Global Healthcare Data Informatics Software Market, By Application (Hospital Information System, Pharmacy Information System, Laboratory Information System, Revenue Cycle Management and Medical Imaging Information System), Deployment (Web-Based, On-Premise and Cloud Based), End-User (Hospital, Diagnostic Centers, Academic and Research Institute) – Industry Trends and Forecast to 2029.
Healthcare Data Informatics Software Market Analysis and Size
The multidisciplinary area of healthcare informatics manages patient healthcare data for efficient clinical utilisation, using information technology. EHRs are employed because they can increase patient efficiency. InetSoft provides a comprehensive range of security features with their business intelligence software, which is renowned for its simplicity of use and powerful performance, because security is essential for protecting sensitive data.
Data Bridge Market Research analyses that the healthcare data informatics software market which was USD 22.6 billion in 2021, would rocket up to USD 50.60 billion by 2029, and is expected to undergo a CAGR of 10.6% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Healthcare Data Informatics Software Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Hospital Information System, Pharmacy Information System, Laboratory Information System, Revenue Cycle Management and Medical Imaging Information System), Deployment (Web-Based, On-Premise and Cloud Based), End-User (Hospital, Diagnostic Centers, Academic and Research Institute)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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General Electric (U.S), Lightbeam (U.S.), Data Trans Solutions (U.S.), Mediportal, LLC. (U.S.), Ciracet (U.S.), AXIOM Systems (U.S.), arcadia.io (U.S.), Open Text Corporation (Canada), Infor (U.S.), Orion Health group of companies (New Zealand), NXGN Management, LLC. (U.S.), Unitedhealth Group (U.S), eClinicalWorks (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare, LLC (U.S.), Health Catalyst (U.S.), Intersystems Corporation (U.S.), Epic Systems Corporation (U.S.), MEDITECH (U.S.)
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Market Opportunities
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Market Definition
A multidisciplinary area called healthcare informatics employs information technology to handle patient healthcare data for efficient clinical utilisation. Healthcare data informatics software aids in the analysis of healthcare data for doctors and patients to make wise decisions. Additionally, healthcare data informatics software also contributes to improved service, lower costs, and fewer operational errors.
Global Healthcare Data Informatics Software Market Dynamics
Drivers
- Increased adoption of EHR solutions
The need for EHR solutions is primarily being driven by the government's expanding support for the adoption of EHR solutions and the need to control the rapidly rising costs of healthcare. The global COVID-19 outbreak has also increased the number of patients in hospitals, necessitating the improvement of patient data management. This is anticipated to increase demand for EHR solutions by using the healthcare data informatics software.
- Rising awareness about healthcare data informatics software
Health information exchange enables hospitals and physicians to have access to patient records, resulting in a dependable, successful patient recovery. Sharing patient data on a regular basis promotes accurate diagnosis, minimizes unnecessary testing, raises diagnosis rates and decreases readmissions and medication errors. These are the factors which will propel the growth of the market.
Opportunities
- Rising fast food consumption
As a result of the enormous popularity that healthcare information software has recently attained in hospitals and medical facilities, the market for healthcare data informatics software is expected to grow significantly between 2022 and 2029. The hectic lifestyle brought by rising fast food consumption, which has raised the prevalence of lifestyle disorders is one of the key factors contributing to the market's growth potential.
Restraints/Challenges
- High cost of product
On the other hand, the high price of product and less knowledge in the developing countries about healthcare data informatics software will obstruct the market's growth rate.
This healthcare data informatics software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare data informatics software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Data Informatics Software Market
During the COVID-19 outbreak, the market for healthcare data informatics software has expanded significantly. The adoption of healthcare data informatics software during the pandemic is being driven by a number of factors, including a greater emphasis on the use of healthcare IT infrastructure for data transfer, usability, and cost reduction. The need for EMR and EHR platforms to manage sophisticated patient data has expanded as patient loads have increased, driving industry expansion across the epidemic. For hospitals, integrating various hospital systems with electronic health information is becoming more and more crucial (EHRs). In order to successfully enable healthcare practitioners to manage COVID-19 patients, the healthcare data informatics software has connected its EHR platforms with telehealth solutions and modified their software solutions.
Recent Development
- In 2021, The EHR system from MEDITECH will be put into place at 18 locations in Arizona, Texas, Utah, Arkansas, and Louisiana to a partnership between Steward Health Care and MEDITECH (U.S.). Steward's "One Platform" strategy, which seeks to unify all 35 hospitals under one HER, had an impact on this choice.
- In 2021, The Change Healthcare will launch its nationwide Clinical Data Retrieval Solution, a brand-new cloud-based interoperability solution, will be live. It will enable payers to swiftly and efficiently access patient records from electronic health record (EHR) systems.
Global Healthcare Data Informatics Software Market Scope
The healthcare data informatics software market is segmented on the basis of application, deployment and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Hospital Information System
- Electronic health record
- Electronic medical record
- Real-time healthcare
- Patient engagement solution
- Population health management
- Pharmacy Information System
- Prescription management
- Automated dispensing systems
- Inventory Management
- Others
- Laboratory Information System
- Revenue Cycle Management
- Medical Imaging Information System
- Radiology information system
- Monitoring analysis software
- Picture archiving
- Communication system
Deployment
- Web-Based
- On-Premise
- Cloud Based
End-User
- Hospital
- Diagnostic Centers
- Academic
- Research Institute
Healthcare Data Informatics Software Market Regional Analysis/Insights
The healthcare data informatics software market is analysed and market size insights and trends are provided by country, application, deployment and end-user as referenced above.
The countries covered in the healthcare data informatics software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare data informatics software market due to rising healthcare investments and new government policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 because of the expanding government programmes and rising healthcare costs, which will probably increase regional market demand.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Healthcare Data Informatics Software Market Share Analysis
The healthcare data informatics software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare data informatics software market.
Some of the major players operating in the healthcare data informatics software market are:
- General Electric (U.S.)
- Lightbeam (U.S.)
- Data Trans Solutions (U.S.)
- Mediportal, LLC. (U.S.)
- Ciracet (U.S.)
- AXIOM Systems (U.S.)
- arcadia.io (U.S.)
- Open Text Corporation (Canada)
- Infor (U.S.)
- Orion Health group of companies (New Zealand)
- NXGN Management, LLC. (U.S.)
- Unitedhealth Group (U.S.)
- eClinicalWorks (U.S.)
- Cerner Corporation (U.S.)
- Allscripts Healthcare, LLC (U.S.)
- Health Catalyst (U.S.)
- Intersystems Corporation (U.S.)
- Epic Systems Corporation (U.S.)
- MEDITECH (U.S.)
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