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The healthcare information systems market share is expected to increase by USD 136.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.1%.
This healthcare information systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers healthcare information systems market segmentations by application (revenue cycle management, hospital information systems, medical imaging information systems, pharmacy information systems, and laboratory information systems) and geography (North America, Europe, Asia, and Rest of World (ROW)). The healthcare information systems market report also offers information on several market vendors, including 3M Corp., Allscripts Healthcare Solutions Inc., Asteres Inc., Athenahealth Inc., Azalea Health Innovations Inc., Change Healthcare Inc., Cognizant Technology Solutions Corp., Dedalus Italia SpA, ec2 Software Solutions, Epic Systems Corp., Fusion, General Electric Co., Koch Industries Inc., Koninklijke Philips NV, McKesson Corp., NextGen Healthcare Inc., Oracle Corp., Siemens AG, UnitedHealth Group Inc., and WRS Health among others.
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The high demand for EHR solution is notably driving the healthcare information systems market growth, although factors such as data security and privacy concerns associated with HIS may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the healthcare information systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Healthcare Information Systems Market Driver
The high demand for EHR solution is one of the key drivers supporting the healthcare information systems market growth. EHRs reduce the number of medical errors and improve the accuracy and clarity of medical records. Several hospitals are focusing on the implementation of EHRs to reduce the risk of data replication and auto-update their database. For example, in February 2020, Atrium Health invested in an EHR solution. The company selected Epic Systems Corp. for its electronic health records. Moreover, in several developing countries, government organizations promote the use of EHRs. For instance, in August 2018, the Government of India issued guidelines to introduce a uniform standards-based system for the creation of EHRs. The presence of such government initiatives and guidelines is increasing the use of EHRs. Thus, the increasing use of EHRs will drive the growth of the global healthcare information systems market during the forecast period.
Key Healthcare Information Systems Market Trend
The growing number of mergers and acquisitions is one of the key healthcare information systems market trends that is contributing to the market growth. The global healthcare information system market is witnessing a rapid increase in M&A. This is due to the increasing entry of new players in the market, which are trying to increase their revenue share through acquisitions. For instance, In January 2021, Optum Inc., a subsidiary of UnitedHealth Group, announced the merger plan with Change Healthcare, a revenue management and patient engagement solution provider. However, in April 2022, Optum Inc. announced that the merger has been postponed to December 2022. Thus, as more players enter the market, the competition among existing vendors is expected to intensify, which will positively impact the growth of the market in focus during the forecast period.
Key Healthcare Information Systems Market Challenge
Data security and privacy concerns associated with HIS is one of the factors hindering the healthcare information systems market growth. The quantity of data available electronically has increased dramatically in terms of complexity, diversity, and timeliness and is commonly referred to as big data. The concerns over the security and privacy of sensitive information have increased in the past decade due to the growing incidents of cyberattacks and the use of technologies such as clinical mobility and wireless networking, cloud computing, and information exchange. Moreover, with the use of many connected devices and systems, a large amount of data is generated and stored in systems. Unauthorized access to this data can have serious consequences. Hence, concerns over data security and privacy concerns associated with HIS are expected to hinder the growth of the market in focus during the forecast period.
This healthcare information systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global healthcare information systems market as a part of the healthcare technology market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the healthcare information systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the healthcare information systems market encompasses successful business strategies deployed by the key vendors. The healthcare information systems market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The healthcare information systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the healthcare information systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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47% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the healthcare information systems market in North America. Market growth in this region will be slower than the growth of the market in Asia.
The growing investment from government and healthcare centers in the digital healthcare system will facilitate the healthcare information systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The healthcare information systems market share growth by the revenue cycle management segment will be significant during the forecast period. The demand for healthcare revenue cycle management (RCM) solutions is driven by the increasing establishment of new hospitals and clinics across the globe. Furthermore, with the growing healthcare expenses in developed and developing countries, many healthcare service providers are deploying this RCM software. The increasing cost of billing errors due to the complexity of hospital billing processes and the frequent changes in the rules and regulations regarding medical billing are some of the prominent reasons for the segment growth. Thus, the increase in the adoption of RCM solutions will drive the healthcare information systems market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the healthcare information systems market size and actionable market insights on post COVID-19 impact on each segment.
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Healthcare Information Systems Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.1% |
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Market growth 2022-2026 |
$ 136.04 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
9.2 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 47% |
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Key consumer countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
3M Corp., Allscripts Healthcare Solutions Inc., Asteres Inc., Athenahealth Inc., Azalea Health Innovations Inc., Change Healthcare Inc., Cognizant Technology Solutions Corp., Dedalus Italia SpA, ec2 Software Solutions, Epic Systems Corp., Fusion, General Electric Co., Koch Industries Inc., Koninklijke Philips NV, McKesson Corp., NextGen Healthcare Inc., Oracle Corp., Siemens AG, UnitedHealth Group Inc., and WRS Health |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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