Healthcare Information Systems Industry | Forecast 2030
Grand View Research’s healthcare information systems industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
The global healthcare information systems market size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period. Rising global prevalence of chronic diseases is one of the key factors anticipated to boost the demand for healthcare IT for better Chronic Disease Management (CDM). In the U.S., various organizations are implementing healthcare information technology to improve their CDM programs. Some of the healthcare IT applications used for CDM are telehealth, which remotely connects patients and providers for co-management of chronic diseases, Electronic Health Records (EHRs) with integrated chronic care management tools & decision support, and Clinical Decision Support (CDS) systems. As per our study, the market is segmented into application, deployment, component, and end use.
Access the Global Healthcare Information Systems Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
The presence of Accountable Care Organization (ACO) and growing acceptance of these organizations by Medicare, Medicaid, and private health insurers have led to an increase in the number of ACOs by 600% in the past 5 years. Increase in the number of collaborations between private players to start a new ACO is one of the major factors expected to increase the focus on reducing healthcare cost with efficient treatment, which is anticipated to increase the implementation of healthcare information systems.
RCM dominated the HIS market in 2022. The rising need for optimization of organizational workflow coupled with growing innovation in synchronized management software and systems is anticipated to promote RCM market growth. Also, the establishment of teams by federal agencies for regulatory reforms leads to the possibility of reclassification of various healthcare products within the medical industry.
Hospital Information System Market Insights
The global hospital information system market size was valued at USD 115.0 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.4% from 2023 to 2030. Hospital Information Systems (HIS) help healthcare facilities to improve their operational outcomes and reduce the workload on the staff, which is expected to boost industry growth. Various initiatives undertaken by governments across the globe and rising demand for the deployment of advanced IT solutions in hospitals for enhanced operational efficiency are some of the key factors that are expected to boost the adoption of HIS. The need to curb healthcare expenditures due to hospital workflow inefficiencies is also anticipated to boost the adoption of these systems globally. Thus, the growing demand for effective clinical outcomes and reduced healthcare costs are some of the key factors that are boosting the adoption of HIS in developed and emerging economies.
Order your copy of Free Sample of “Healthcare Information Systems Industry Data Book – Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics and Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Electronic Health Records Market Insights
The global electronic health records market size was estimated at USD 29.06 billion in 2023 and it is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% from 2024 to 2030. Government initiatives to encourage healthcare IT usage is a key driver to this market. For instance, My Health Record is a national digital health record platform in Australia. Every Australian citizen has a “My Health Record” unless they have chosen that they don’t want it. The agency claims that by the end of 2022, all healthcare providers in the country will be able to contribute to and use healthcare information available on the platform. Moreover, the introduction of technologically advanced healthcare services is also expected to drive electronic health record (EHR) market growth.
Population Health Management Market Insights
The global population health management market size was estimated at USD 70.0 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 22.0% from 2024 to 2030. The medical industry is rapidly transforming to digitization from a paper-based system, increasing demand for healthcare IT services. In addition, increasing demand for solutions supporting healthcare providers has resulted in a shift from Fee-For-Service (FFS) to Value-Based Payment (VBP) models. Rising demand for effective disease management strategies is expected to boost market growth.
Pharmacy Automation Devices Market Insights
The global pharmacy automation devices market size was valued at USD 5.5 billion in 2022 and is expected to grow at acompound annual growth rate (CAGR) of 9.9% from 2023 to 2030. This can be attributed to the rising global disease burden and the increasing use of prescription medications. For instance, as per the tracking poll of KFF in 2022, during the period of September to October 2021, about 62% of people in the U.S. were taking prescription medicine. This rise in the number of prescriptions is driving demand for automation technology to help reduce medication errors and enable faster prescription dispensing. Moreover, pharmacy automation devices help prevent product contamination and errors, thereby reducing the risk of liabilities & increasing patient safety. These devices also reduce medication wastage, reducing costs in the long run. For instance, according to Omnicell Inc., pharmacy automation resulted in zero drug wastage and reduces pharmacy checks by 90%. Hence, through automation, pharmacists can spend more time on patient care.
