Dublin, Dec. 31, 2021 (GLOBE NEWSWIRE) -- The "Healthcare Information System Market Size, Share & Trends Analysis Report By Application (Revenue Cycle Management, Hospital Information System), By Deployment, By Component, By End-use, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global healthcare information system market is expected to reach USD 539.3 billion by 2028. It is expected to expand at a CAGR of 9.9% from 2021 to 2028.
The demand for information systems is expected to continuously increase over the forecast period, mainly due to the increasing prevalence of chronic diseases and the aging population. The growing demand-supply gap in the healthcare industry has led to an increase in the use of IT, thereby boosting the adoption of cloud computing in healthcare companies.
The rising demand for cloud-based information systems in healthcare organizations is expected to boost the market growth over the forecast period. The increase in the adoption of information systems in hospitals for improving operational efficiency, growing awareness regarding advanced services, and the growing requirements for reducing healthcare costs are among the key factors contributing to the market growth.
The COVID-19 pandemic has positively impacted the market growth and transformed the fortunes of healthcare companies. It has immensely impacted hospital systems, diagnostic centers, research centers, and the economy. The pandemic created a rapid demand for the usage of advanced technology-based healthcare information systems such as electronic health records (EHRs), electronic medical records, real-time healthcare systems, and prescription management software solutions.
Furthermore, IT companies and healthcare institutions are collaborating at a greater level to focus on the development of high-utility services and products to improve the delivery of personalized care, streamline data storage, and make effective use of data analytics. For instance, some of the advanced services implemented in hospitals using various technology platforms include real-time locating services, self-service kiosks, report monitoring tools, portal technology, and pharmacogenomics, which are helping improve the overall hospital administration and patient experience.
The market growth is attributed to an increase in the number of government initiatives being undertaken across the globe to develop and deploy healthcare information systems.
The revenue cycle management application segment dominated the market in 2020 due to the rising need for optimization of organizational workflow in the healthcare sector.
The cloud-based deployment segment is expected to register the highest CAGR over the forecast period owing to the growing adoption of cloud-based technology.
The services component segment dominated the market in 2020 owing to the high demand for experts in IT and communication services and the growing adoption of technologically advanced products and IT infrastructure in healthcare organizations.
North America dominated the market in 2020 owing to the high demand for technologically advanced solutions and services in healthcare systems in the U.S.
Medidata Solutions Inc.
Agfa Gevaert NV
Epic Systems Corporation
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