Healthcare Information System Market-Global Industry Analysis and Forecast (2024-2030)

Healthcare Information System Market size was valued at US$ 370.85 Bn. in 2023 and the total revenue is expected to grow at CAGR 9.9 % from 2024 to 2030, reaching nearly US$ 718.10 Bn.
Healthcare Information System Market Overview:
The healthcare information system market growth is propelled by the expanding reach of technologically advanced healthcare services. Increasing government initiatives and investments in healthcare IT to create and implement IT systems within the industry drive the greater adoption of healthcare information systems. These systems are specifically crafted to store patient data and conduct analyses for accurate diagnoses. Governments and healthcare providers alike are embracing these systems to address the rising healthcare demands cost-effectively, serving medical needs efficiently.To know about the Research Methodology :- Request Free Sample Report
Healthcare Information System Market Dynamics:
The growth of the healthcare information system market is fueled by rising healthcare costs linked to factors like technological advancements, an aging population, and administrative burdens. Companies such as Cerner Corporation epitomize this trend by offering comprehensive healthcare information technology solutions. Their electronic health records (EHR) and revenue cycle management systems streamline administrative tasks and billing processes, while population health management tools analyze patient data for proactive care. Medical document management systems market has gained popularity in the healthcare industry over the forecast period the medical document management system industry is expected worth around USD 446.6 Million in 2020 with 15.8% CAGR during the forecast period driving factors such as the need to reduce healthcare costs, ensure regulatory compliance and improve clinical efficiency and patient care. Factors like the increasing geriatric population and the prevalence of diseases such as Cancer, Heart disease, and neurological conditions drive market growth globally. Initiatives in various regions, like funding for digital healthcare marketing Market platforms and information management systems, aim to improve patient outcomes. DrChrono, a California-based company, received USD 20 million in January 2022 to develop EHR and expand its services, reflecting the growing importance of healthcare information systems. Globally, cancer remains a significant cause of death, with 18.1 million new cases and 9.5 million related deaths in 2022.

The healthcare information system market is driven by factors such as the rise in penetration of technologically advanced healthcare services, rise in healthcare expenditure, increasing government initiatives, and digital healthcare marketing infrastructure. Healthcare information technology is constantly adapting to meet the needs of healthcare providers. Medical software tools and healthcare technology trends have evolved from a stronger focus on patient satisfaction to greater security of patient data. Growing adoption of the EHR system is expected to boost the market growth during the forecast period. Companies and healthcare institutes are collaborating to develop high-quality services and solutions. This collaboration can improve the delivery of personalized care and streaming data and make the most effective use of data analytics.

Cloud-based healthcare information systems have been increasing the adoption and this has become a key trend prevailing in the healthcare industry. Several healthcare institutes are replacing on-premises and web-based systems owing to various advantages and benefits offered by cloud systems such as decreased data storage and management costs. Information technology in healthcare is to enhance the overall health of the population by improving the quality. A survey on 800 UK patients has reported that 42% of patients were looking for online health information in everyday life. Another study on NHS website user’s motivations and individual habits estimated that 50% of the users visit a website before consulting a doctor. The reason for this was that they felt access with online health information quicker and easier and thanks to the web they felt more confident on dealing with medical data. The trend of sharing personal health problems on social media platforms can be found in teenagers. In countries like Australia, famous social media platforms including Facebook, Wikipedia, and YouTube are used to gain medical knowledge. In particular, most participants are highly active on Facebook, and some of them were also members of personal disease groups, follow health related pages. Issues of reliability and trust could be a big concern on these platforms while dealing with online health information. On the other hand, preliminary results of online usage for pregnancy check in Netherland’s women have found that 50% of them made their decisions through the internet. Oncology patients are using the internet to get information about their disease and were happy to receive useful website links through their physicians. Most of the real-time users purpose of health information systems consulting online information were post-graduated or scholars. This suggests that people with a higher level of
Healthcare Information System Trends
Healthcare Information System is the most widespread application every person has their own digital record, which includes demographics, medical history, allergies, laboratory test results, etc. Every record is comprised of one modifiable file, which means that doctors can implement changes over time with no paperwork and no danger of data replication. Electronic Health Records Market can also trigger warnings and reminders when a patient should get a new lab test or track prescriptions to see if he or she has been following doctors’ orders. Although Electronic Health Records Market is a great idea, many countries still struggle to implement them fully. U.S. has made a major leap, with 94% of hospitals adopting EHRs according to this HITECH research, but the EU still lags behind. However, an ambitious directive drafted by the European Commission is supposed to change it.Kaiser Permanente is leading the way in the U.S. and could provide a model for the EU to follow. They’ve fully implemented a system called Health Connect that shares data across all of their facilities and makes it easier to use Healthcare Information System Market. A McKinsey report on big data healthcare analytics states that The integrated system has improved outcomes in cardiovascular disease and achieved an estimated $1 billion in savings from reduced office visits and lab tests.

Healthcare companies have been forced to reconsider their development programs, innovate business models, and adopt new technologies in response to a fundamental shift in health benchmarks towards value-based care for patients. It is challenging to adapt to these disruptions, but it can be accomplished by improving healthcare productivity, accelerating product development, deciphering insights from healthcare market intelligence and building relationships across the value chain.

AI Applications and Concerns of the Medical Community

The rapid development of artificial intelligence (AI) technology, and the trend will continue in 2023. Standing among many industries that benefit from AI, medicine mainly applies it to profound diagnostics and detection of diseases, but it’s not limited to them. For example, IBM Watson is one of the AI platforms already available for business and healthcare AI can offer healthcare and associated industries and how it could become the major health tech trend in the future.
Symptom Checker Chatbots

Chatbots are AI-backed computer applications conducting human-like meaningful conversations via voice, textual, or option-based input in Healthcare Information System Market. They are becoming popular and widespread in Healthcare Information System industry, including healthcare and medical consulting. Such solutions, accessible 24/7 online or via mobile devices, are capable of preliminary medical diagnostics and health advisory based on a patient’s inputs and complaints.

Healthcare Information system Market Restraints

Hospital costs significantly impact private insurance premiums in numerous ways, driven by varying charges for procedures, increased utilization of costly services, negotiations between insurers and hospitals, investments in advanced technology, administrative expenses, and regional cost differences. In addition to infrastructure investments, additional costs are incurred for electronic medical report solutions, maintenance, training, and the conversion of paper data to electronic records. Indirect costs include income losses as a result of the temporary loss of patient data. Electronic health records solutions, hospitals must invest heavily in infrastructure development, such as increasing data storage and processing capacities. Healthcare providers are finding it challenging to invest in such infrastructure because their financial resources are already stretched. These are the main barriers to EMR solution adoption that are limiting the health information exchange market's growth, particularly in small and medium-sized hospitals.
Healthcare Information System Market Segment Analysis:
The Healthcare Information System Market is segmented By Application, Component, and Delivery Mode

Based on the Application, The Healthcare Information System Market is segmented into Hospital information systems, Pharmacy information systems, Laboratory information systems, and Revenue Cycle Management. Revenue Cycle Management has the largest market share of 60.0% in the year 2023. Government plays a crucial role in the adoption of the Revenue Cycle Management system globally. This segment is estimated to grow at the fastest CAGR during the forecasting period, owing to the increasing technological advancements that play a key role in altering the RCM process.

Based on the Component, The Healthcare Information System Market is segmented into Software, Hardware, and Services. The service segment held the largest market share more than 45.0% in the year 2023. high demand for experts in IT and communication services and growing adoption of technological advancement and IT infrastructure in the healthcare market intelligence are the key factors responsible for the growth of this segment. Healthcare industries has been using the different types of software and their services to maintain better quality of data.Based on the Delivery Mode, The Healthcare Information System Market is segmented into Web-based, On-premise, and Cloud-based. Web-based segment held the largest market share of 40% in the year 2023. Owing to a large number of users for Web–based and segments have high demand from small to medium healthcare enterprises or organizations to improve overall workflow processes and quality of work. As of January 2021, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030.As increasing different types of chronic diseases, the demand for Healthcare Information Systems has increased.
Healthcare Information System Market Regional Insights
North America dominated the Healthcare Information System Market holding the largest market share of 54 % in 2023. It is also expected to register at a CAGR of 9.5 % during the forecast period. Because of public sector spending specifically by Medicare, and Medicaid, and robust demand for high-quality diagnostic services.

According to Centres for Medicare & Medicaid Services (CMS), US National health expenditure represents approximately 18% of GDP, which is expected to reach 20% in the year 2023. Europe holds the second position in the market and it’s also estimated to grow at the fastest CAGR during the forecasting period. The existence of a large number of market competitors in the region as well as the high frequency of new Product releases both seem to be factors contributing to regional market growth.

Total healthcare spending in the US exceeded $4.3 trillion in 2021 and will likely push past $6.8 trillion by 2030. As things stand, healthcare costs account for nearly a fifth of the American economy. These include hospital care, physician services, clinical services, prescription drugs, and personal healthcare. Other costs include home healthcare, nursing facilities, health insurance, public health activities, and health insurance administration. Healthcare information technology in United States hospitals are adopting new computer systems at a rapid pace as a result of the U.S. creating financial incentives for the benefit of companies like privately held epic The healthcare information system market in the U.S. is set to expand significantly, reaching around $335 billion by 2030. This growth is because more hospitals and doctors are using electronic health records, storing healthcare data online, and using telehealth and remote patient monitoring. This field employs over 250,000 people and ads over $100 billion to the U.S. economy each year. Looking ahead, we'll see more use of smart technology and computers to support doctors, a stronger focus on involving patients, ensuring data security, integrating mental health into healthcare systems, using information about social factors affecting health, and enhancing public health monitoring. McKesson has been actively expanding its healthcare information technology offerings through various initiatives, including the formation of a new company with Change Healthcare, the creation of Ontada for advanced healthcare analytics, and a partnership with Google Cloud for AI solutions. These developments demonstrate McKesson's commitment to innovation and its dedication to providing healthcare providers with the tools they need to improve patient care and reduce costs.

Asia Pacific is expected to be the fastest-growing segment with CAGR at 11.90% during the forecast period. The most profitable markets are emerging economies like India and China, which have a growing senior population, a larger patient pool, and better healthcare facilities. The rise is expected to be boosted by rising awareness of these systems and their expanding importance, as well as supportive government programmes and regulations.

The objective of the report is to present a comprehensive analysis of the Healthcare Information System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Healthcare Information System Market dynamic, structure by analysing the market segments and projecting the Healthcare Information System Market size. Clear representation of competitive analysis of key players by Product, price, financial position, Product portfolio, growth strategies, and regional presence in the Healthcare Information System Market make the report an investor’s guide.

Competitive Analysis

The competitive landscape of the Healthcare Information system industry is characterized by intense competition among key players aiming to capture a significant market share. Established companies and startups are actively involved in research and development to enhance their advanced technology. Manufacturers have partnerships and collaborations with operators, technology providers, and research institutes that are fostering innovation and knowledge exchange. Market leaders are also focusing on expanding their global presence through strategic acquisitions, mergers, and geographical expansions to gain a competitive edge in the growing Healthcare Information System market. Key players in the HIS market include Epic Systems, Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, and Athenahealth Inc. These companies offer a wide range of HIS solutions, including electronic health record (EHR) systems, practice management systems, and revenue cycle management (RCM) systems.

In 2023, 3M HIS plans to continue to develop innovative solutions and expand its partnerships with healthcare providers. The company is also planning to invest in new technologies, such as artificial intelligence and machine learning, to develop even more effective solutions for the healthcare industry.

In a press release announcing the collaboration, 3m Health Information Systems Market has stated that working with AWS will make it easier for clinicians to automate accurate, complete, and structured notes in the EHR a scalable reality. Using contextual understanding, 3M Fluency Align takes the patient-physician conversation and available EHR data to create a quality-reviewed note directly in the patient record, ready for physician review and sign-off. Using Amazon Bedrock’s generative AI service, 3m health information systems Market plans to further scale and accelerate its innovation in conversational AI to deliver greater flexibility, choice and usability to physician end users.
Healthcare Information System Market Scope: Inquire Before Buying



Global Healthcare Information System Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2017 to 2022
Market Size in 2023:
US $ 370.85 Bn.


Forecast Period 2024 to 2030CAGR:
9.9%
Market Size in 2030:
US $ 718.10 Bn.


 Segments Covered:
by Component
Software
Hardware
Services


by Delivery Mode
Web-based
On-premise
Cloud-based


by Application
Hospital information systems
Pharmacy information systems
Laboratory information systems
Revenue Cycle Management



Healthcare Information System Market, by Region
North America (United States, Canada, and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria and the Rest of ME&A)
Healthcare Information System Market Key Players are:
North America
McKesson Corporation (U.S.)
Cerner Corporation (U.S.)
Allscripts (U.S.)
Medidata Solutions Inc. (U.S.)
GE Healthcare (U.S.)
Athenahealth, Inc. (U.S.)
Epic Systems Corporation (U.S.)
NextGen Healthcare (U.S.)
GE Healthcare . (U.S.)
NeuroLogica Corporation (U.S.)
Hewlett Packard (U.S.)
Oracle (Cerner Corporation) (U.S.)
Carestream Health (U.S.)
Novarad Corporation (U.S.)
e-MDs Incorporation (U.S.)
Medidata Solutions Inc.(U.S.)
eClinicalWorks (U.S.)
NXGN Management, LLC (U.S.)
GREENWAY HEALTH, LLC.(U.S.)
Infor (U.S.)
SWORD Health (U.S.)

Europe
Siemens Healthineers (Germany)
Siemens Healthineers (Germany)
Ada Health GmbH (Germany)
TESCAN (Czech Republic)
Philips Healthcare (Netherlands)
Siilo (Finland)
Agfa Gevaert NV (Belgium)

Asia-Pacific
Neusoft Medical Systems Co., Ltd. (China)
Shenzhen Anke High-tech Co., Ltd.(China)
Frequently Asked Questions:
1] Which segments are covered in Healthcare Information System Market report?
Ans. The segments covered in Healthcare Information System Market report are based on, By Application, By Delivery Mode and Component

2] Which region is expected to hold the highest share in the Healthcare Information System Market?
Ans. North America is expected to hold the highest share in the Healthcare Information System Market.

3] What is the market size of Healthcare Information System Market by 2030?
Ans. The market size of Healthcare Information System Market by 2030 is US $ 718.10 Bn.

4] Who are the top key players in the Healthcare Information System Market?
Ans.McKesson Corporation, Cerner Corporation. Allscripts, Agfa Gevaert NV, Medidata Solutions Inc., GE Healthcare, Siemens Healthineers, athenahealth, Inc., Epic Systems Corporation, NextGen Healthcare.

5] What was the market size of Healthcare Information System Market in 2023?
Ans. The market size of Healthcare Information System Market in 2023was US $ 370.85 Bn.