Healthcare Informatics Market Value to Reach US$ l00 Bn by 2031, TMR Study

• Increase in incidence of fraudulent medical practices bolsters demand for efficient healthcare IT solutions
• Rise in demand for early intervention & detection of chronic kidney and other renal diseases driving market expansion

WILMINGTON, Del., Dec. 15, 2022 /PRNewswire/ -- According to a recent report by TMR, the global healthcare informatics market is projected to grow at a CAGR of 12% from 2021 to 2031. Solutions in the healthcare informatics market are enabling stakeholders in the healthcare industry to overcome various roadblocks pertaining to data access, communication, and sharing of critical healthcare information. Healthcare informatics, as well as biomedical informatics, played a key role in the global response to the COVID-19 pandemic. Players capitalized on this trend, in order to aid the healthcare sector to achieve better patient outcomes. Rapid implementation of various types of technical support capability for optimization of clinical management of pandemic propelled market development.

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Healthcare Informatics Market - Key Findings of the Report

• Oncology Segment to Account for Largest Revenue Share: Key application areas of the products and solutions offered by manufacturers include autoimmune diseases, cardiology, respiratory diseases, renal diseases, gynecology, and oncology. Increase in the incidence rate of cancer across the globe and rise in the usage of healthcare informatics technologies in oncology departments in hospitals are anticipated to fuel market growth in the next few years. Furthermore, companies in the industry are focusing on enhancing their research capabilities in oncology-related precision medicine sector. This trend is expected to augment market development in the next few years.
• Increase in Demand for Hospital Information Systems: Based on type, the hospital information systems segment accounted for the largest market share in 2021. Key solutions and services offered by companies that fall under hospital information systems are electronic medical record, patient engagement solutions, electronic health record, real-time healthcare, and population health management. Surge in the adoption of electronic health records by hospitals and other healthcare facilities across the world bolsters market expansion. Furthermore, rise in implementation of various government funded programs in developing countries, that support hospital information systems are boosting market demand.

Healthcare Informatics Market - Growth Drivers

• Demand for technological advancements in healthcare IT propels market development
• Increase in demand for laboratory automation is driving the global healthcare informatics industry
• Rise in adoption of electronic health record systems in healthcare facilities and increase in applications of bioinformatics propel market growth

Healthcare Informatics Market - Key Players

Leading companies assessed in the market report are Koninklijke Philips N.V., MV Informatica Nordeste Ltd., Allscripts Healthcare, LLC, Axiom Resource Management, Inc., CNSI, Medtronic, Cerner Corporation, NXGN Management, LLC, Agfa Healthcare Corp., Benchmark Systems, Health Gorilla, Lab Vantage Solutions, Inc., nThrive Revenue Systems, LLC, and Cardinal Health. Manufacturers in the global market are focusing on using deep learning technologies to identify and choose effective drug candidates for chemists in pre-clinical phases.

Leading companies are working toward spreading awareness about enhanced security measures, such as frequent password changes. These are also engaged in overcoming various data security related challenges in order to offer better customer and end-user experience. Players are opting for growth strategies, such as collaborations with other companies or technology providers, to facilitate product innovation. Moreover, these are engaging in enhancing genomic sequencing capabilities by using next-gen artificial intelligence powered platforms.  

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Healthcare Informatics Market - Regional Growth Assessment

North America held the largest share of the global healthcare informatics market in 2021. Presence of large number of technology providers and technologically advanced healthcare infrastructure bolsters market expansion in the region. Europe and Asia Pacific held the second and third largest market share, respectively, in 2021.

Healthcare Informatics Market: Segmentation

Healthcare Informatics Market, by Type

• Hospital Information Systems
•  Electronic Health Record
•  Electronic Medical Record
•  Real-time Healthcare
•  Patient Engagement Solutions
•  Population Health Management
•  Others
• Pharmacy Information Systems
•  Prescription Management
•  Automated Dispensing Systems
•  Inventory Management
•  Others
• Laboratory Information Systems
• Medical Imaging Information Systems
•  Radiology Information Systems
•  Monitoring Analysis Software
•  Picture Archiving & Communication Systems
•  Others
• Health Insurance Information Systems
  
  Healthcare Informatics Market, by Application
  
  
• Renal Diseases
• Autoimmune Diseases
• Oncology
• Cardiology
• Gynecology
• Respiratory Diseases
• Others

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Healthcare Informatics Market, by End-user

• Hospitals
• Specialty Clinics
• Insurance Companies
• Pharmacies
• Others

Healthcare Informatics Market, by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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