Healthcare Information System Market Will Be Worth USD 539.3 Billion by 2028: Grand View Research Inc.

 Healthcare Information System Market Growth & Trends

The global healthcare information system market size is expected to reach USD 539.3 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.9% from 2021 to 2028. The demand for information systems is expected to continuously increase over the forecast period, mainly due to the increasing prevalence of chronic diseases and the aging population. The growing demand-supply gap in the healthcare industry has led to an increase in the use of IT, thereby boosting the adoption of cloud computing in healthcare companies. The rising demand for cloud-based information systems in healthcare organizations is expected to boost the market growth over the forecast period. The increase in the adoption of information systems in hospitals for improving operational efficiency, growing awareness regarding advanced services, and the growing requirements for reducing healthcare costs are among the key factors contributing to the market growth.

The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of healthcare companies. It has immensely impacted hospital systems, diagnostic centers, research centers, and the economy. The pandemic created a rapid demand for the usage of advanced technology-based healthcare information systems such as electronic health records (EHRs), electronic medical records, real-time healthcare systems, and prescription management software solutions.

Furthermore, IT companies and healthcare institutions are collaborating at a greater level to focus on the development of high-utility services and products to improve the delivery of personalized care, streamline data storage, and make effective use of data analytics. For instance, some of the advanced services implemented in hospitals using various technology platforms include real-time locating services, self-service kiosks, report monitoring tools, portal technology, and pharmacogenomics, which are helping improve the overall hospital administration and patient experience.

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Healthcare Information System Market Report Highlights

• The market growth is attributed to an increase in the number of government initiatives being undertaken across the globe to develop and deploy healthcare information systems
• The revenue cycle management application segment dominated the market in 2020 due to the rising need for optimization of organizational workflow in the healthcare sector
• The cloud-based deployment segment is expected to register the highest CAGR over the forecast period owing to the growing adoption of cloud-based technology
• The services component segment dominated the market in 2020 owing to the high demand for experts in IT and communication services and the growing adoption of technologically advanced products and IT infrastructure in healthcare organizations
• North America dominated the market in 2020 owing to the high demand for technologically advanced solutions and services in healthcare systems in the U.S.

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Healthcare Information System Market Segmentation

Grand View Research, Inc. has segmented the global healthcare information system market report on the basis of application, deployment, component, end-use, and region:

Healthcare Information System Application Outlook (Revenue, USD Million, 2016 - 2028)

• Hospital Information System
  • Electronic Health Record
  • Electronic Medical Record
  • Real-time Healthcare
  • Patient Engagement Solution
  • Population Health Management
• Pharmacy Information Systems
  • Prescription Management
  • Automated Dispensing Systems
  • Inventory Management
  • Others
• Laboratory Information Systems
• Revenue Cycle Management
• Medical Imaging Information System
  • Radiology Information Systems
  • Monitoring Analysis Software
  • Picture Archiving and Communication Systems

Healthcare Information System Deployment Outlook (Revenue, USD Million, 2016 - 2028)

• Web-based
• On-premises
• Cloud-based

Healthcare Information System Component Outlook (Revenue, USD Million, 2016 - 2028)

• Hardware
• Software and Systems
• Services

Healthcare Information System End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Hospitals
• Diagnostic Centers
• Academic and Research Institutes

Healthcare Information System Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Sweden
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of Healthcare Information System Market

• McKesson Corporation
• Cerner Corporation
• athenahealth, Inc.
• Allscripts
• Medidata Solutions Inc.
• Agfa Gevaert NV
• GE Healthcare
• Siemens Healthineers
• Epic Systems Corporation
• NextGen Healthcare

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.