NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) — The global health informatics market size it is projected to reach a value of around USD 98,679 million by 2030, with an average rate of over 12.4% from 2022 to 2030.
In recent years, new and developing technologies have changed health care. To respond to a changing regulatory environment and significantly improve the quality of patient care, hospitals and physician practices of all sizes have embraced new technologies. Today’s medical facilities are high-tech operations that put state-of-the-art technologies in the hands of qualified personnel. However, hospitals and healthcare settings have tremendous opportunities to accelerate the implementation and use of modern technologies.
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The demand for robust and efficient healthcare informatics will only grow as medical facilities around the world continue to improve. Governments pressured medical facilities to modernize their IT systems, particularly regarding the use of electronic health records, through laws such as Health Information Technology for Economic and Clinical Health (HITECH). These comprehensive and shared records allow a patient’s healthcare professionals to work together as a team and make critical healthcare decisions based on the patient’s entire medical history.
Impact of COVID-19 on the health informatics industry
Health informatics is one of the fastest growing areas of study and employment today. While health informatics has continually increased in popularity and demand, its urgency increased after the COVID-19 pandemic. The COVID-19 pandemic has clearly shown that the main challenges and risks for humanity require global solutions and shared decisions. Data and analytics are critical components of such decision-making processes. Several projects have begun to facilitate national and global sharing of various types of COVID-19 data, such as molecular data (from sequencing to drug targets), epidemiology, and eventually, on policies and intervention methods.
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Global Healthcare Informatics Market Growth Aspects
Some of the important trends in the health informatics market include the increasing demand for data integration, the growing requirements of pharmaceutical and biotech companies, and the growing adoption of electronic health records (EHRs). Integrating health information technology is about nothing more than meeting new legal criteria. Today, organizations that use information technology services are more competitive in their respective markets. On top of that, electronic health records are already widely used in the medical field with over 85% of doctors in the office using an EHR system.
However, growing security concerns related to embedded systems and high service and maintenance costs incurred by healthcare IT systems are some of the aspects hindering market growth. Furthermore, increasing government investments to develop advanced health care facilities and a growing number of patient bases requiring regular medical assistance are some factors that may lead to various growth prospects for the industry in the coming years.
Healthcare informatics market segmentation
The global healthcare informatics market has been segmented on the basis of type, application, end user, and geography. Based on type, the market is divided into hospital information systems, medical imaging information systems, laboratory information systems, pharmacy information systems, and health insurance information systems. Among them, the hospital information system generated the highest revenue of the health informatics market, while the laboratory information system segment achieved the fastest growth rate during the forecast period 2022-2030.
By application, the market is categorized into oncology, cardiology, gynecology, kidney diseases, autoimmune diseases, respiratory diseases, and others. Based on our analysis, the oncology segment gained a significant share of the health informatics market in 2021. However, the cardiology segment is likely to see the fastest growth rate in the coming years. Also, the end-user segment is divided into specialized clinics, hospitals, insurance companies, pharmacies and others. In 2021, the hospital end user held the largest share of the market, although pharmacies will post the highest CAGR in the forecast years.
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North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa are the regional classification of the global healthcare informatics market. Based on regional ranking, the North region captured the largest market share in 2021 due to increased adoption of technologically advanced systems and IoT technologies. Also, increasing government investments in the healthcare sector and hospitals developed in infrastructure are some of the factors supporting the growth of the North American healthcare informatics market. On the other hand, the Asia-Pacific region is anticipated to experience the fastest growth rate (CAGR) during the forecast period 2022-2030. Several companies in the region have shown interest in investing and developing digitization solutions for healthcare records. Furthermore, favorable government policies are likely to drive the growth of the Asia-Pacific market in the coming years.
Key players covered globally in Allscripts, Accuro Healthcare Solutions, Agfa HealthCare Corp, Cardinal Health, Benchmark Systems, Cerner Corp., CNSI, Axiom Resource Management Inc., Cognizant Technology Solutions, and Medtronic.
Companies in the healthcare informatics market are helping the healthcare industry reduce errors and improve coordination. Robust IT platforms built by key players help patients keep track of their health status, while clinicians can access their patient records at their fingertips.
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Acumen Research and Consulting