Healthcare Information System Market Worth $1,097.0 Billion by 2030: Grand View Research, Inc.

Rhea-AI Summary

The global healthcare information system market is projected to reach USD 1,097.0 billion by 2030, with a CAGR of 13.3% from 2023 to 2030, according to Grand View Research. Key drivers include increased smartphone penetration, cost reductions, and advancements in AI and machine learning that facilitate effective diagnostics. The web-based deployment segment accounted for the largest market share in 2022, while the services segment generated the most revenue due to a lack of IT knowledge among healthcare professionals. The report outlines strong growth prospects driven by rising healthcare demands and digital health integration.

Positive

• Market size expected to reach USD 1,097.0 billion by 2030.
• CAGR projected at 13.3% from 2023 to 2030.
• Growing demand for effective clinical outcomes and reduced healthcare costs boosting adoption.
• Investment increases in healthcare IT infrastructure anticipated to drive growth.

Negative

• None.

SAN FRANCISCO, March 22, 2023 /PRNewswire/ -- The global healthcare information system market size is expected to reach USD 1,097.0 billion by 2030, expanding at a CAGR of 13.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The large penetration of smartphones, and rising capabilities of smartphones such as large storage capacity, ease of use, and portability, make them an optimal solution for monitoring and diagnostic services. Reduction in hardware costs and growing affordability are the key factors driving the demand for smartphones in the market, which in turn is anticipated to boost the growth of the market. Machine learning techniques & AI functionality and deep learning can improve the personalization of healthcare. For instance, a doctor can diagnose patients accurately by availing patients' ancestral records and DNA information from an AI-based database.

Key Industry Insights & Findings from the report:

• Growing demand for effective clinical outcomes and reducing healthcare costs is one of the key factors responsible for the adoption of information systems in hospitals of emerging economies and developed economies, thereby, generating maximum revenue in this segment.
• Web-based deployments segment held the largest market share in 2022, owing to its larger number of users as compared to the other two deployments.
• The services segment held the largest revenue share in 2022 owing to a lack of knowledge about IT applications among healthcare professionals.
• Growing demand to reduce rising production costs and high per capita healthcare costs by many product manufacturers have resulted in the rapid adoption of these systems in North America.

Read 190-page market research report, "Healthcare Information System Market Size, Share & Trends Analysis Report By Application (HIS, PAS), By Deployment, By Component, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Healthcare Information System Market Growth & Trends

Increasing usage of the internet, recent advancements in video conferencing systems, significant developments in 4G or 5G networks, and rising healthcare costs driving the need to curb overall expenses. Furthermore, the surging demand for real-time data to provide quality care to patients & support decision-making is driving the need for remote patient monitoring services. Growing demand for specialty and personalized care, especially in remote areas, is another key factor propelling the adoption of the software and services to support patients connect with certified medical professionals and specialty experts.

The demand for healthcare information systems is expected to continuously increase over the forecast period majorly due to the increase in the 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 this industry. The rising demand for cloud-based information systems in healthcare organizations is expected to boost the overall market over the forecast period. An increase in investments by several private and public organizations in healthcare IT infrastructure is also one of the factors expected to positively impact market growth.

The pandemic created multiple challenges for global healthcare services. However, this challenge also provided a much-needed boost to digital health technologies in the field of disease surveillance, new strategy development, and frontline care services. This led to a change in its product life cycle trajectory. Outpatient hospital care and primary care are two promising areas in this situation that can be delivered digitally, which has boosted the adoption of digital solutions. Today, a surge in the digital health technology market space is observed across the board.

The growth is especially visible in telehealth and mHealth services. As per the regional director for Europe, WHO, the pandemic triggered various countries to accelerate the adoption of digital health technologies. Despite privacy concerns, 30 out of 53 countries offered some form of digital contact tracing during COVID-19. Thus, the COVID-19 pandemic made way for lucrative opportunities for players in the healthcare information system industry.

Healthcare Information System Market Segmentation

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

Healthcare Information System Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Hospital Information System
• Electronic Health Record
• Electronic Medical Record
• Real-time Healthcare
• Patient Engagement Solution
• Population Health Management
• Pharmacy Automation Systems
• Medication Dispensing System
• Packaging & Labeling System
• Storage & Retrieval System
• Automated Medication Compounding System
• Tabletop Tablet Counters
• Laboratory Informatics
• Revenue Cycle Management
• Medical Imaging Information System
• Radiology Information Systems
• Monitoring Analysis Software
• Picture Archiving and Communication Systems

Healthcare Information System Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

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

Healthcare Information System Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Hardware
• Software & Systems
• Services

Healthcare Information System Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals
• Diagnostic Centers
• Academic and Research Institutes

Healthcare Information System Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Russia
• Netherlands
• Denmark
• Sweden
• Norway
• Asia Pacific
• Japan
• China
• India
• Singapore
• Australia
• South Korea
• Malaysia
• Thailand
• Indonesia
• Philippines
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia
• UAE
• Kuwait

List of Key Players in the Healthcare Information System Market

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

Check out more related studies published by Grand View Research:

• Hospital Information System Market - The global hospital information system market size is expected to reach USD 405.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 17.4% from 2023 to 2030. Hospital information systems are being increasingly adopted to improve operational efficiency in the legal, administrative, and financial tasks in hospital facilities, which is one of the key factors driving industry growth. Moreover, increasing awareness about advanced IT services and rising demand to curb the growing healthcare costs are other key drivers of the industry. Several benefits associated with HIS, such as lower healthcare expenditure and higher operational efficiency of the systems, are expected to boost the adoption of IT solutions in healthcare facilities.
• Radiology Information Systems Market - The global radiology information systems market size is expected to reach USD 1.9 billion by 2030, registering a CAGR of 10.19% from 2023 to 2030, according to a new report by Grand View Research, Inc. This market growth is driven by the factors such as the increasing incidences of chronic diseases and the adoption of advanced technologies in healthcare facilities. The growing usage of digital healthcare infrastructure, which helps collect and manage information generated by hospitals, clinics, and institutes, has enhanced the efficiency and effectiveness of their services.
• Regulatory Information Management System Market - The global regulatory information management system market size is expected to reach USD 4.12 billion by 2030, according to a new report by Grand View Research, Inc, expanding at a CAGR of 11.0% from 2022 to 2030. As a result of the rapid adoption of the software by the pharmaceutical companies, competitors in the regulatory information management (RIM) system or software market are seeing enormous growth, and this growth is anticipated to continue.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

FAQ

What is the projected size of the healthcare information system market by 2030?

The healthcare information system market is expected to reach USD 1,097.0 billion by 2030.

What is the CAGR for the healthcare information system market from 2023 to 2030?

The compound annual growth rate (CAGR) is projected at 13.3% from 2023 to 2030.

Which segment held the largest market share in 2022 for healthcare information systems?

The web-based deployments segment held the largest market share in 2022.

What was a key factor for revenue generation in the healthcare information system market in 2022?

The services segment generated the largest revenue share in 2022 due to limited IT knowledge among healthcare professionals.

How are advancements in technology impacting the healthcare information system market?

Advancements in AI, machine learning, and smartphone usage are facilitating effective diagnostics and driving market growth.