Healthcare Informatics Market Size & Analysis - Forecasts To 2025 By Type (Nursing Informatics, Pathology Informatics, Imaging Informatics, Pharmacy Informatics, Research Informatics, Others), By Application (Hospitals, Specialty Clinics, Pharmacies, Research Labs, Others), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), Vendor Landscape, End-Use Landscape, and Competitive Landscape - Global Market Estimates
Healthcare Informatics Market Insights
The global healthcare informatics market was valued at USD 39.45 billion in 2016 and is expected to reach USD 123.24 billion by 2025, growing at a CAGR of 13.74% from 2017-2025. The increased adoption of electronic health record (EHR) is expected to augment market growth. These systems have found increased penetration in hospitals and other healthcare establishments.
Increase in government spending in developing & upgrading healthcare infrastructure and expanding hospital network is expected to boost the demand for electronic health record systems over the coming years. Stringent regulations implemented in the North American and European region pertaining to safety and confidentially of patient information is also anticipated to foster market development.
The need for an integrated system to diagnose, interpret & analyze, treat and record data is expected to increase preference for healthcare informatics. These systems helps healthcare provides deliver accurate treatments instantly by analysis past records and treatments. However, data security concerns coupled with lack of skilled IT professionals is anticipated to slowdown the market growth over the coming years.
Healthcare Informatics Market: Type Insights
The healthcare informatics market is segmented into nursing informatics, pathology informatics, imaging informatics, pharmacy informatics, and research informatics among others. Developments in healthcare ICT solutions are projected to provide a basis to the development of healthcare informatics. The pharmacy informatics segment is anticipated to register a significant CAGR over the forecast period. The major market drivers for pharmacy informatics are expansion of large scale pharmacies, need for better management and optimization of operational costs.
Healthcare Informatics Market: Application Insights
On the basis of application, the market is segmented into hospitals, specialty clinics, pharmacies, and research labs among others. The demand for healthcare informatics in hospitals is expected to grow at the highest CAGR over the coming years. This growth can be attributed to dramatic growth observed in healthcare analytics industry. Hospitals have comparatively larger settings and receive more investment budgets when compared to research and diagnostic centers. The larger patient inflows in hospitals demand better management of patient records and revenue cycle management to ensure smooth workflow. Ease of transfers of patient medical records is expected to provide quick diagnostics and enable faster treatments to patients. These factors are projected to boost the market growth over the forecast period.
Healthcare Informatics Market: Regional Insights
The market is expected to experience high demand in the North American market on account of increased adoption of technological advanced systems and IoT technologies. The demand for healthcare informatics is expected to grow at the highest CAGR in the Asia Pacific region. Several companies have shown interest in investing and developing solutions to digitalize healthcare records. Developing & developed countries have experienced huge developments in healthcare infrastructure including equipment, services, facilities, and information communication technology among others. Favorable government regulations are projected to positively influence market growth over the coming years.
Healthcare Informatics Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase healthcare informatics services over the coming years. Some leading consumers of this market are Cambridge University Hospital, Johns Hopkins Hospital, and Bedford Trust Hospital among others.
Healthcare Informatics Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Healthcare Informatics Market Share & Competitor Analysis
Some of the players operating in the global healthcare informatics market include Accuro Healthcare Solutions, Agfa HealthCare Corp, Allscripts, Axiom Resource Management Inc., Amcom Software (Spok, Inc.), Cardinal Health, Cognizant Technology Solutions, Cerner Corp., Benchmark Systems, CNSI, and Companion Technologies among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In September 2017, Agfa HealthCare signed an agreement with Federation des Hopitaux Luxembourgeois to set up national enterprise imaging platform in Luxembourg. The solution was developed to make patient’s data easily accessible from other hospitals while maintaining patient’s confidentiality.
In May 2018, Allscripts acquired HealthGrid Holding Company, a leading mobile enterprise patient engagement solution that caters to independent providers, hospitals, and health systems. Through this acquisition Allscripts aims at expanding FollowMyHealth consumer engagement platform.
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The global healthcare informatics market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the healthcare informatics market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.
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