Increased infrastructural development, increased need for better treatments along with the dire need of reducing time intervals are some of the reasons because of which the Healthcare Informatics Market is growing at a rapid pace.
Covid-19 Impact & Market Status
The Healthcare Informatics market size increased immensely due to the advent of Covid-19. This is because of the massive uptrend in the demand for services, rooms, oxygen cylinders, general surgery and a huge increase in all health-related things. Increased digitization was needed so as to increase productivity and effectively manage patient’s records. The times were really tough and people were panicking all around, number of patient inflows increased and hence demand for proper management also increased. A lot of people had to wait for surgeries and oxygen rooms and this meant that the processes need to be more efficient so that more and more patients could be treated as early as possible.
This Healthcare Informatics Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
The Laboratory Segment to Emerge as the Most Lucrative Segment
Based on type, the Healthcare Informatics market is divided into Medical Imaging, Hospital, Laboratory, Pharmacy, Health Insurance. Out of these, the Laboratory segment dominated the market in 2020.This is because of the large amount of data generated in laboratories that need to be stored and maintained efficiently so that insights can be generated from it. Additionally, increasing investments in the research activities are helping in the growth of this segment. This is the reason because of which the laboratory segment is the most lucrative in the component segment of Healthcare Informatics Market.
Oncology to Remain Atop
By application, the Healthcare Informatics market is divided into Renal Disease, Autoimmune Diseases, Oncology, Cardiology, Gynaecology, Respiratory Diseases, Others. Out of these the oncology department dominated the market in 2020 and is expected to stay in the position during the forecast period. This is because of the rise in number of cancer patients, increased research activities to develop treatments and growing demand of informatics in the hospitals.
Cardiology segment is also expected to have a considerable CAGR during the forecast period because of increasing number of cardiac patients.
Hospitals to Ensure Highest Sales
By end-user, the Healthcare Informatics market is divided into Hospitals, Specialty Clinics, Insurance Companies, Pharmacies, Others. Out of these hospitals have dominated the market in 2020 and it is because of the fact that the hospitals have huge need of improving profitability. Hospitals have the capital to buy and maintain these systems and experienced people who know the technical of the systems. Hospitals tend to include these because there is usually a high-tension environment and to streamline things, reduce complexity and make the process efficient, Healthcare Informatics are adopted.
Pharmacies are expected to register the highest CAGR during the forecast period.
North American Region to Render Ample Investment Avenues
North America is the largest contributor to the growth of global Healthcare Informatics Market. It is because of the infrastructurally developed hospitals, higher adoption rate of advanced technologies, increased government investments for developing the healthcare facilities. Another reason is that there is a huge need of reducing medical expenditure and hence the Healthcare Informatics is gaining importance in North America.
The Asia Pacific region is also expected to have a great CAGR owing to the huge population and increasing technological advancements in that region.
The increasing complexities in the healthcare segment and the need to reduce it is driving the growth of the Healthcare Informatics Market.
Owing to the highly tensed environment in the hospitals, it is super necessary to keep everything else simple so that the treatment can be performed without distractions. Increasing amount of equipment, patients, and the records of patients pertaining to diagnosis, medicine etc. are making processes complex hence a system which would integrate all the data of patient and streamline it was needed, which, in turn, resulted into the growth of Healthcare Informatics Market.
A Healthcare Informatics is a type of system that helps in concentrating all the data of the patient at one place which would be highly beneficial for the reduction in time. It also helps in centralizing all the command so that all the devices are connected to a master device which reduces the complexities in the operation room. These factors collectively influence the global Healthcare Informatics market, ensuring an overall market size of 77 billion by 2028 with an annual growth rate of 12.5 % through the forecast span.
The rise in the adoption of technology and growth in digitization among hospitals to improve efficiency and reduce the complexities is one of the reasons due to which this market is gaining importance. The unique feature of this system is that it results in maximized efficiency, minimized manpower, and managed patient surgical records. Increased demand for lab automation has increased over the past few years and this has resulted in the growth of Healthcare Informatics market.
Improvements in AI technology can play an important role in a complete plan to deal against certain backlogs and can help to enhance efficiency and decrease costs for hospitals and surgery centres. Additionally, improved results with less invasive procedure are expected to drive the market growth.
However, lack of skilled technicians and a high cost of installation are some of the factors that are hampering the market growth. Nevertheless, Healthcare Informatics Market has the growth prospects, because of the increasing need of highly efficient systems to reduce complexities.
The major players of this market are Accuro Healthcare Solutions, Allscripts, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Cerner Corp., Benchmark Systems, CNSI, Cognizant Technology Solutions, Companion Technologies. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Healthcare Informatics market. By applying technology, the R&D teams of the companies must try to mitigate the risks associated with security concerns. The Graphic User Interface i.e., ease of use, size of the software and useful features will prove to be essential factors determining the dominant player in the market.
Latest Innovations in the Global Healthcare Informatics Market: A Snapshot
- Feb, 2021, Tempus collaborated with Precision Health Informatics to enhance its precision medicine in oncology.
Healthcare Informatics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 77 billion|
|Growth Rate||CAGR of 12.5 % during 2021-2028|
|Segment Covered||type, Application, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Accuro Healthcare Solutions, Allscripts, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Cerner Corp., Benchmark Systems, CNSI, Cognizant Technology Solutions, Companion Technologies. Product launches, acquisitions, and R&D activities|
Key Segments of the Healthcare Informatics Market
Healthcare Informatics Market on the basis of type Overview, 2018-2028 (USD Million)
- Medical Imaging
- Health Insurance
Application Overview, 2018-2028 (USD Million)
- Renal Diseases
- Autoimmune Diseases
- Respiratory Diseases
End User Overview, 2018-2028 (USD Million)
- Specialty Clinics
- Insurance Companies
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa