Healthcare Information Systems Industry | Forecast 2030
Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030
The global healthcare information systems market size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period.
Access the Global Healthcare Information Systems Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies
Electronic Health Records Market Growth & Trends
The global electronic health records market size is expected to reach USD 38.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2023 to 2030. The web-based electronic health records (EHRs) are anticipated to show the largest growth during the forecast period. These EHRs are convenient for use in pharmacies, small-scaled laboratories, and clinics, as they require limited hardware infrastructure, which reduces the cost of installation.
EHR vendors and organizations have initiated to help in curbing the pandemic by making telehealth a mainstream alternative, enhancing data access through EHRs, and collaborating to develop COVID-19 dashboards in detail. The introduction of EHRs for medical coding and billing has eased the process as data entering into computerized systems is more convenient than paper-based methods. EHRs also minimize the risk of errors in patient data as well as financial details. As per the University of Michigan, the cost of outpatient care was reduced by 3% upon shifting to EHRs from paper-based records. This reduction resulted in USD 5.14 savings per patient per month.
Patient Engagement Solutions Market Growth & Trends
The global patient engagement solutions market size is expected to reach USD 70.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 17.54% from 2023 to 2030. The key factors fueling the market growth include rising digitalization across healthcare, increasing prevalence of chronic conditions, and technological advancements. The COVID-19 pandemic boosted digitalization across healthcare. This, in turn, has fueled the awareness and adoption of patient engagement solutions, thus propelling the market growth.
As healthcare providers were battling with the constant upsurge in cases, patients were looking to digital technologies for care delivery and monitoring. This contributed to the market growth. Various key companies released multiple COVID-19-related features as part of their patient engagement lineup to enhance their offerings. In December 2020, athenahealth released new features to its athenaOne platform-such as scheduling, workflow, documentation, and reporting capabilities-to enable immediate administration of COVID-19 vaccines as and when they become available.
Population Health Management Market Growth & Trends
The global population health management market size is expected to reach USD 280.8 billion by 2030, registering a CAGR of 21.9% over the forecast period, according to a new report by Grand View Research, Inc. The need for population health services that combine multiple functionalities is increasing due to the complex nature of care delivery and payment models. Population Health Management (PHM) solutions can process clinical, financial, and operational data that help improve efficiency and patient care. The health management program is also witnessing changes in medical reimbursement due to the increasing emphasis on value-based payment models and Accountable Care Organizations (ACOs).
The COVID-19 pandemic has intensified the need for social distance among physicians and other healthcare workers, driving the need for population health management solutions and the correct and timely transmission of patient health information and claims data for patients with chronic diseases. PHM provides effective tools in this regard, including a framework for the secure transmission, sharing, and retrieval of electronic health information and claims data. For clinical and financial decision-making, these technologies enable the smooth transmission and analysis of health-related data between healthcare institutions and patients.
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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 4.9% 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.
Revenue Cycle Management Market Growth & Trends
The global revenue cycle management market size is expected to reach USD 658.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.6% from 2022 to 2030. Growing digitalization of healthcare is driving organizations to adopt healthcare IT solutions such as Revenue Cycle Management (RCM) systems. Unorganized data siloes generated from multiple healthcare functionalities and the increasing need to streamline workflows to enhance productivity and efficiency are driving the adoption of RCM systems and propelling market growth.
The existing healthcare systems are transitioning and readily adopting electronic processes for claims management, coding, and reimbursements. The growing digital literacy across the globe and increasing healthcare IT spending coupled with technological advancements in healthcare infrastructure are anticipated to boost the market growth. Rising demand for workflow optimization and favorable regulatory support from government bodies is shaping development and growth. Transforming healthcare systems and constant technological advancements are driving key players to focus on their innovative product development strategies to enhance the patient-provider relationship in healthcare facilities.
Competitive Landscape
Key players operating in the healthcare information systems industry are –
- McKesson Corporation
- Cerner Corporation
- athenahealth, Inc.
- Allscripts Healthcare, LLC
- Medidata Solutions Inc.
- Agfa Gevaert NV
- GE Healthcare
- Siemens Healthineers
- NextGen Healthcare
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.
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They aid the physicians to collect information about patients, providing complete documentation along with detailed and specific information of their personal health records resulting in improved coordinated care of the patients.
Information such as laboratory test results, allergies and medication, medical history, etc.
is included in an EHR.Growing demand for better management solutions regarding patient’s health records is directly facilitating the ambulatory EHR market.
Furthermore, government across the world is also supporting the adoption of (Healthcare Information Technologies) further aiding the growth of ambulatory EHR market.Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124890/Ambulatory-EHR-Market The major limitation affecting the ambulatory EHR market is the patient’s concern of his privacy violation through the associated systems.
However, owing to the stringent government regulations, the impact of this limitation is expected to shift to low during the forecast period.The ambulatory EHR market can be segmented on the basis of practice size, delivery mode, application, and region.
By practice size, the market can be bifurcated into small, medium, and large.
