Health Informatics Forecasts to 2030 - Global Analysis By Type, Product Type, Application, End User and By Geography

According to Stratistics MRC, the Global Health Informatics Market is accounted for $40.79 billion in 2023 and is expected to reach $105.9 billion by 2030 growing at a CAGR of 14.6% during the forecast period. A multidisciplinary discipline called health informatics integrates the use of data analysis, information technology, and healthcare management to enhance the effectiveness, precision, and quality of healthcare delivery and decision-making. It focuses on the collection, retention, retrieval, and application of health information across a range of healthcare settings. Healthcare informatics is essential to modern healthcare because it uses data and technology to enhance patient outcomes, streamline workflows, and promote medical research.

According to the Cancer Research UK, 18.1 million new cases of cancer were reported globally in 2020.

Market Dynamics:

Driver:

Digital revolution in the healthcare sector

The use of telemedicine, electronic health records (EHRs), and other digital health technology is causing a digital revolution in the healthcare sector. The desire for improved patient care, faster procedures, and decision-making based on data ultimately fuels this change. Electronic health records (EHRs) replace paper-based medical records with digital systems that facilitate the capture, storage, and retrieval of patient data. Additionally, the creation and application of electronic health records (EHRs) require the use of health informatics solutions because they make it possible to handle electronic health data effectively, producing patient data that is more precise and easily accessible. These factors are thereby positively influencing market expansion.

Restraint:

High cost

The cost of implementation is a significant restraint in the health informatics market. It can be costly to implement health informatics solutions. New software, technology, and training are frequently investments that healthcare organizations must make. This covers the acquisition of servers, networking hardware, storage systems, and software for electronic health records (EHRs). For the purpose of using health informatics systems successfully, healthcare professionals and personnel require training. This includes the price of training plans, employing instructors, and allocating employees time to become proficient in the new technology.

Opportunity:

Aging population

The aging population is increasing the demand for healthcare services. Health informatics can assist in monitoring ongoing diseases, managing the care of elderly patients, and enhancing the quality of healthcare provided to this group. Chronic conditions like diabetes, heart disease, and hypertension are more common in older people. Additionally, health informatics systems assist healthcare providers in tracking and treating chronic illnesses more efficiently by enabling remote monitoring, electronic health records, and care coordination. The market for healthcare informatics is expanding due to the rise in the aging population.

Threat:

Data overload

An increasing number of health informatics systems raise the possibility of data overload. Massive amounts of data are produced by health informatics systems, including patient monitoring information, diagnostic test results, electronic health records (EHRs), and more. It can be challenging to efficiently manage and analyze this amount. However, the amount of data collected may be too much for healthcare workers to handle and understand which could result in information fatigue. Large volumes of healthcare data must be stored and retrieved, which can put pressure on storage systems and cause delays in accessing vital patient data. The market for health informatics may be threatened by data overload.

COVID-19 Impact

The COVID-19 pandemic has positively impacted the demand for healthcare informatics. The uptake of telemedicine and digital health technology' has been accelerated by the pandemic. Tele consultations, virtual care delivery, and remote patient monitoring were all made possible in large part by healthcare informatics. During the epidemic, demand for data analytics and surveillance solutions increased dramatically. Technologies for artificial intelligence and machine learning were used to create COVID-19 predictive models, support diagnostics, and examine patient data.

The hospitals segment is expected to be the largest during the forecast period

The hospitals segment is estimated to hold the largest share. Hospitals' growing desire to increase profitability has prompted the implementation of effective informatics systems. Healthcare informatics systems provide accurate and consistent patient diagnosis as well as the upkeep of patient health records. The primary drivers of the market's expansion are the increasing adoption of digital health systems by healthcare facilities, the focus on patient-centered mandates, the creation of care management solutions as a cost-saving strategy, the emergence of accountable care organizations, and the aging population's growing preference for patient involvement.

The oncology segment is expected to have the highest CAGR during the forecast period

The oncology segment is anticipated to have lucrative growth during the forecast period. Oncology deals with the study, diagnosis, prevention, and treatment of cancer. The growth of this market has been aided in recent years by the rising incidence of cancer in the general population, the expansion of research into new medications and treatment options, and the rising need for hospitals' informatics systems. As a result, it is anticipated that this market will expand quickly throughout the projection period.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period due to rising medical expenses, a rise in the elderly population, an increase in the prevalence of chronic diseases, an increase in government efforts and e-health programs, population expansion, and public-private sector partnerships. Increased government investment in building healthcare infrastructure, rapid urbanization, rising disease prevalence, and a huge population are some of the reasons that are driving demand for the healthcare informatics industry in this region. Additionally, due to the high population, the hospital sector is experiencing increased demand, and as a result, this region is anticipated to have rapid growth in the years to come.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. The region's developed healthcare infrastructure, higher adoption rate of cutting-edge technologies, increased government funding for the construction of pharmaceutical and healthcare facilities, and rising numbers of research institutes are all characteristics of North America that have a positive impact on the market for healthcare informatics.

Key players in the market

Some of the key players in the Health Informatics Market include: Koninklijke Philips N.V., Oracle Cerner, Health Gorilla, LabVantage Solutions, Inc., Medtronic plc, Veradigm LLC, MV Sistemas MV Informatica Nordeste Ltda., FinThrive, Axiom Resource Management, Inc., NXGN Management, LLC, Accuro Healthcare Solutions, Agfa HealthCare and Benchmark Systems.

Key Developments:

In June 2023, Health Gorilla, a leading Health Information Network and interoperability provider, has announced a new partnership with Humana Puerto Rico to enhance care coordination for its members. Through this collaboration, Health Gorilla will provide Admission, Discharge, and Transfer (ADT) data to Humana Puerto Rico powered by established network connections on the island.

In November 2021, Koninklijke Philips N.V. launched AI-enabled MR portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions in the U.S. AI-powered MR 5300 1.5T system, which received 510(k) clearance from the U.S. Food and Drug Administration (FDA), simplifies and automates complex clinical and operational tasks with helium-free for life MR operations, driving consistent quality and sustainability for outpatient clinic and MR departments.

Types Covered:

• Hospital Information Systems
• Laboratory Information Systems
• Medical Imaging Information System
• Pharmacy Information Systems

Product Types Covered:

• Hardware
• Services
• Software

Applications Covered:

• Autoimmune Diseases
• Gynecology
• Oncology
• Renal Diseases
• Respiratory Diseases
• Cardiology
• Other Applications

End Users Covered:

• Specialty Clinics
• Insurance Companies
• Hospitals
• Pharmacies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances