of features and functionalities, such as electronic health records (EHRs), computerized physician order entry (CPOE), clinical decision support systems (CDSS), and revenue cycle management (RCM) tools. These solutions are designed to improve the quality and efficiency of healthcare delivery within hospitals and to provide healthcare providers with the data and insights they need to make informed decisions about patient care. These overall factors contribute to the revenue growth of the hospital segment.
Healthcare Information System Market by Region
Based on region, the global healthcare information system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global healthcare information system market with the largest revenue share in 2022, attributed to favorable government policies, a well-established healthcare infrastructure, and the growing digitalization of healthcare systems are all factors. Additionally, regional companies are continuously involved in partnerships, mergers, and acquisitions, which are also expected to improve the healthcare information system market. For instance, in April 2023, SunStone Consulting collaborated with VisiQuate to provide superior sales cycle analytics to help the company accelerate client ROI. SunStone Consulting works with healthcare providers nationwide to streamline and optimize all parts of their reimbursement, regulatory, and revenue cycle through strategic solutions. SunStone Consulting and VisiQuate share a client base in healthcare that aspires to improve financial and operational efficiency inside their organizations through a data-driven and proactive strategy.
Healthcare Information System Market Competitive Landscape
The prominent players operating in the global healthcare information system market are:
Healthcare Information System Market Strategic Developments
A healthcare information system (HIS) is designed to manage and store healthcare data in a digital format.
The global healthcare information system market was valued at US$ 296.3 billion in 2022.
The expected size of the global healthcare information system market in 2031 is US$ 593.29 billion.
The expected revenue CAGR of the healthcare information system market during the forecast period is 8.02% from 2023 to 2031.
Some prominent players operating in the global healthcare information system market are Siemens Healthineers, Wipro Limited, General Electric Company, Epic Systems Corporation, and Novarad Corporation.
*Insights on financial performance are subject to the availability of information in the public domain