Healthcare Information System Market Growth & Trends
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.
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.
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Healthcare Information System Market Report
Healthcare Information System Market Report Highlights
- 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
