Market Overview
The Global Healthcare Information Software Market is expected to reach a value of USD 218.6 billion in 2023, and it is further anticipated to reach a market value of USD 1,036.1 billion by 2032 at a CAGR of 18.9%. The market has seen significant growth over the past few years and is predicted to grow significantly during the forecasted period as well.
Customized for secure & quick electronic transmission of patient medical data, healthcare information software allows doctors, medical providers, & facilities to effectively exchange information. Through health information exchange (HIE), healthcare practitioners look at & share patient data on electronic devices, encouraging quick, safe, & patient-centric treatment, which streamlines collaboration among healthcare stakeholders, including nurses, pharmacists, & doctors, minimizing administrative tasks & enhancing overall efficiency in healthcare delivery.
Market Dynamic
The increase in the number of chronic diseases like cancer, diabetes, and cardiovascular disorders, due to the aging population's rapid growth, has increased the demand for advanced
healthcare solutions & diagnostic devices, which in turn, expanded the market for healthcare information software, providing efficient management of diagnostic data for optimal disease diagnosis & treatment. Moreover, the expanding target market is fueled by the rise in global deadly diseases, influenced by stress-inducing lifestyles & the increase in consumption of fast food, contributing to the prevalence of lifestyle disorders worldwide.
However, despite these growth factors, challenges like security issues & interoperability problems create constraints on the healthcare information software market. In addition, a shortage of qualified professionals is anticipated to impede market expansion during the forecast period, emphasizing the importance of addressing workforce limitations in the evolving healthcare landscape.
Research Scope and Analysis
By Deployment
The market is divided by deployment model into on-premise and cloud, where the on-premise deployment takes the lead in 2023, capturing the largest market share, which is indicative of the major use of traditional on-site deployment methods across different sectors, as organizations favor on-premise models for their control over data security and customization, aligning with established practices.
Also, cloud deployment is expected to significantly growth over the forecasted period. The flexibility, scalability, & cost-effectiveness of cloud models appeal to many enterprises, encouraging a shift towards cloud-based healthcare IT solutions. As technological landscapes evolve and the advantages of cloud deployment become more apparent, the market may experience a shift in dominance from on-premise to cloud solutions in the coming future.
By Application
The market is categorized by application into Computerized Provider Order Entry Systems (CPOE), Electronic Health Records (EHR),
medical imaging information systems, electronic prescribing systems, laboratory informatics, clinical information systems, & tele-healthcare. As of 2023, tele-healthcare stands out as the dominant segment in terms of revenue share, which can be attributed to the growth in demand for effective electronic healthcare systems, constant advancements in healthcare IT, & the essential need for technology-integrated tools. In addition, factors like an increase in health consciousness, a growth in preference for affordable care, & the growing geriatric population contribute significantly to the thriving tele-healthcare sector.
Also, the electronic prescribing system segment is expected to have the fastest growth during the forecast period, driven by increasing awareness of the benefits associated with e-prescribing. Further, the medical imaging information systems segment, comprising radiology information systems, monitoring analysis software, & picture archiving and communication systems (PACS), is also witnessing substantial growth due to the vital need for streamlined healthcare operations, growing awareness about these systems in tracking billing information & radiology imaging orders, and the global prevalence of chronic diseases.
The Healthcare Information Software Market Report is segmented on the basis of the following:
By Deployment
By Application
- Tele-healthcare
- Clinical Information Systems
- Medical Imaging Information Systems
- Electronic Prescribing Systems
- Electronic Health Records
- Computerized Provider Order Entry Systems
- Laboratory Informatics
Regional Analysis
In 2023, North America emerged as the market leader, securing the largest revenue share of 49.2%, driven by the widespread adoption of healthcare IT solutions & services, particularly in the US, which is fueled by a collective effort among healthcare providers to enhance patient care standards while simultaneously reducing costs. Further, the adoption of healthcare IT solutions showcases variability among providers, exemplified by the major use of Electronic Health Records (EHR) in Oregon, where
digital divisions influence adoption rates.
Further, Asia Pacific is expected to show rapid growth in the forecast period, attributed to growth in demand for healthcare IT services., which is driven by increased government investments in healthcare, along with a rising need for efficient management of clinical, financial, & administrative aspects in hospitals. Government initiatives & supportive programs are major in fostering the adoption of these technologies across the region.
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 Information Software market is highly competitive, led by a handful of key players holding significant market share. Yet, technological progress &"innovative product offerings are allowing midsize & smaller companies to expand their influence. These companies are leveraging advancements to introduce affordable services, challenging the dominance of larger players, which encourages healthy competition that fosters innovation &affordability in the rapidly evolving healthcare information software market.
For instance, in September 2022, Sharecare unveiled Smart Omix, an advanced digital clinical research tool, that facilitates the collection of real-world data & the creation of digital biomarkers via mobile research studies. Smart Omix highly contributes to the progress of relevance, equity, & data integrity in clinical research within the healthcare landscape. Its advanced capabilities mark a crucial step forward in improving the efficiency & inclusivity of research efforts across the entire healthcare range.
Some of the prominent players in the global Healthcare Information Software Market are:
- GE Healthcare
- eMDs Inc
- Novarad
- eClinicalWorks
- McKesson Corp
- Carestream Health
- Siemens Healthcare
- Philips Healthcare
- Cerner Corp
- Meditech
- Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Healthcare Information Software Market:
The COVID-19 pandemic triggered a trimerous shift in the global healthcare information software market. The urgent need for efficient healthcare management led to a growth in demand for software solutions, increasing digital transformation. Hospitals & healthcare providers highly adopted electronic health records, telemedicine, & data analytics to improve patient care & operational efficiency. However, economic uncertainties during the pandemic-induced recession restrained the market growth, as budget constraints impacted technology investments. The delicate balance between growth in demand & financial constraints created a dynamic landscape, with software providers adapting rapidly to changing needs. The pandemic showcased the important role of healthcare information software in supporting resilient healthcare systems, emphasizing the importance of continued innovation & accessibility in the post-pandemic era.
| Report Characteristics |
| Market Size (2023) |
USD 218.6 Bn |
| Forecast Value (2032) |
USD 1,036.1 Bn |
| CAGR (2023-2032) |
18.9% |
| 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 Deployment (On-Premise and Cloud), By
Application (Tele-healthcare, Clinical Information
Systems, Medical Imaging Information Systems,
Electronic Prescribing Systems, Electronic Health
Records, Computerized Provider Order Entry
Systems, and Laboratory Informatics) |
| 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 |
GE Healthcare, eMDs Inc, Novarad, eClinicalWorks,
McKesson Corp, Carestream Health, Siemens
Healthcare, Philips Healthcare, Cerner Corp,
Meditech, 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 Information Software Market size is estimated to have a value of USD 218.6
billion in 2023 and is expected to reach USD 1,036.1 billion by the end of 2032.
North America has the largest market share for the Global Healthcare Information Software Market with
a share of about 49.2% in 2023.
Some of the major key players in the Global Healthcare Information Software Market are GE Healthcare,
eMDs Inc, Novarad, and many others.
The market is growing at a CAGR of 18.9 percent over the forecasted period.