NEW
YORK, July 30, 2024 /PRNewswire/ -- The global
healthcare information software market size is estimated to grow by
USD 8.75 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 5.65% during the forecast period. Increasing adoption of
electronic health records is driving market growth, with a trend
towards increasing adoption of advanced technologies like AI in
healthcare. However, concerns about security of patient data and
cyberattacks poses a challenge. Key market players include
3M Co., ALLSCRIPTS HEALTHCARE
SOLUTIONS INC., Asteres Inc., Athenahealth Inc., Azalea Health
Innovations Inc., Change Healthcare, Cognizant Technology Solutions
Corp., Dedalus Group, ec2 Software Solutions, Epic Systems Corp.,
Fusion, GE Healthcare Technologies Inc., Happiest Minds
Technologies Ltd., Huawei Technologies Co. Ltd., Koch Industries
Inc., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp.,
NextGen Healthcare Inc., Oracle Corp., Siemens AG, UnitedHealth
Group Inc., Veradigm LLC, Wipro Ltd., and WRS Health.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (HIS and
PIS), Deployment (On premises and Cloud based), and Geography
(North America, Europe, Asia, and Rest of World (ROW))
|
Region
Covered
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Key companies
profiled
|
3M Co., ALLSCRIPTS
HEALTHCARE SOLUTIONS INC., Asteres Inc., Athenahealth Inc., Azalea
Health Innovations Inc., Change Healthcare, Cognizant Technology
Solutions Corp., Dedalus Group, ec2 Software Solutions, Epic
Systems Corp., Fusion, GE Healthcare Technologies Inc., Happiest
Minds Technologies Ltd., Huawei Technologies Co. Ltd., Koch
Industries Inc., Koninklijke Philips N.V., McKesson Corp.,
Microsoft Corp., NextGen Healthcare Inc., Oracle Corp., Siemens AG,
UnitedHealth Group Inc., Veradigm LLC, Wipro Ltd., and WRS
Health
|
Key Market Trends Fueling Growth
Healthcare service providers are investing in upgrading their IT
systems and integrating new technologies to enhance efficiency and
reduce costs. Technologies like big data, AI, and cloud computing
are being adopted to streamline operations and improve quality of
treatment. AI is increasingly accepted in healthcare, providing
quick diagnosis and insights, and AI-enabled medical equipment
offers efficient analysis. Siemens for Health is an example of an
AI-based platform solution that generates health data and provides
solutions to reduce treatment time. New technologies enable
healthcare organizations to offer superior quality products and
treatments, driving growth in the global healthcare information
software market. Healthcare businesses are implementing healthcare
information software to incorporate advanced technologies into
their operations, improving healthcare delivery effectiveness and
making medications more precise.
The Healthcare Information Technology (IT) market is witnessing
significant trends, with teleconsultation and telemedicine gaining
popularity. Chronic diseases management is a key focus area,
driving the adoption of software and clinical devices for
e-prescribing and telehealth. Interoperability issues and security
concerns persist, with healthcare organizations seeking solutions
for seamless integration of hardware, software, and clinical
devices. Price transparency, virtual healthcare, and electronic
prescriptions are other trends shaping the market. Surescripts and
interoperability tools are being adopted for better healthcare
management. Usability, integrated properly into IT systems, is
crucial for healthcare professionals to deliver effective care.
Smaller healthcare organizations, ambulatory care, and hospitals
are investing in advanced solutions to manage capacity, patient
information, and recurring expenditures such as software costs,
upgrades, and infrastructure. Despite these investments, challenges
remain, including changing user requirements, implementation cost,
and infrastructure needs. The market for healthcare IT solutions
continues to evolve, with a focus on improving patient care and
efficiency within healthcare systems.
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Market Challenges
- The healthcare industry's reliance on automated systems to
store sensitive patient data increases the risk of data breaches
and cyberattacks. Cybersecurity is a significant concern for the
industry due to the interconnected nature of modern healthcare
systems and the large volume of personal data involved. Threats
include data theft, unauthorized access, improper disposal, data
loss, and hacking, which can occur due to the implementation of
bring-your-own-device (BYOD) policies. Healthcare organizations are
hesitant to adopt digital technologies due to these concerns. Cloud
solutions, while convenient, raise privacy concerns due to
potential data dissemination, deletion, or corruption by
unauthorized users. These factors are hindering the growth of the
global healthcare information software market.
- The Healthcare Information Technology (HCIT) market faces
several challenges in areas like healthcare management, price
transparency, specialty medications, ePrescriptions, controlled
substances, virtual healthcare, electronic prior authorizations,
and prescriber workflows. IT infrastructure constraints, cost
issues, maintenance, software costs, and software upgrades are
common challenges. User requirements, organizational impacts, and
skilled IT personnel are also crucial considerations. HCIT offers
benefits such as improved patient care, clinical solutions, patient
safety, and decision-making. However, implementation costs, core
technologies, and deployment can be significant barriers,
especially for smaller healthcare organizations, outpatient care
facilities, and health systems. The information-intensive
healthcare industry requires interoperability, data exchange, and
usability. Consumer technology companies and healthcare provider
solutions play a role in this landscape. Key areas include RCM
solutions, patient information management, IT architecture, data
communication standards, and clinical solutions segments. The cost
of care in ambulatory care and health systems is a significant
factor. United Health and other players offer solutions to address
these challenges.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This healthcare information software market report extensively
covers market segmentation by
- Application
- Deployment
- 2.1 On premises
- 2.2 Cloud based
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 HIS- Healthcare Information Software (HIS) is a
comprehensive solution designed to address the intricate
requirements of healthcare organizations globally. A significant
component of HIS is Electronic Health Records (EHR), which offers
digital alternatives for managing patient data, clinical
documentation, and interoperability. Key players in the EHR market
include Epic Systems Corporation, GE Healthcare, and UnitedHealth
Group Inc. Besides EHR, HIS incorporates various applications such
as Medical Billing and Revenue Cycle Management (RCM) software,
Clinical Decision Support Systems (CDSS), Picture Archiving and
Communication Systems (PACS), and Population Health Management
(PHM) software. RCM software streamlines financial processes, CDSS
offers evidence-based tools for healthcare professionals, PACS
manages medical imaging data, and PHM supports proactive
interventions. Notably, Telehealth and Telemedicine platforms have
emerged as crucial applications, enabling remote consultations and
monitoring services, particularly during the COVID-19 pandemic. The
multifaceted applications of HIS are instrumental in improving
patient care delivery and operational efficiency, thereby driving
the expansion of the global healthcare information software
market.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Healthcare Information Software market is experiencing
significant growth due to the increasing adoption of
teleconsultation and telemedicine services. These technologies
enable remote patient consultations, diagnosis, and treatment,
particularly beneficial for managing chronic diseases. The market
includes software and hardware components, with e-prescribing,
telehealth, and clinical solutions being key segments. Patient
safety and integrated healthcare systems are major drivers, as
healthcare quality improves and costs decrease. Smartphones and
remote patient monitoring are transforming healthcare IT
infrastructure, with high smartphone penetration and widespread
internet coverage enabling eHealth solutions. Centralized medical
records, artificial intelligence, and big data analytics are also
playing crucial roles in enhancing healthcare delivery and
outcomes.
Market Research Overview
The Healthcare IT Market is experiencing significant growth
momentum, driven by the increasing adoption of remote patient
monitoring, tele-healthcare, and mHealth solutions. Factors such as
smartphone penetration and internet coverage are expanding the
reach of healthcare IT, enabling centralized medical records and
clinical devices to be accessed from anywhere. Artificial
intelligence and big data analytics are revolutionizing healthcare
by providing insights for disease progression and improving patient
outcomes. Laboratory informatics, clinical information systems, and
radiology information systems are essential components of this
industry, contributing to its financial strength and profitability.
Tele-care, eClinical Solutions, and healthcare analytics are also
key areas of investment. However, challenges such as
interoperability issues, security concerns, and IT infrastructure
constraints persist, requiring skilled IT personnel and costly
software upgrades. Despite these challenges, the benefits of
Healthcare IT, including price transparency, improved coordinated
care, and cost savings, make it an essential component of modern
healthcare systems. With the increasing number of hospital beds and
healthcare providers, capacity management solutions are becoming
increasingly important to optimize the delivery of care. The
healthcare management industry is also undergoing a digital
transformation, with electronic prescribing systems, monitoring
analysis software, and electronic prior authorizations becoming
standard tools for healthcare organizations. The adoption of HCIT
solutions is not limited to large health systems and hospitals,
with smaller healthcare organizations and outpatient care
facilities also recognizing the benefits. The information-intensive
nature of healthcare requires a coordinated environment to ensure
usability, integration, and decision-making capabilities. The
National Progress Report and Worldometer provide insights into the
growth and impact of healthcare IT on a global scale. The future of
healthcare IT is bright, with continued investment in R&D,
tele-health, and ePrescriptions shaping the industry's
landscape.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Deployment
-
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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