The global healthcare information system market size was valued at USD 258.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.9% from 2021 to 2028. Rising government initiatives and healthcare IT investments to develop and deploy IT systems in the healthcare industry are among the key factors increasing the adoption of healthcare information systems. Region-specific funding initiatives being undertaken are promoting the usage of digital health platforms for information management, clinical decision support, and improving the overall healthcare outcomes.
Increasing penetration of technologically advanced healthcare services is further aiding the market growth. Recently, various IT companies and healthcare institutes are collaborating at a greater level to focus on developing high-utility services and solutions to improve the delivery of personalized care, streamlining data storage, and making effective use of data analytics. Moreover, the growing adoption of EHR systems is expected to significantly boost the market growth over the next few years. In January 2020, NXGN Management, LLC announced the signing of an exclusive partnership with Doctible. This partnership would allow Doctible to integrate its service with the NextGen Office cloud-based EHR (Electronic Health Record) and PM (Practice Management) systems to aid small businesses in sustaining loyalty, supporting growth, and providing improved patient care.
Key Player Mentioned:
- McKesson Corporation
- Cerner Corporation
- Allscripts
- Agfa Gevaert NV
- Medidata Solutions Inc.
- GE Healthcare
- Siemens Healthineers
- athenahealth, Inc.
- Epic Systems Corporation
- NextGen Healthcare
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Product Segment Analysis:
- Hardware
- Software and Systems
- Services
Application Segment Analysis:
- Hospital Information System
- Pharmacy Information Systems
- Laboratory Information Systems
- Revenue Cycle Management
- Medical Imaging Information System
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa
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The increasing adoption of cloud-based healthcare information systems has been a key trend prevailing in the healthcare industry. Before the advent of cloud-based systems, hospitals relied heavily on on-premises technology systems for information management and streamlining the flow of data across the hospital system. However, several healthcare institutions are replacing on-premises and web-based systems owing to several benefits offered by cloud systems such as decreased data storage and management costs, streamlined access to patient data, improved protection and backup capabilities from data loss, smarter usage of big data to treat patients and improve outcomes, improved access to true data interoperability, and access to new telehealth capabilities.
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