Healthcare Informatics Market Size to cross USD 100 billion, with a CAGR of over 10% during 2022 to 2031: TMR study

Wilmington, Delaware, United States, July 28, 2023 (GLOBE NEWSWIRE) — The global market for healthcare informatics was estimated to have acquired a market valuation around US$ 35.6 billion in 2022. The market is likely to garner a robust 12.6% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 100.4 billion.

An essential part of healthcare informatics is healthcare information management. Within the healthcare ecosystem, it comprises gathering, storing, organizing, and disseminating patient-related data along with health information. Effective healthcare information management makes sure that correct and pertinent data are accessible to healthcare professionals, administrators, and patients in order to promote informed decision-making, increase patient care, and boost overall healthcare outcomes.

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Healthcare information technology is the utilization of information technology to handle and improve patient outcomes, administrative procedures, and healthcare delivery. It includes a variety of tools, programs, and systems created to gather, store, process, and share health-related data in a quick and effective way.

There are several potential for manufacturers to profit from this trend as the healthcare informatics market revenue is predicted to increase. Healthcare informatics is clearly leading the change of the healthcare sector and ushering in an age of data-driven healthcare.

Key Findings of the Market Report

• In 2022, by type, hospitals maintained a sizable market share in terms of end users.
• By application, the oncology application accounted for a significant share of the global healthcare informatics market in 2022.
• By end-user, the hospital information systems category accounted for the biggest market share for healthcare informatics globally in 2022.

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Market Trends for Healthcare Informatics

• The hospitals category is anticipated to be driven by an increase in collaboration between medical facilities and healthcare informatics companies to gather and enrich data throughout the projected period. For example, in January 2021, 12 behavioral health facilities around the Commonwealth of Virginia received electronic health records (EHR) from Oracle Cerner (Cerner Corporation).
• The main factors influencing the segment’s growth are an upsurge in hospital utilization of digital health systems, an increasing emphasis on patient-centered mandates, the development of care management tools to reduce healthcare costs, the creation of accountable care organizations, as well as the surge in geriatric patients’ preference for patient engagement.

Global Healthcare Informatics Regional Market Outlook

• In 2022, a sizable portion of the global healthcare informatics market was concentrated in North America. This is attributed to new developments in healthcare informatics, government efforts, the desire for data-driven solutions, as well as the need for better patient care.
• The United States government has been aggressively encouraging the use of electronic health records and healthcare informatics through a number of programs and legislation. Healthcare providers have been encouraged to build and use health information technology systems by initiatives like the Health Information Technology for Economic and Clinical Health Act (HITECH Act) along with the Medicare Access and CHIP Reauthorization Act (MACRA).
• During the projected period, the healthcare informatics industry is anticipated to expand significantly in Asia Pacific. This is attributed to an increase in healthcare spending, a rise in the number of elderly people, an increase in the prevalence of chronic illnesses, an increase in government efforts and e-health programs, population expansion, and public-private sector partnerships.

Global Healthcare Informatics Market: Key Players

Companies compete in the market by focusing on tactics such as the introduction of novel products, mergers, and alliances and collaborations. The journey from image capture to diagnosis is streamlined by the Revolutionary Radiology Workflow solutions and MR Workspace with AI support, enabling technicians to work more productively and predictably.

The top healthcare informatics firms in the market are Medtronic plc, Koninklijke Philips N.V., Health Gorilla, Oracle Cerner, MV Sistemas MV Informática Nordeste Ltda., LabVantage Solutions, Inc., NXGN Management, LLC, Veradigm LLC, Accuro Healthcare Solutions, FinThrive, Agfa HealthCare (Agfa-Gevaert Group), Axiom Resource Management, Inc.

Some developments by the key players in the global market for healthcare informatics are:

• FiberSmart, a novel technique that enables the viewing and analysis of lengthy DNA fibers at high resolution, was introduced in March 2023 by Genomic Vision, a French biotechnology firm involved in the research and sale of diagnostic treatments for genetic illnesses and malignancies. The diagnosis and treatment of genetic illnesses may be completely altered by this technology.
• The AI-powered MR 5300 1.5T structure, which received 510(k) approval from the United States Food and Drug Administration (FDA), simplifies and automates difficult clinical as well as operational tasks with helium-free for life MR operations, promoting consistent high standards and long-term viability for outpatient clinic and MR operations, was introduced by Koninklijke Philips N.V. in the the United States in November 2021.

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Global Healthcare Informatics Market Segmentation

• Type
  • Hospital Information Systems
    • Electronic Health Record
    • Electronic Medical Record
    • Real-time Healthcare
    • Patient Engagement Solutions
    • Population Health Management
    • Others
  • Pharmacy Information Systems
    • Prescription Management
    • Automated Dispensing Systems
    • Inventory Management
    • Others
  • Laboratory Information Systems
  • Medical Imaging Information System
    • Radiology Information Systems
    • Monitoring Analysis Software
    • Picture Archiving & Communication Systems
    • Others
  • Health Insurance Information System
• Application
  • Renal Diseases
  • Autoimmune Diseases
  • Oncology
  • Cardiology
  • Gynecology
  • Respiratory Diseases
  • Others
• End-user
  • Hospitals
  • Specialty Clinics
  • Insurance Companies
  • Pharmacies
  • Others

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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