Market Overview
The
Global Healthcare Informatics Market is expected to reach a value of
USD 39.3 billion in 2023, and it is further anticipated to reach a market value of
USD 115.8 billion by 2032 at a
CAGR of 12.8%.
Healthcare informatics is a multidisciplinary field that utilizes information technology to effectively manage patient healthcare data. Specialized software in healthcare data informatics facilitates analysis, allowing doctors & patients to make informed decisions.
Moreover, it improves service quality, minimizes costs, and reduces operational errors, highlighting its important role in optimizing the clinical usage of healthcare data for better patient care & overall efficiency in the
healthcare system.
As per academic.oup The "Scoping Review of Health Information Technology Usability Methods Leveraged in Africa" examined the current state of Health Information Technology (HIT) usability, focusing on effectiveness, efficiency, and user satisfaction. The review included 73 articles, with 27% from the last two years and 42% from the previous 3 to 5 years. The study highlights the importance of early-stage evaluations (Stages 1 and 2) and interactions (Types 0 and 1) to ensure HIT usability before large-scale implementation in Africa.
The global healthcare informatics market is experiencing rapid innovation, with major breakthroughs in electronic health records (EHR) systems and telemedicine technologies. An increase in digital solutions designed to enhance patient care, streamline operations, and cut healthcare costs is driving this expansion; healthcare providers are opting for cloud-based platforms for improved data management and seamless communications.
Recent advancements in artificial intelligence (AI) and machine learning are revolutionizing healthcare informatics. These technologies are being employed for predictive analytics, patient outcome optimization and clinical decision support. AI's role in automating administrative tasks and increasing diagnostic accuracy has grown quickly within healthcare.
Government policies and initiatives continue to drive adoption of healthcare informatics. With an increased focus on digitization, interoperability between systems, patient privacy, and regulatory environment support for this field. Furthermore, various countries are investing in their healthcare infrastructures to optimize data management for improved healthcare delivery.
Opportunities in healthcare informatics market are plentiful, particularly in emerging economies where healthcare systems are digitizing. Telemedicine, remote patient monitoring and electronic prescriptions have become popular services and companies are constantly finding innovative solutions to meet growing demand for personalized healthcare services. Chronic diseases have increased dramatically as has their need for personalized solutions further increasing market potential.
Market Dynamic
The growth in demand for Electronic Health Record (EHR) solutions is majorly fueled by the government's increased backing for their adoption & the imperative to hold soaring healthcare costs. As the health information exchange facilitates seamless access to patient records, fostering reliable & successful patient recovery.
Regular sharing of patient data not only allows accurate diagnoses but also reduces unnecessary testing, improves diagnostic rates, and lowers readmissions & medication errors, thereby fueling market growth.
However, the market experiences challenges like the high cost of products & limited awareness of healthcare data informatics software in developing countries, hindering the growth rate, and overcoming these challenges is pivotal for realizing the full potential of EHR solutions on a global scale.
Research Scope and Analysis
By Type
The healthcare informatics market is categorized into Nursing Informatics, Pathology Informatics, Pharmacy Informatics, Research Informatics, and others based on type. The progress in healthcare Informatic solutions is anticipated to be a driver for the evolution of healthcare informatics. Among all these, the pharmacy informatics segment emerges as a significant contributor in 2023 and is expected for rapid growth throughout the forecast period.
The expansion of large-scale pharmacies, along with the imperative for better management & operational cost optimization, constitutes the major driving factor behind the flourishing pharmacy informatics market. As healthcare providers highly prioritize efficient & cost-effective solutions, the pharmacy informatics segment plays an essential role in meeting these demands & driving higher advancements in healthcare informatics.
By Application
In terms of application, the oncology segment takes the lead in the global healthcare informatics market in 2023 in the global revenue share & is expected to maintain its dominance in the forecast period. Oncology, focusing on the study, diagnosis, prevention, & treatment of cancer, has experienced significant growth due to growing cancer patients, increased research efforts for innovative treatments, & a growth in demand for informatics systems in hospitals. These factors collectively contribute to the sustained expansion of the oncology segment.
Further, the cardiology segment emerges as the most promising during the forecast period. Pressured by the requirement to minimize costs & achieve profitability, there is a growing need for healthcare informatics in cardiology, which facilitates seamless access to patients' cardiovascular data, contributing to enhanced consistency in cardiovascular diagnostics. The cardiology segment is thus poised for considerable opportunities as healthcare providers seek efficient & affordable solutions for cardiovascular care.
By End User
In terms of end-users, hospitals take the lead in the global healthcare informatics market in 2023, and this dominance is expected to persist in the forecast period. The drive for better profitability in hospitals has encouraged the widespread adoption of efficient informatics systems.
These systems play a major role in ensuring accurate & consistent patient diagnoses while maintaining comprehensive health records. The increase in the volume of patient data further fuels market growth, showcasing the major role of healthcare informatics in supporting hospital operations & patient care.
Further, the pharmacies segment is expected to experience the most rapid growth during the forecast period, which is attributed to the growing demand for strong record-keeping systems for medication-related data, including storage, acquisition, dissemination, & analysis. The pharmacies segment is thus emerging as a major growth driver in response to the evolving need for efficient healthcare information management.
The Healthcare Informatics Market Report is segmented on the basis of the following:
By Type
- Nursing Informatics
- Pathology Informatics
- Pharmacy Informatics
- Research Informatics
- Others
By Application
- Renal Diseases
- Autoimmune Diseases
- Cardiology
- Oncology
- Gynecology
- Respiratory Diseases
- Others
By End User
- Hospitals
- Specialty Clinics
- Pharmacies
- Insurance Companies
- Others
Regional Analysis
In terms of revenue share, North America is the leading region driving the global healthcare informatics market, holding a
substantial 44.4% share in 2023., which is expected to persist throughout the forecast period, owing to the region's advanced healthcare infrastructure, broad adoption of advanced technologies, significant government investments in
pharmaceutical & healthcare facilities, and a rise in number of research centers. These factors collectively contribute to the sustained growth & development of the healthcare informatics market in North America.
Further, the Asia Pacific region is anticipated to witness the fastest market growth in the forecast period, which is fueled by higher government spending on healthcare infrastructure, fast urbanization, a higher number of disease occurrences among middle-aged & elderly people, and a sizable population.
Further increase in demand for healthcare informatics is particularly pronounced in hospitals due to the substantial patient population, positioning the Asia Pacific region for rapid growth in the coming years.
By Region
North America
Europe
- Germany
- The U.K.
- France
- Italy
- Russia
- Spain
- Benelux
- Nordic
- Rest of Europe
Asia-Pacific
- China
- Japan
- South Korea
- India
- ANZ
- ASEAN
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Egypt
- Rest of MEA
Competitive Landscape
The healthcare informatics market showcases moderate fragmentation, featuring many local companies. These players focus on increasing their market share through strategies like investments, partnerships, acquisitions, & mergers. To stay competitive, companies invest in developing better products & emphasize maintaining competitive pricing. The market's dynamism is driven by ongoing efforts from these entities to enhance their offerings & expand their influence in the changing landscape of healthcare informatics.
For instance, in May 2023, a health informatics tool was unveiled by researchers, showcasing the ability to quickly identify adverse events related to antibiotic allergies in near real time. The findings, recently published in JAMA Network Open, showcase the tool's potential to furnish clinicians with quick feedback regarding the risks associated with prolonged antibiotic use, which signifies a valuable contribution to healthcare by addressing the need for timely detection & management of antibiotic-related allergic reactions.
Some of the prominent players in the global Healthcare Informatics Market are:
- CPSI
- Meditech
- e-MDs
- Kareo
- eClinicalWorks
- Medhost
- CureMD Healthcare
- Allscripts
- InterSystems
- AdvancedMD
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Healthcare Informatics Market:
The COVID-19 pandemic has significantly impacted the global healthcare informatics market, as the increased focus on healthcare infrastructure, remote patient monitoring, & digital health solutions to control the virus's spread accelerated the adoption of healthcare informatics. Despite economic challenges leading to a recession, the need for advanced informatics tools surged, driven by the need for efficient data management, telemedicine, & streamlined healthcare processes.
The pandemic also highlighted the importance of technology in healthcare, driving the healthcare informatics market forward as an important component in enhancing healthcare delivery & response capabilities on a global scale.
| Report Characteristics |
| Market Size (2023) |
USD 39.3 Bn |
| Forecast Value (2032) |
USD 115.8 Bn |
| CAGR (2023-2032) |
12.8% |
| Historical Data |
2017 - 2022 |
| Forecast Data |
2023 - 2032 |
| Base Year |
2022 |
| Estimate Year |
2023 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Type (Nursing Informatics, Pathology Informatics,
Pharmacy Informatics, Research Informatics, and
Others), By Application (Renal Diseases, Autoimmune
Diseases, Cardiology, Oncology, Gynecology,
Respiratory Diseases, and Others), By End User
(Hospitals, Specialty Clinics, Pharmacies, Insurance
Companies, and Others) |
| Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
| Prominent Players |
CPSI, Meditech, e-MDs, Kareo, eClinicalWorks,
Medhost, CureMD Healthcare, Allscripts,
InterSystems, AdvancedMD, and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Healthcare Informatics Market size is estimated to have a value of USD 39.3 billion in 2023
and is expected to reach USD 115.8 billion by the end of 2032.
North America has the largest market share for the Global Healthcare Informatics Market with a share
of about 44.4% in 2023.
Some of the major key players in the Global Healthcare Informatics Market are CPSI, Meditech, e-MDs,
and many others.
The market is growing at a CAGR of 12.8 percent over the forecasted period.