The global healthcare information system market is anticipated to reach $1,095-trillion by 2030 and is expected to expand at a CAGR of 13,32% during the forecast period, according to a new report by Grand View Research.
Government initiatives have boosted the market by accelerating the adoption of hospital IT systems in various healthcare centers and institutions. The need for developing integrated healthcare systems is increasing due to a rise in the geriatric population, chronic disease burden, and high healthcare expenditure.
Adoption of EHR is growing significantly since EHR software provides clinicians with access to a patient’s comprehensive medical history. Patient information may be updated in real-time, providing each clinician with an up-to-date and accurate patient file. According to a recent study published by American Academy of Allergy, Asthma & Immunology in November 2022, 89,9% of office-based practices in the US employ EHR & EMR systems.
Growing global healthcare spending is driving the demand for IoT solutions in the healthcare sector. The healthcare industry is transitioning from a fee-for-service model to a value-based model, where treatment outcomes determine reimbursement. Globally, there is increasing pressure to reduce healthcare costs as healthcare expenses outpace economic growth.
Patient-centered care management, Population Health Management (PHM), and point-of-care solutions assist providers in cutting down healthcare expenditure and improving outcomes through the development of patient registries and patient portals. These solutions also enable health information exchange and help care providers in remote patient monitoring.
Thus, the demand for the development of such software is rising globally.
Further highlights of the Healthcare Information System Market study include:
* The revenue cycle management segment dominated the market due to the healthcare industry rapidly moving toward digitalization, creating demand for advanced Revenue Cycle Management (RCM) solutions.
* The web-based segment dominated the market owing to web-based healthcare information systems offering unparalleled accessibility, facilitating seamless communication and data sharing among healthcare professionals, patients and stakeholders.
* The services segment dominated the market due to the emergence of digital health and connected care services has widened the scope for healthcare IT-related services.
* The hospitals and ambulatory services segment dominated the market due to the increase in the adoption of information systems in hospitals to improve clinical, financial, and administrative efficiency.
* North America dominated the market owing to factors such as advanced healthcare infrastructure, increasing demand for healthcare services, and a favorable regulatory environment.