Health Informatics
Health Informatics Forecasts to 2030 - Global Analysis By Type (Hospital Information Systems, Laboratory Information Systems, Medical Imaging Information System and Pharmacy Information Systems), Product Type (Hardware, Services and Software), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $40.79 BN |
|
Projected Year Value (2030) |
US $105.9 BN |
|
CAGR (2023 - 2030) |
14.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Health Informatics Market is accounted for $40.79 billion in 2023 and is expected to reach $105.9 billion by 2030 growing at a CAGR of 14.6% during the forecast period. A multidisciplinary discipline called health informatics integrates the use of data analysis, information technology, and healthcare management to enhance the effectiveness, precision, and quality of healthcare delivery and decision-making. It focuses on the collection, retention, retrieval, and application of health information across a range of healthcare settings. Healthcare informatics is essential to modern healthcare because it uses data and technology to enhance patient outcomes, streamline workflows, and promote medical research.
According to the Cancer Research UK, 18.1 million new cases of cancer were reported globally in 2020.
Market Dynamics:
Driver:
Digital revolution in the healthcare sector
The use of telemedicine, electronic health records (EHRs), and other digital health technology is causing a digital revolution in the healthcare sector. The desire for improved patient care, faster procedures, and decision-making based on data ultimately fuels this change. Electronic health records (EHRs) replace paper-based medical records with digital systems that facilitate the capture, storage, and retrieval of patient data. Additionally, the creation and application of electronic health records (EHRs) require the use of health informatics solutions because they make it possible to handle electronic health data effectively, producing patient data that is more precise and easily accessible. These factors are thereby positively influencing market expansion.
Restraint:
High cost
The cost of implementation is a significant restraint in the health informatics market. It can be costly to implement health informatics solutions. New software, technology, and training are frequently investments that healthcare organizations must make. This covers the acquisition of servers, networking hardware, storage systems, and software for electronic health records (EHRs). For the purpose of using health informatics systems successfully, healthcare professionals and personnel require training. This includes the price of training plans, employing instructors, and allocating employees time to become proficient in the new technology.
Opportunity:
Aging population
The aging population is increasing the demand for healthcare services. Health informatics can assist in monitoring ongoing diseases, managing the care of elderly patients, and enhancing the quality of healthcare provided to this group. Chronic conditions like diabetes, heart disease, and hypertension are more common in older people. Additionally, health informatics systems assist healthcare providers in tracking and treating chronic illnesses more efficiently by enabling remote monitoring, electronic health records, and care coordination. The market for healthcare informatics is expanding due to the rise in the aging population.
Threat:
Data overload
An increasing number of health informatics systems raise the possibility of data overload. Massive amounts of data are produced by health informatics systems, including patient monitoring information, diagnostic test results, electronic health records (EHRs), and more. It can be challenging to efficiently manage and analyze this amount. However, the amount of data collected may be too much for healthcare workers to handle and understand which could result in information fatigue. Large volumes of healthcare data must be stored and retrieved, which can put pressure on storage systems and cause delays in accessing vital patient data. The market for health informatics may be threatened by data overload.
Covid-19 Impact
The COVID-19 pandemic has positively impacted the demand for healthcare informatics. The uptake of telemedicine and digital health technology' has been accelerated by the pandemic. Tele consultations, virtual care delivery, and remote patient monitoring were all made possible in large part by healthcare informatics. During the epidemic, demand for data analytics and surveillance solutions increased dramatically. Technologies for artificial intelligence and machine learning were used to create COVID-19 predictive models, support diagnostics, and examine patient data.
The hospitals segment is expected to be the largest during the forecast period
The hospitals segment is estimated to hold the largest share. Hospitals' growing desire to increase profitability has prompted the implementation of effective informatics systems. Healthcare informatics systems provide accurate and consistent patient diagnosis as well as the upkeep of patient health records. The primary drivers of the market's expansion are the increasing adoption of digital health systems by healthcare facilities, the focus on patient-centered mandates, the creation of care management solutions as a cost-saving strategy, the emergence of accountable care organizations, and the aging population's growing preference for patient involvement.
The oncology segment is expected to have the highest CAGR during the forecast period
The oncology segment is anticipated to have lucrative growth during the forecast period. Oncology deals with the study, diagnosis, prevention, and treatment of cancer. The growth of this market has been aided in recent years by the rising incidence of cancer in the general population, the expansion of research into new medications and treatment options, and the rising need for hospitals' informatics systems. As a result, it is anticipated that this market will expand quickly throughout the projection period.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period due to rising medical expenses, a rise in the elderly population, an increase in the prevalence of chronic diseases, an increase in government efforts and e-health programs, population expansion, and public-private sector partnerships. Increased government investment in building healthcare infrastructure, rapid urbanization, rising disease prevalence, and a huge population are some of the reasons that are driving demand for the healthcare informatics industry in this region. Additionally, due to the high population, the hospital sector is experiencing increased demand, and as a result, this region is anticipated to have rapid growth in the years to come.
Region with highest CAGR:
North America is expected to witness profitable growth over the projection period. The region's developed healthcare infrastructure, higher adoption rate of cutting-edge technologies, increased government funding for the construction of pharmaceutical and healthcare facilities, and rising numbers of research institutes are all characteristics of North America that have a positive impact on the market for healthcare informatics.
Key players in the market
Some of the key players in the Health Informatics Market include Koninklijke Philips N.V., Oracle Cerner, Health Gorilla, LabVantage Solutions, Inc., Medtronic plc, Veradigm LLC, MV Sistemas MV Informatica Nordeste Ltda., FinThrive, Axiom Resource Management, Inc., NXGN Management, LLC, Accuro Healthcare Solutions, Agfa HealthCare and Benchmark Systems.
Key Developments:
In June 2023, Health Gorilla, a leading Health Information Network and interoperability provider, has announced a new partnership with Humana Puerto Rico to enhance care coordination for its members. Through this collaboration, Health Gorilla will provide Admission, Discharge, and Transfer (ADT) data to Humana Puerto Rico powered by established network connections on the island.
In November 2021, Koninklijke Philips N.V. launched AI-enabled MR portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions in the U.S. AI-powered MR 5300 1.5T system, which received 510(k) clearance from the U.S. Food and Drug Administration (FDA), simplifies and automates complex clinical and operational tasks with helium-free for life MR operations, driving consistent quality and sustainability for outpatient clinic and MR departments.
Types Covered:
• Hospital Information Systems
• Laboratory Information Systems
• Medical Imaging Information System
• Pharmacy Information Systems
Product Types Covered:
• Hardware
• Services
• Software
Applications Covered:
• Autoimmune Diseases
• Gynecology
• Oncology
• Renal Diseases
• Respiratory Diseases
• Cardiology
• Other Applications
End Users Covered:
• Specialty Clinics
• Insurance Companies
• Hospitals
• Pharmacies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Health Informatics Market, By Type
5.1 Introduction
5.2 Hospital Information Systems
5.2.1 Electronic Medical Record
5.2.2 Patient Engagement Solutions
5.2.3 Population Health Management
5.2.4 Real-time Healthcare
5.2.5 Electronic Health Record
5.3 Laboratory Information Systems
5.4 Medical Imaging Information System
5.4.1 Monitoring Analysis Software
5.4.2 Radiology Information Systems
5.4.3 Picture Archiving & Communication Systems
5.4.4 Other Medical Imaging Information System
5.5 Pharmacy Information Systems
5.5.1 Automated Dispensing Systems
5.5.2 Prescription Management
5.5.3 Inventory Management
5.5.4 Other Pharmacy Information Systems
6 Global Health Informatics Market, By Product Type
6.1 Introduction
6.2 Hardware
6.3 Services
6.4 Software
7 Global Health Informatics Market, By Application
7.1 Introduction
7.2 Autoimmune Diseases
7.3 Gynecology
7.4 Oncology
7.5 Renal Diseases
7.6 Respiratory Diseases
7.7 Cardiology
7.8 Other Applications
8 Global Health Informatics Market, By End User
8.1 Introduction
8.2 Specialty Clinics
8.3 Insurance Companies
8.4 Hospitals
8.5 Pharmacies
8.6 Other End Users
9 Global Health Informatics Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Koninklijke Philips N.V.
11.2 Oracle Cerner
11.3 Health Gorilla
11.4 LabVantage Solutions, Inc.
11.5 Medtronic plc
11.6 Veradigm LLC
11.7 MV Sistemas MV Informatica Nordeste Ltda.
11.8 FinThrive
11.9 Axiom Resource Management, Inc.
11.10 NXGN Management, LLC
11.11 Accuro Healthcare Solutions
11.12 Agfa HealthCare
11.13 Benchmark Systems
List of Tables
1 Global Health Informatics Market Outlook, By Region (2021-2030) ($MN)
2 Global Health Informatics Market Outlook, By Type (2021-2030) ($MN)
3 Global Health Informatics Market Outlook, By Hospital Information Systems (2021-2030) ($MN)
4 Global Health Informatics Market Outlook, By Electronic Medical Record (2021-2030) ($MN)
5 Global Health Informatics Market Outlook, By Patient Engagement Solutions (2021-2030) ($MN)
6 Global Health Informatics Market Outlook, By Population Health Management (2021-2030) ($MN)
7 Global Health Informatics Market Outlook, By Real-time Healthcare (2021-2030) ($MN)
8 Global Health Informatics Market Outlook, By Electronic Health Record (2021-2030) ($MN)
9 Global Health Informatics Market Outlook, By Laboratory Information Systems (2021-2030) ($MN)
10 Global Health Informatics Market Outlook, By Medical Imaging Information System (2021-2030) ($MN)
11 Global Health Informatics Market Outlook, By Monitoring Analysis Software (2021-2030) ($MN)
12 Global Health Informatics Market Outlook, By Radiology Information Systems (2021-2030) ($MN)
13 Global Health Informatics Market Outlook, By Picture Archiving & Communication Systems (2021-2030) ($MN)
14 Global Health Informatics Market Outlook, By Other Medical Imaging Information System (2021-2030) ($MN)
15 Global Health Informatics Market Outlook, By Pharmacy Information Systems (2021-2030) ($MN)
16 Global Health Informatics Market Outlook, By Automated Dispensing Systems (2021-2030) ($MN)
17 Global Health Informatics Market Outlook, By Prescription Management (2021-2030) ($MN)
18 Global Health Informatics Market Outlook, By Inventory Management (2021-2030) ($MN)
19 Global Health Informatics Market Outlook, By Other Pharmacy Information Systems (2021-2030) ($MN)
20 Global Health Informatics Market Outlook, By Product Type (2021-2030) ($MN)
21 Global Health Informatics Market Outlook, By Hardware (2021-2030) ($MN)
22 Global Health Informatics Market Outlook, By Services (2021-2030) ($MN)
23 Global Health Informatics Market Outlook, By Software (2021-2030) ($MN)
24 Global Health Informatics Market Outlook, By Application (2021-2030) ($MN)
25 Global Health Informatics Market Outlook, By Autoimmune Diseases (2021-2030) ($MN)
26 Global Health Informatics Market Outlook, By Gynecology (2021-2030) ($MN)
27 Global Health Informatics Market Outlook, By Oncology (2021-2030) ($MN)
28 Global Health Informatics Market Outlook, By Renal Diseases (2021-2030) ($MN)
29 Global Health Informatics Market Outlook, By Respiratory Diseases (2021-2030) ($MN)
30 Global Health Informatics Market Outlook, By Cardiology (2021-2030) ($MN)
31 Global Health Informatics Market Outlook, By Other Applications (2021-2030) ($MN)
32 Global Health Informatics Market Outlook, By End User (2021-2030) ($MN)
33 Global Health Informatics Market Outlook, By Specialty Clinics (2021-2030) ($MN)
34 Global Health Informatics Market Outlook, By Insurance Companies (2021-2030) ($MN)
35 Global Health Informatics Market Outlook, By Hospitals (2021-2030) ($MN)
36 Global Health Informatics Market Outlook, By Pharmacies (2021-2030) ($MN)
37 Global Health Informatics Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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