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Healthcare Information System Market Share to Reach Approximately USD 60.00 Billion by 2022

Press Release   •   Jan 31, 2018 03:57 EST

Zion Market Research has published a new report titled “Healthcare Information System Market by Delivery Sources (On-Premise Technology, Cloud Based Technology, Web Based Technology) for Pharmacy Information System, Hospital Information System and Laboratory Information System Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global healthcare information system market was valued at approximately USD 41.20 billion in 2016 and is expected to reach approximately USD 60.00 billion by 2022, growing at a CAGR of around 7.0% between 2017 and 2022.

Health information system collects data from the health sector and transfers information electronically. Health information system plays an important role in the clinical care and hospital operations. The health information system provides the underpinnings for decision making and has four key functions such as data generation, compilation, analysis, and synthesis.

The health information system market is mainly driven by increasing incidence and prevalence of chronic diseases coupled with the aging population. Moreover, increasing adoption of advanced healthcare information system in various healthcare organizations are expected to have the positive impact on health information system market. Some of the key drivers such as government initiatives, initiatives from the private and public sector around the world coupled with rapid technological enhancements are expected to propel the market growth in the near future. However, scarcity of healthcare IT professionals and high maintenance & service cost may hamper the market growth over the forecast period. Nonetheless, technological advancement is expected to open up new growth opportunities in the years to come.

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Based on delivery mode, the market can be segmented into the on-premises installation, cloud-based technology, and web-based technology. The cloud-based technology was the largest segment on account of increasing pressure to reduce healthcare costs while maintaining the quality of care provided to patients. According to the study, currently, more than 80% healthcare organizations are using cloud services. On-premises installation and web-based technology are expected to show significant growth in the years to come.

The market can be segmented on the basis of components including software, hardware, and services. Software segment accounted for the largest share of total revenue generated in 2016. This growth can be contributed to increasing IT spending in developed regions. Service is another key outlet of this market and is expected to witness strong growth in the near future.

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By applications, the market can be classified into hospital information system, pharmacy information system and laboratory information system. Hospital information system was the leading segment and is expected to continue its dominance while expanding at a CAGR of 6.5% during forecast period. Laboratory information system is expected to exhibit significant share over the next few years. This growth is mainly due to increase chronic disease prevalence coupled with utilization of laboratory information system for enhancing laboratory workflow efficiency.

In terms of revenue, North America is estimated to account for the largest share of the global healthcare information system market. Strong demand for quality diagnostics and initiatives undertaken by governments are the key factors driving the growth of the healthcare information system market in North America. Europe was the second-largest share of the market. Asia-Pacific is expected to witness the fastest growth in the near future owing to growing awareness and high demand for better healthcare facilities.

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Some of the key players in healthcare information system market include Philips healthcare, GE healthcare, Epic Systems Corporation, NextGen healthcare information systems Inc, Carestream health Inc., Siemens healthcare, Merge healthcare Inc, Cerner Corporation and McKesson Corporation. A majority of the leading players in the healthcare information system market are pursuing the strategies of new product launches, product deployments, and agreements.

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