Healthcare Information Systems Industry Size and Value Expected to Reach USD 406.4 Billion 2022Posted by rahul nikade on April 28th, 2023 Healthcare Information Systems Industry Data Book Covers Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, Revenue Cycle Management Markets. The global healthcare information systems markets size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period. 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. 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. The population health management type segment dominated the global industry in 2022 and accounted for the maximum share of more than 49.65% of the overall revenue. Factors, such as the rising adoption of IT solutions in the healthcare and rising demand for value-based care delivery by healthcare professionals, contributed to the growth of this segment. On the basis of deployment, the global industry has been further categorized into on-premise, web-based, and cloud-based. The web-based deployment segment dominated the global market in 2022 and accounted for the maximum share of more than 41.95% of the overall revenue. On the basis of components, the global industry has been further categorized into software, services, and hardware. The software component segment dominated the global industry in 2022 and accounted for the maximum share of more than 45.50% of the overall revenue. Electronic Health Records Market Insights The global electronic health records market size was estimated at USD 28.1 billion in 2022 and it is anticipated to grow at a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030. The web-based EHR segment led the market for electronic health records and accounted for the largest revenue share in 2022 and is expected to witness lucrative growth over the forecast period. This large market share is attributed to their popularity amongst the physicians and healthcare providers, which operate on a smaller scale. The hospital segment dominated the electronic health records (EHR) market and held the largest revenue share in 2022. The growth can be attributed to the large amount of medical data generated in hospitals. Furthermore, the cost of installation in electronic health records is less in hospitals as compared to ambulatory care centers, which also boosts the market growth. The acute EHR segment dominated the market for electronic health records and accounted for the largest revenue share of about 45.0% in 2022. The growth can be attributed to the government initiatives for the adoption of electronic health records in small-scale facilities. The professional services segment dominated the market for electronic health records and accounted for the largest revenue share of more than 31.0% in 2022 and is expected to witness lucrative growth over the forecast period. Professional services help healthcare systems in the implementation of information systems in their organizations. Patient Engagement Solutions Market Insights The global patient engagement solutions market size was valued at USD 19.5 billion in 2022 and is expected to grow at a CAGR of 17.54% from 2023 to 2030. The web and cloud-based segment dominated the market in 2022. The segment is also anticipated to expand at the fastest rate over the forecast period.The adoption of these solutions is increasing owing to remote access to real-time data tracking, integrated features, easy accessibility, insignificant handling costs, and easy data backup. Due to the aforementioned reasons, companies are investing in web and cloud-based patient engagement solutions. The software and hardware segment accounted for the largest share in 2022 and is expected to grow at the fastest CAGR of about 17% over the forecast period. Patient engagement software and hardware form the core offering of the solution. It is simple to install, use, and retrieve records owing to intuitive user interfaces and continuous product upgrades. The communication segment accounted for the largest revenue share of over 35.0% in 2022 as it forms the core offering of any patient engagement solution. This large share is attributed to a surge in demand and adoption of telehealth, mhealth, and other virtual communication solutions via audio, video, and text. The pandemic helped speed up the already growing adoption of virtual communication solutions and expanded application to remote patient monitoring, mental health, and many more modalities. Chronic disease management dominated the market in 2022 with a revenue share of over 40.0%. The rising geriatric population in key markets, the prevalence of chronic diseases, and the adoption of digital technologies catalyzed by the COVID-19 pandemic have contributed to the large share of the segment. The outpatient health management segment dominated the market and held a revenue share of over 35.0% in 2022. The others application segment, which includes R&D and preventive care, is anticipated to expand at the fastest rate of 17.0% over the forecast period. Providers held the largest revenue share of over 45.0% in 2022. Providers serve the largest volume of patients and are also the primary line of treatment for consultation from general to specialist health concerns. These end users are thus the largest adopters of patient engagement solutions. Access the Global Healthcare Information Systems Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competition benchmarking, macro-environmental analyses, and regulatory & technological framework studies Population Health Management Market Insights The global population health management market size was valued at USD 47.5 billion in 2021 and is expected to expand at a CAGR of 21.9% from 2022 to 2030. The services segment dominated the market for population health management and accounted for the largest revenue share of more than 51.0% in 2021. Growing preference for in-house systems in hospitals and other care providers to avoid involving third parties to assess patient data is driving the services segment. The healthcare providers segment dominated the market for population health management and accounted for a revenue share of 48.7% in 2021. PHM improves clinical outcomes by aiding in better disease management, resulting in reduced in-patient stay and overall observation hours of physicians. Pharmacy Automation Devices Market Insights The global pharmacy automation devices market size was valued at USD 5.1 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 9.8% during the forecast period. The medication dispensing system segment dominated the industry in 2021 and accounted for the largest share of more than 24.5% of the global revenue. The high share can be attributed to accuracy in dispensing of medicines and improved safety offered by these systems, which result in lesser incidences of wrong medications being dispensed to patients. It also helps in adept inventory management as well as helps reduce costs by managing storage. Based on end-uses, the industry has been further bifurcated into hospital and retail pharmacies. The largest share of the global industry in the end-use segment was held by the retail pharmacy section. The segment accounted for a share of 52.4% in 2021. Laboratory Informatics Market Insights The global laboratory informatics market size was valued at USD 3.21 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030. The Laboratory Information Management Systems (LIMS) segment dominated the market and held a revenue share of over 45.0% in 2021. These systems include master data management, reporting of sample lifecycle, stability study, system and security administration, schedules, inventory, instruments, storage capacity and logistics, and analytical workflow. The cloud-based segment dominated the market and accounted for a revenue share of over 40.0% in 2021 and is expected to maintain its dominance throughout the forecast period. Cloud-based technology helps in storing large amounts of data remotely to allow free space on devices and facilitate data retrieval according to client needs. The services segment dominated the market and accounted for a revenue share of over 55.0% in 2021 and is anticipated to maintain its position over the forecast period. An increase in the outsourcing of LIMS solutions is contributing to the segment growth. As large pharmaceutical research labs lack the resources and skillset required for the deployment of analytics, these services are outsourced by them. The life science companies segment accounted for the largest revenue share of over 25.0% in 2021. This segment encompasses biobanks, molecular diagnostic and clinical research laboratories, contract service organizations, pharmaceutical and biotechnology companies, and academic research institutes. Revenue Cycle Management Market Insights The global revenue cycle management market size was valued at USD 243.1 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 11.6% from 2022 to 2030. The software segment dominated the revenue cycle management market and accounted for the largest revenue share of 66.4% in 2021. Growing data siloes and the increasing amount of data generated from multiple healthcare functions are driving the need for process digitalization and streamlining workflows for enhanced efficiencies and improved patient care. The integrated type segment dominated the market for revenue cycle management and accounted for the largest revenue share of 69.8% in 2021 owing to the growing preference for volume-based payments over value-based payments. Integrated solutions offer a streamlined and synchronized format for various financial activities via a single platform resulting in a standardized data collection and analysis process. The web-based delivery mode segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 53.0% in 2021 owing to the growing implementation of web-based solutions. The physician back-office segment dominated the market for revenue cycle managementand accounted for the largest revenue share of 38.0% in 2021. According to the Association for Service Management International, practice management systems are used more in physician offices in the U.S. Healthcare Information Systems Market – Global Industry Segmentation Healthcare Information Systems, By Application
Healthcare Information Systems, By Deployment
Healthcare Information Systems, By Component
Healthcare Information Systems, By End Use
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Healthcare Information Systems Industry Data Book Competitive Landscape Mergers & acquisitions, product launches, and collaborations & partnerships are continuously adopted by these co Key players operating in the healthcare information systems industry are –
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