PUBLISHER: Grand View Research | PRODUCT CODE: 1511900
PUBLISHER: Grand View Research | PRODUCT CODE: 1511900
The global healthcare information system market is anticipated to reach USD 1,095.46 billion by 2030 and is expected to expand at a CAGR of 13.32% during the forecast period, according to a new report by Grand View Research, Inc. Government initiatives have boosted the market by accelerating the adoption of hospital IT systems in various healthcare centers and institutions. The need for developing integrated healthcare systems is increasing due to a rise in the geriatric population, chronic disease burden, and high healthcare expenditure.
Adoption of EHR is growing significantly since EHR software provides clinicians with access to a patient's comprehensive medical history. Patient information may be updated in real-time, providing each clinician with an up-to-date and accurate patient file. According to a recent study published by American Academy of Allergy, Asthma & Immunology in November 2022, 89.9% of office-based practices in the U.S. employ EHR & EMR systems.
Growing global healthcare spending is driving the demand for IoT solutions in the healthcare sector. The healthcare industry is transitioning from a fee-for-service model to a value-based model, where treatment outcomes determine reimbursement. Globally, there is increasing pressure to reduce healthcare costs as healthcare expenses outpace economic growth. Patient-centered care management, Population Health Management (PHM), and point-of-care solutions assist providers in cutting down healthcare expenditure and improving outcomes through the development of patient registries and patient portals. These solutions also enable health information exchange and help care providers in remote patient monitoring. Thus, the demand for the development of such software is rising globally.