Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics and Revenue Cycle Management Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Healthcare Information Systems Industry generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period.
Grand View Research’s healthcare information systems industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Access the Global Healthcare Information Systems Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Hospital Information System Market Growth & Trends
The global hospital information system market size is expected to reach USD 405.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 17.7% from 2023 to 2030. Hospital information systems are being increasingly adopted to improve operational efficiency in the legal, administrative, and financial tasks in hospital facilities, which is one of the key factors driving industry growth. Moreover, increasing awareness about advanced IT services and rising demand to curb the growing healthcare costs are other key drivers of the industry. Several benefits associated with HIS, such as lower healthcare expenditure and higher operational efficiency of the systems, are expected to boost the adoption of IT solutions in healthcare facilities.
Hospital information solutions aid in reducing medical and administration errors. Electronic Health Records (EHRs), electronic medical records, patient engagement solutions, and population health management are the key types of information systems registering high adoption among end-users. The growing need for efficient management of a large volume of healthcare data generated and its accessibility by medical practitioners is also driving market growth. Furthermore, IT companies and healthcare settings are entering into collaborations and partnerships to curb the rising costs, streamline data storage, and effectively use data analytics for better healthcare delivery and outcomes coupled with efficient management and distribution of patient data.
For instance, in August 2022, Augmedix partnered with Adventist, the partnership will provide physicians with automated medical documentation, which will help reduce the burden on the physicians. Increasing initiatives undertaken by various governments to promote the adoption of the HIS are expected to boost the growth of the industry during the forecast period. The increased healthcare spending by the governments globally is also expected to positively contribute to the growth of this industry. For instance, the Australian Government spent USD 98.3 billion in 2021-22.
Order your copy of the Free Sample of “Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics and Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Laboratory Informatics Market Growth & Trends
The global laboratory informatics market size is expected to reach USD 4.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2023 to 2030. Increasing requirements for life sciences companies to comply with regulatory demands has further promoted the incorporation of Laboratory Information Management Systems (LIMS) as it helps professionals understand and fulfill complex regulatory obligations. Furthermore, demand for cost-efficient workflow management systems is anticipated to drive the market over the forecast period. The rising adoption of LIMS solutions by biobanks, coupled with the increasing demand for integrated healthcare solutions, is the key factor contributing to the growth of the market. In addition, growing awareness levels amongst the end-use segments and the technological evolution of LIMS solutions are anticipated to fuel the growth in the coming years.
Demand for fully integrated LIMS platforms is growing in accordance with the requirements of the life sciences and research industries to reduce the incidence of errors in data management and improve the qualitative analysis of research information. The above-mentioned factors are expected to drive the LIMS product segment. Associated benefits of ECM such as database management of large unstructured or structured medical information and supportive government initiatives are expected to contribute to the lucrative growth of the ECM product segment over the forecast period. The introduction of technologically advanced software solutions and their widespread adoption by the healthcare IT providers are expected to impede the growth of the on-premise delivery mode segment over the forecast period. Furthermore, advantages associated with its usage, including remote access to information, reduced operational cost, and real-time data tracking, are contributing to its rising demand.
The outbreak of the coronavirus has resulted in a shutdown of laboratories around the world. Movement restrictions have created a logistical problem for players, resulting in the shortage of on-premise delivery of products. However, the high demand for COVID-19 testing scaled up laboratory operations and created new challenges like the administration of a large volume of patient specimens and test data. To accelerate the high demand for COVID-19 tests, a LIMS plays an essential role in labs, which led to the implementation of the product. For instance, the Matrix Covid LIMS is pre-configured for fast deployment into laboratories executing Covid testing. This solution has already been installed in numerous clinical diagnostic laboratories to drive productivity and support the identification of COVID-19 positive cases.
Competitive Landscape
Key players operating in the Healthcare Information Systems industry are:
- Agfa Gevaert NV
- GE Healthcare
- Siemens Healthineers
- Epic Systems Corporation
- NextGen Healthcare
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