Healthcare Information Software Market size is set to grow by USD 8.75 billion from 2024-2028, Increasing adoption of electronic health records to boost the market growth, Technavio

NEW YORK, July 30, 2024 /PRNewswire/ -- The global healthcare information software market size is estimated to grow by USD 8.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.65% during the forecast period. Increasing adoption of electronic health records is driving market growth, with a trend towards increasing adoption of advanced technologies like AI in healthcare. However, concerns about security of patient data and cyberattacks poses a challenge. Key market players include 3M Co., ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Asteres Inc., Athenahealth Inc., Azalea Health Innovations Inc., Change Healthcare, Cognizant Technology Solutions Corp., Dedalus Group, ec2 Software Solutions, Epic Systems Corp., Fusion, GE Healthcare Technologies Inc., Happiest Minds Technologies Ltd., Huawei Technologies Co. Ltd., Koch Industries Inc., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., NextGen Healthcare Inc., Oracle Corp., Siemens AG, UnitedHealth Group Inc., Veradigm LLC, Wipro Ltd., and WRS Health.

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Key Market Trends Fueling Growth

Healthcare service providers are investing in upgrading their IT systems and integrating new technologies to enhance efficiency and reduce costs. Technologies like big data, AI, and cloud computing are being adopted to streamline operations and improve quality of treatment. AI is increasingly accepted in healthcare, providing quick diagnosis and insights, and AI-enabled medical equipment offers efficient analysis. Siemens for Health is an example of an AI-based platform solution that generates health data and provides solutions to reduce treatment time. New technologies enable healthcare organizations to offer superior quality products and treatments, driving growth in the global healthcare information software market. Healthcare businesses are implementing healthcare information software to incorporate advanced technologies into their operations, improving healthcare delivery effectiveness and making medications more precise. 

The Healthcare Information Technology (IT) market is witnessing significant trends, with teleconsultation and telemedicine gaining popularity. Chronic diseases management is a key focus area, driving the adoption of software and clinical devices for e-prescribing and telehealth. Interoperability issues and security concerns persist, with healthcare organizations seeking solutions for seamless integration of hardware, software, and clinical devices. Price transparency, virtual healthcare, and electronic prescriptions are other trends shaping the market. Surescripts and interoperability tools are being adopted for better healthcare management. Usability, integrated properly into IT systems, is crucial for healthcare professionals to deliver effective care. Smaller healthcare organizations, ambulatory care, and hospitals are investing in advanced solutions to manage capacity, patient information, and recurring expenditures such as software costs, upgrades, and infrastructure. Despite these investments, challenges remain, including changing user requirements, implementation cost, and infrastructure needs. The market for healthcare IT solutions continues to evolve, with a focus on improving patient care and efficiency within healthcare systems. 

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Market Challenges

• The healthcare industry's reliance on automated systems to store sensitive patient data increases the risk of data breaches and cyberattacks. Cybersecurity is a significant concern for the industry due to the interconnected nature of modern healthcare systems and the large volume of personal data involved. Threats include data theft, unauthorized access, improper disposal, data loss, and hacking, which can occur due to the implementation of bring-your-own-device (BYOD) policies. Healthcare organizations are hesitant to adopt digital technologies due to these concerns. Cloud solutions, while convenient, raise privacy concerns due to potential data dissemination, deletion, or corruption by unauthorized users. These factors are hindering the growth of the global healthcare information software market.
• The Healthcare Information Technology (HCIT) market faces several challenges in areas like healthcare management, price transparency, specialty medications, ePrescriptions, controlled substances, virtual healthcare, electronic prior authorizations, and prescriber workflows. IT infrastructure constraints, cost issues, maintenance, software costs, and software upgrades are common challenges. User requirements, organizational impacts, and skilled IT personnel are also crucial considerations. HCIT offers benefits such as improved patient care, clinical solutions, patient safety, and decision-making. However, implementation costs, core technologies, and deployment can be significant barriers, especially for smaller healthcare organizations, outpatient care facilities, and health systems. The information-intensive healthcare industry requires interoperability, data exchange, and usability. Consumer technology companies and healthcare provider solutions play a role in this landscape. Key areas include RCM solutions, patient information management, IT architecture, data communication standards, and clinical solutions segments. The cost of care in ambulatory care and health systems is a significant factor. United Health and other players offer solutions to address these challenges.

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Segment Overview 

This healthcare information software market report extensively covers market segmentation by

1. Application 
• 1.1 HIS
• 1.2 PIS
2. Deployment 
• 2.1 On premises
• 2.2 Cloud based
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 HIS- Healthcare Information Software (HIS) is a comprehensive solution designed to address the intricate requirements of healthcare organizations globally. A significant component of HIS is Electronic Health Records (EHR), which offers digital alternatives for managing patient data, clinical documentation, and interoperability. Key players in the EHR market include Epic Systems Corporation, GE Healthcare, and UnitedHealth Group Inc. Besides EHR, HIS incorporates various applications such as Medical Billing and Revenue Cycle Management (RCM) software, Clinical Decision Support Systems (CDSS), Picture Archiving and Communication Systems (PACS), and Population Health Management (PHM) software. RCM software streamlines financial processes, CDSS offers evidence-based tools for healthcare professionals, PACS manages medical imaging data, and PHM supports proactive interventions. Notably, Telehealth and Telemedicine platforms have emerged as crucial applications, enabling remote consultations and monitoring services, particularly during the COVID-19 pandemic. The multifaceted applications of HIS are instrumental in improving patient care delivery and operational efficiency, thereby driving the expansion of the global healthcare information software market.

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Research Analysis

The Healthcare Information Software market is experiencing significant growth due to the increasing adoption of teleconsultation and telemedicine services. These technologies enable remote patient consultations, diagnosis, and treatment, particularly beneficial for managing chronic diseases. The market includes software and hardware components, with e-prescribing, telehealth, and clinical solutions being key segments. Patient safety and integrated healthcare systems are major drivers, as healthcare quality improves and costs decrease. Smartphones and remote patient monitoring are transforming healthcare IT infrastructure, with high smartphone penetration and widespread internet coverage enabling eHealth solutions. Centralized medical records, artificial intelligence, and big data analytics are also playing crucial roles in enhancing healthcare delivery and outcomes.

Market Research Overview

The Healthcare IT Market is experiencing significant growth momentum, driven by the increasing adoption of remote patient monitoring, tele-healthcare, and mHealth solutions. Factors such as smartphone penetration and internet coverage are expanding the reach of healthcare IT, enabling centralized medical records and clinical devices to be accessed from anywhere. Artificial intelligence and big data analytics are revolutionizing healthcare by providing insights for disease progression and improving patient outcomes. Laboratory informatics, clinical information systems, and radiology information systems are essential components of this industry, contributing to its financial strength and profitability. Tele-care, eClinical Solutions, and healthcare analytics are also key areas of investment. However, challenges such as interoperability issues, security concerns, and IT infrastructure constraints persist, requiring skilled IT personnel and costly software upgrades. Despite these challenges, the benefits of Healthcare IT, including price transparency, improved coordinated care, and cost savings, make it an essential component of modern healthcare systems. With the increasing number of hospital beds and healthcare providers, capacity management solutions are becoming increasingly important to optimize the delivery of care. The healthcare management industry is also undergoing a digital transformation, with electronic prescribing systems, monitoring analysis software, and electronic prior authorizations becoming standard tools for healthcare organizations. The adoption of HCIT solutions is not limited to large health systems and hospitals, with smaller healthcare organizations and outpatient care facilities also recognizing the benefits. The information-intensive nature of healthcare requires a coordinated environment to ensure usability, integration, and decision-making capabilities. The National Progress Report and Worldometer provide insights into the growth and impact of healthcare IT on a global scale. The future of healthcare IT is bright, with continued investment in R&D, tele-health, and ePrescriptions shaping the industry's landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• HIS
• PIS
• Deployment
• On Premises
• Cloud Based
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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