Healthcare Informatics Market is Estimated to Witness High Growth Owing to Rising Adoption of Patient-Centric Healthcare Solutions
Healthcare Informatics Market is Estimated to Witness High Growth Owing to Rising Adoption of Patient-Centric Healthcare Solutions
Blog Article
The healthcare informatics market comprises products and solutions such as electronic health records, healthcare analytics solutions, revenue cycle management solutions, population health management solutions, and medical image analytics that help in improving clinical, financial, and operational performance. Healthcare informatics help clinicians and healthcare organizations to derive meaningful insights from patient data to enhance clinical decision making, improve patient outcomes, and streamline financial operations. The increasing adoption of patient-centric care models and the need for maintaining high-quality care standards while optimizing costs are fueling demand for healthcare informatics solutions.
The Global healthcare informatics market is estimated to be valued at US$ 91.51 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the healthcare informatics market are Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, GE Healthcare, Philips Healthcare, Siemens Healthineers, IBM Watson Health, Oracle Healthcare, eClinicalWorks, Athenahealth, Inc., Carestream Health, Agfa-Gevaert Group (Agfa HealthCare), Medidata Solutions, Inc., NextGen Healthcare, Inc., Siemens Medical Solutions, Health Catalyst.
Key opportunities: Healthcare Informatics Market Demand Growing adoption of mHealth and telehealth solutions owing to the COVID-19 pandemic has created significant opportunities for players in the healthcare informatics space. Additionally, the rise of big data analytics and AI/ML technologies is also expected to create new opportunities going forward.
Global expansion: Leading healthcare informatics players are focusing on expanding their geographical footprint through acquisitions as well as partnerships with regional and local players. The healthcare informatics market is expected to witness high growth in developing regions such as Asia Pacific and Latin America with increasing healthcare expenditure and infrastructural developments in these markets.
Market drivers: The rising geriatric population and the associated increase in chronic diseases are majorly fueling the demand for healthcare informatics solutions from both public and private healthcare providers. Healthcare informatics help improve clinical outcomes and aid in better chronic disease management for the aging population at an optimal cost. Technologies such as cloud computing and 5G networks are further expected to drive innovations in healthcare informatics over the forecast period.
PEST Analysis
Political: Healthcare informatics is highly regulated by governments globally and regulations related to data privacy and security are constantly evolving. Changes in regulations impact the way healthcare organizations adopt digital technologies.
Economic: The rising healthcare costs globally are driving greater adoption of healthcare informatics solutions that aim to improve efficiencies and outcomes. Countries are investing more in their healthcare sectors to deliver quality care at reduced costs.
Social: Patients are more informed today and demand better access to their health records and services digitally. They also expect coordination of their care across different care providers. This is increasing uptake of connected health technologies and telehealth services.
Technological: Advancements in areas such as artificial intelligence, machine learning, cloud computing and mobile technologies are fueling innovation in healthcare IT. Newer solutions are enabling more predictive, preventive and personalized care models in healthcare. Interoperability across different solutions remains a challenge.
North America region accounted for the largest share of the global healthcare informatics market in 2021 and is estimated to continue its dominance during the forecast period. This is owing to high adoption of digital health technologies, presence of advanced healthcare infrastructure, and growing investments by private organizations and governments in the region. The US being the major revenue contributor attributes to factors such as ongoing technological advancements, supportive government policies, and increase in venture capital funding.
The Asia Pacific region is expected to witness the highest growth in the global market during the forecast period. This is attributed to rapidly developing healthcare infrastructure, growing medical tourism industry, rising healthcare expenditure, and increasing geriatric population in countries such as Japan, China, and India. Government initiatives towards digitization of healthcare along with improving reimbursement policies are also fueling adoption of various healthcare IT solutions across Asia Pacific. Moreover, large untapped opportunities in rural areas present lucrative prospects for market players in the region.
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