Global Healthcare Information Software Market, By Deployment Mode (Web-Based, On-Premise, Cloud-Based), End Users (Hospitals, Diagnostic Centers, Academic and Research Institutes) – Industry Trends and Forecast to 2029
Market Analysis and Size
The healthcare sector's rapid expansion is the main driver of the global market. The market is being stimulated by the healthcare information software's ability to enable remote access to patient health reports and reduce the likelihood of medical records being lost. Additionally, the growing investments by both public and private companies in modernising the current healthcare infrastructure are raising an optimistic outlook for the sector. The demand for healthcare information software is also growing due to ongoing technical breakthroughs and the extensive adoption of contemporary technologies across the industry.
Data Bridge Market Research analyses that the healthcare information software market which was USD 22.6 billion in 2021, would rocket up to USD 53.22 billion by 2029, and is expected to undergo a CAGR of 11.3% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Deployment Mode (Web-Based, On-Premise, Cloud-Based), End Users (Hospitals, Diagnostic Centers, Academic and Research Institutes)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
General Electric (U.S), Lightbeam (U.S.), Incite (U.S.), Data Trans Solutions (U.S.), Mediportal, LLC. (U.S.), Ciracet (U.S.), AXIOM Systems (U.S.), arcadia.io (U.S.), Open Text Corporation (Canada), Infor (U.S.), Orion Health group of companies (New Zealand), NXGN Management, LLC. (U.S.), Unitedhealth Group (U.S), eClinicalWorks (U.S), Cerner Corporation (U.S), Allscripts Healthcare, LLC (U.S.), Health Catalyst (U.S.), Intersystems Corporation (U.S.), Epic Systems Corporation (U.S.), MEDITECH (U.S.)
Healthcare information exchange is specifically developed to allow doctors, healthcare providers, and other medical facilities to securely and quickly transmit patient medical information electronically. Healthcare practitioners can share and access a patient's medical information via electronic devices through health information exchange (HIE). It also aids in the retrieval of clinical data in order to provide fast, effective, safe, efficient, and patient-centered treatment. It also aids in collaboration with healthcare stakeholders such as nurses, pharmacists, doctors, and other healthcare providers and reduces time-consuming administrative duties.
Healthcare Information Software Market Dynamics
- Rise in cardiovascular disorders
Chronic diseases like cancer, diabetes, and cardiovascular disorders have been on the rise as a result of the ageing population's rapid growth. Therefore, these factors and technological developments in the healthcare sector have increased the need for devices and solutions for diagnosis and treatment. Additionally, the use of such devices has increased the need for medical information management to enable the best possible use of data for disease diagnosis, which has increased the market size for healthcare information software. Additionally, the target market is expanding as a result of the rising prevalence of deadly diseases.
- Increase in prevalence of lifestyle disorders worldwide
The market for healthcare information software is expected to grow significantly between 2022 and 2029 as a result of the enormous popularity that healthcare information software has recently attained in hospitals and medical facilities. One of the main reasons that the target market's growth prospects have expanded is the stressful lifestyle brought by the expanding fast food consumption, which has increased the prevalence of lifestyle disorders worldwide.
- Rising awareness about healthcare information exchange system
High-speed access to medical clinical records with hospitals and clinicians is made possible through health information exchange, enabling for quick, dependable, and successful patient recovery. Regularly sharing patient data aids in making educated treatment decisions, lowers duplicate testing, increases diagnosis rates, and reduces readmissions and prescription errors. The health information exchange also uses clinical data from a range of providers, public health statistics, and spending and activity data from a number of providers and payers.
The market for healthcare information software will see numerous growth opportunities during the forecast period due to the rising adoption of advanced technologies in healthcare, the high rate of adoption of this software by healthcare enterprises to integrate new advanced technologies, and the growing need to boost efficiency.
The security difficulties and interoperability problems would restrain the growth of the healthcare information software market. The lack of qualified professionals during the forecast period will be a barrier to the market's expansion.
This healthcare information software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare information software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Information Software Market
The health information exchange market has grown dramatically during the COVID-19 epidemic. Several factors, including a higher emphasis on the use of healthcare I.T. infrastructure for data transfer, ease of use, and cost reduction, are driving the adoption of health information exchange during the pandemic. As patient loads have increased, the demand for EMR and EHR platforms to manage complex patient data has grown, propelling market growth throughout the pandemic. As patient volumes have expanded, so has the demand for electronic medical reports and health report solutions to manage sophisticated patient data. Integrating disparate hospital systems with electronic health information is becoming increasingly important to hospitals (EHRs). The healthcare information exchange market has connected its EHR platforms with telehealth solutions and updated their software solutions to successfully enable healthcare professionals manage COVID-19 patients.
- In 2021, Steward Health Care and MEDITECH (U.S.) will work together to implement MEDITECH's EHR system at 18 locations in Arizona, Texas, Utah, Arkansas, and Louisiana. This decision was influenced by Steward's "One Platform" initiative, which aims to unite all 35 hospitals under a single HER.
- In 2021, Change Healthcare will launch its nationwide Clinical Data Retrieval Solution, a new cloud-based interoperability solution that will allow payers to quickly and easily retrieve patient records from electronic health record (EHR) systems.
Global Healthcare Information Software Market Scope
The healthcare information software market is segmented on the basis of deployment mode and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Diagnostic Centers
- Research Institutes
Healthcare Information Software Market Regional Analysis/Insights
The healthcare information software market is analysed and market size insights and trends are provided by country, deployment mode, and end-user as referenced above.
The countries covered in the healthcare information software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare information software market due to the increasing investments in healthcare and the introduction of various government policies, increasing the high adoption of digital health technologies in the region.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the increasing healthcare spending and expanding government programs, which are likely to boost regional market demand.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Healthcare Information Software Market Share Analysis
The healthcare information software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information software market.
Some of the major players operating in the healthcare information software market are:
- General Electric (U.S.)
- Lightbeam (U.S.)
- Incite (U.S.)
- Data Trans Solutions (U.S.)
- Mediportal, LLC. (U.S.)
- Ciracet (U.S.)
- AXIOM Systems (U.S.)
- arcadia.io (U.S.)
- Open Text Corporation (Canada)
- Infor (U.S.)
- Orion Health group of companies (New Zealand)
- NXGN Management, LLC. (U.S.)
- Unitedhealth Group (U.S.)
- eClinicalWorks (U.S.)
- Cerner Corporation (U.S.)
- Allscripts Healthcare, LLC (U.S.)
- Health Catalyst (U.S.)
- Intersystems Corporation (U.S.)
- Epic Systems Corporation (U.S.)
- MEDITECH (U.S.)