Healthcare Informatics Market Value to Reach US$ l00 Bn by 2031, TMR Study

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Dec 15, 2022, 04:32 ET

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WILMINGTON, Del., Dec. 15, 2022 /PRNewswire/ -- According to a recent report by TMR, the global healthcare informatics market is projected to grow at a CAGR of 12% from 2021 to 2031. Solutions in the healthcare informatics market are enabling stakeholders in the healthcare industry to overcome various roadblocks pertaining to data access, communication, and sharing of critical healthcare information. Healthcare informatics, as well as biomedical informatics, played a key role in the global response to the COVID-19 pandemic. Players capitalized on this trend, in order to aid the healthcare sector to achieve better patient outcomes. Rapid implementation of various types of technical support capability for optimization of clinical management of pandemic propelled market development.

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Healthcare Informatics Market - Key Findings of the Report

Oncology Segment to Account for Largest Revenue Share: Key application areas of the products and solutions offered by manufacturers include autoimmune diseases, cardiology, respiratory diseases, renal diseases, gynecology, and oncology. Increase in the incidence rate of cancer across the globe and rise in the usage of healthcare informatics technologies in oncology departments in hospitals are anticipated to fuel market growth in the next few years. Furthermore, companies in the industry are focusing on enhancing their research capabilities in oncology-related precision medicine sector. This trend is expected to augment market development in the next few years.
Increase in Demand for Hospital Information Systems: Based on type, the hospital information systems segment accounted for the largest market share in 2021. Key solutions and services offered by companies that fall under hospital information systems are electronic medical record, patient engagement solutions, electronic health record, real-time healthcare, and population health management. Surge in the adoption of electronic health records by hospitals and other healthcare facilities across the world bolsters market expansion. Furthermore, rise in implementation of various government funded programs in developing countries, that support hospital information systems are boosting market demand.

Healthcare Informatics Market - Growth Drivers

Demand for technological advancements in healthcare IT propels market development
Increase in demand for laboratory automation is driving the global healthcare informatics industry
Rise in adoption of electronic health record systems in healthcare facilities and increase in applications of bioinformatics propel market growth

Healthcare Informatics Market - Key Players

Leading companies assessed in the market report are Koninklijke Philips N.V., MV Informatica Nordeste Ltd., Allscripts Healthcare, LLC, Axiom Resource Management, Inc., CNSI, Medtronic, Cerner Corporation, NXGN Management, LLC, Agfa Healthcare Corp., Benchmark Systems, Health Gorilla, Lab Vantage Solutions, Inc., nThrive Revenue Systems, LLC, and Cardinal Health. Manufacturers in the global market are focusing on using deep learning technologies to identify and choose effective drug candidates for chemists in pre-clinical phases.

Leading companies are working toward spreading awareness about enhanced security measures, such as frequent password changes. These are also engaged in overcoming various data security related challenges in order to offer better customer and end-user experience. Players are opting for growth strategies, such as collaborations with other companies or technology providers, to facilitate product innovation. Moreover, these are engaging in enhancing genomic sequencing capabilities by using next-gen artificial intelligence powered platforms.

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Healthcare Informatics Market - Regional Growth Assessment

North America held the largest share of the global healthcare informatics market in 2021. Presence of large number of technology providers and technologically advanced healthcare infrastructure bolsters market expansion in the region. Europe and Asia Pacific held the second and third largest market share, respectively, in 2021.

Healthcare Informatics Market: Segmentation

Healthcare Informatics Market, by Type

Hospital Information Systems

Electronic Health Record
Electronic Medical Record
Real-time Healthcare
Patient Engagement Solutions
Population Health Management
Others

Pharmacy Information Systems

Prescription Management
Automated Dispensing Systems
Inventory Management
Others

Laboratory Information Systems
Medical Imaging Information Systems

Radiology Information Systems
Monitoring Analysis Software
Picture Archiving & Communication Systems
Others

Health Insurance Information Systems

Healthcare Informatics Market, by Application
Renal Diseases
Autoimmune Diseases
Oncology
Cardiology
Gynecology
Respiratory Diseases
Others

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Healthcare Informatics Market, by End-user

Hospitals
Specialty Clinics
Insurance Companies
Pharmacies
Others

Healthcare Informatics Market, by Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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