by Healthcare informatics provides numerous advantages like easy storage, retrieval and sharing of patient information among different health organizations, reduced medical errors, improved decision making using data-driven insights. With aging population and rising healthcare costs, there is increasing need for streamlining healthcare processes and administrative tasks using healthcare informatics solutions. \
The Global Healthcare Informatics Market is estimated to be valued at US$ 91.51 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Healthcare Informatics are Cerner Corporation, McKesson Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, GE Healthcare, Philips Healthcare, Siemens Healthineers, IBM Watson Health, Oracle Healthcare, eClinicalWorks, Athenahealth, Inc., Carestream Health, Agfa-Gevaert Group (Agfa HealthCare), Medidata Solutions, Inc., NextGen Healthcare, Inc., Siemens Medical Solutions, Health Catalyst. Key players are focused on development of advanced AI and machine learning based solutions for improved clinical decision making, predictive analytics and personalized care.
The key opportunities in the Healthcare Informatics Market Size include growing adoption of cloud-based healthcare informatics solutions owing to benefits like scalability, cost efficiency and real-time data access. Integration of virtual assistants, chatbots and other conversational platforms with EHR is another major opportunity area.
Technological advancements in artificial intelligence, machine learning, blockchain, cloud computing and 5G connectivity are fueling innovation in healthcare informatics. AI is playing a key role in development of intelligent systems for clinical diagnosis, drug discovery and population health management. Blockchain has potential to securely share health records across different organizations.
Market drivers
Growing aged population and associated rise in chronic diseases is driving the need for healthcare informatics solutions for better care management and outcomes. Government support through favorable funding and regulations is also supporting the adoption of these solutions. Moreover, shift towards value-based care and need for curbing healthcare costs through administrative and operational efficiencies will further propel the demand. Integration of newer technologies like AI, IoT, cloud and blockchain with healthcare IT will open new avenues of growth over the coming years.
Current Challenges in Healthcare Informatics Industry
The healthcare informatics Market Size and Trends industry is facing several challenges currently. With the increasing ageing population and rising burden of chronic diseases, the demand for quality healthcare services is increasing tremendously. However, the industry is struggling with issues like high costs of deployment and maintenance of various IT solutions, data security and privacy concerns, interoperability issues between different healthcare IT systems and platforms, and shortage of trained healthcare informatics professionals. Addressing these challenges and making healthcare delivery more efficient, effective and affordable through digital technologies will be a key focus in the coming years.
SWOT Analysis
Strength: Massive amount of healthcare data is being generated each year which can help develop predictive analytics tools for better decision making.
Weakness: Healthcare organizations face challenges integrating legacy systems with new technologies.
Opportunity: Telehealth and remote patient monitoring segment is witnessing strong growth driven by pandemic.
Threats: strict data privacy regulations and increased cybersecurity threats pose risks to healthcare organizations.
In terms of value, the North America region currently dominates the healthcare informatics market, accounting for over 40% share. Presence of major players, high healthcare expenditure, and early adoption of advanced healthcare IT solutions have aided the regional market growth. Meanwhile, Asia Pacific is expected to witness the fastest CAGR during the forecast period driven by increasing government focus on modernizing healthcare infrastructure through digitization initiatives across countries like China, India and Japan.
The United States currently represents the largest geographical market for healthcare informatics, with a value share exceeding 30%. Factors such as robust healthcare infrastructure, rise in chronic diseases, supportive government policies promoting digitization of healthcare sector have helped the country maintain its leading position. However, China is emerging as a fast growing market attracting significant foreign investments in digital healthcare over the last few years. Healthcare informatics spending is projected to more than double in China by 2030.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
