According to the report, the healthcare informatics market size was valued at US$ 31 Bn in 2020 and is expected to reach US$ 100 billion by 2030, expanding growth at a noteworthy CAGR of 12.1% from 2021 to 2030.
Increase in technological advancements and rise in demand for lab automation are the major factors anticipated to propel the global healthcare informatics market during the forecast period. Incorporation of technological advancements, increase in applications of bioinformatics, and surge in adoption of EHR systems are the key factors projected to drive the global healthcare informatics market during the forecast period.
Rise in Demand for Lab Automation to Drive Market
The demand for lab automation has increased over the past few years, as it is a highly effective solution to address the shortage of skilled personnel and reduce human intervention in laboratory processes. For instance, in July 2020, Danaher Corporation moved into a marketing contract with Clever Culture Systems (CCS), a pioneer in microbiology automation using AI, to endorse the APAS Independence in their suite of lab automation solutions. Routine lab procedures are being automated with the help of devoted workstations and software for programming instruments, which enhance lab productivity and enables individual researchers to focus on critical tasks.
Lab automation also helps reduce human errors that could occur, owing to performing repetitive tasks such as pipetting. Additionally, adoption of automation in laboratories aids in making the processes cost-effective, rapid, and efficient. Manual processes are considered to consume more time than automated ones, accounting for over 60% of the total time invested in the workflow. Automating specimen workflows could help save time and require less resource allocation. Furthermore, the adoption of automation enables to continue the runs overnight rather than having to pause them and carry out the reaction the next day.
Healthcare Informatics Enables Early Detection of Chronic Kidney Diseases
Renal transplantation is a complex, multi-disciplinary, and cross-center service. Companies in the healthcare informatics market are stepping in to support transplant care by improving access to data, information sharing, and communication. Healthcare informatics helps to overcome communication roadblocks and improves access to data. The market is predicted to cross US$ 100 Bn by 2031. This is evident since health IT helps to improve information management whilst supporting the workflow.
Chronic kidney disease (CKD) is a slow and progressive disorder that is typically silent until late stages. Healthcare informatics holds promising potential for early intervention and can help to significantly delay the progression of chronic kidney disease. Stakeholders are collaborating with researchers to develop algorithms that involve a combination of rule-based and machine learning methods to identify stage-specific kidney disease comorbidities.
Updated Software, Frequent Password Changes Help Overcome Data Security Challenges
The global healthcare informatics market is projected to advance at a robust CAGR of 12.1% during the forecast period. However, data security challenges such as vulnerability of cloud data, malware infecting computer systems, and password protection need to be addressed by companies. Thus, to overcome the vulnerability of cloud data, extra layers of security are being prompted, which will help to upgrade informatics systems. Updated software helps to prevent viruses from infecting computer systems.
Vendors in the healthcare informatics market are increasing awareness about frequent password change, since passwords are the gatekeepers of privileged information and helps to offer restriction to certain areas. The ongoing rush to digitize patient records has left gaps in security that hospitals must fill to protect patient data.
AI-enabled Platforms to Contribute to Innovative Solutions in Cancer Care
Oncology is likely to dictate the highest revenue share among all applications in the healthcare informatics market during the assessment period. In February 2021, Tempus - a specialist in precision medicine and artificial intelligence (AI), announced its collaboration with Precision Health Informatics - a subsidiary of Texas Oncology, with the intention to accelerate the advancement of precision medicine in oncology. Companies in the healthcare informatics market are taking cues from such developments, and increasing their research in precision medicine through unique insights derived from extensive clinical data.
Companies in the healthcare informatics market are focusing on AI-enabled platforms and robust genomic sequencing capabilities to advance clinical research and personalized patient care. Unique clinical insights from a pool of vast database can contribute to innovative solutions in cancer care.
Patient-centered Outcomes Research Improves Treatment of Autoimmune Conditions
People living with autoimmune conditions tend to make critical decisions about treatments involving costly and innovative medications, often with little data comparing the treatment’s effectiveness or safety to guide such decisions. There is a need of real-world evidence incorporating PROs (patient-reported outcomes) to help inform patients with autoimmune diseases and other stakeholders about patients’ experiences while receiving immunomodulating therapies. Such trends are helping to identify patterns in their disease activity and symptoms.
The patient-centered outcomes research is characterized by engagement of patients throughout the research process. Platforms provided by the vendors in the healthcare informatics market help in the inclusion of research questions and outcomes that are important to the patients & care partners. Thus, patient-centered outcomes research is especially important for people living with immune-mediated conditions.
Medical Informatics in Gynecology, Obstetrics Supports Industry Knowledge Sharing
Women’s health comprises a large range of activities, including fertility and reproductive health, screening, and the treatment for gynecological conditions. Medical informatics in gynecology and obstetrics with the help of computer systems supports industry knowledge and insight to challenges in the areas of informatics that are important to women’s health.
Companies in the healthcare informatics market are helping to reduce errors and improve co-ordination in the healthcare industry. Robust informatics platforms are helping patients to keep a track of their health status, whilst doctors can check the records of their patients on the fingertips. Cloud software is being preferred in electronic health records management. Soon, mobile apps are anticipated to grow rapidly in the healthcare informatics sector, since it empowers patients to have electronic access to their health history.
In terms of type, the global healthcare informatics market has been classified into hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information systems, and health insurance information systems. The hospital information systems segment dominated the global healthcare informatics market in 2020, and the trend is anticipated to continue during the forecast period. The segment's dominance can be attributed to increase in rate of adoption of hospital information systems in emerging markets. The hospital information systems segment has been split into electronic health record, electronic medical record, real-time healthcare, patient engagement solutions, population health management, and others. The pharmacy information systems segment has been segregated into prescription management, automated dispensing systems, inventory management, and others. The medical imaging information systems segment has been split into radiology information systems, monitoring analysis software, picture archiving & communication systems, and others.
Based on application, the global healthcare informatics market has been categorized into renal diseases, autoimmune diseases, oncology, cardiology, gynecology, respiratory diseases, and others. The oncology segment held a major share of the global healthcare informatics market in 2020. Informatics tools play a significant role in both oncology practice and research. Additionally, rise in focus on the application of informatics for precision oncology boosts the growth of the segment.
In terms of end user, the global healthcare informatics market has been divided into hospitals, specialty clinics, insurance companies, pharmacies, and others. The hospitals segment dominated the market in 2020, owing to the availability of budget for the installation of expensive healthcare informatics systems.
In terms of region, the global healthcare informatics market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for a leading share of the global healthcare informatics market during the forecast period. Technological advancements and rise in awareness about pharmaceutical information systems and hospital information systems are the major factors driving the market in the region. The market in Europe is expected to expand at a high CAGR in the near future, owing to the presence of local as well as global players and an increase in the demand for healthcare informatics devices in the region.
The healthcare informatics market in Asia Pacific is likely to grow at a rapid pace in the near future. Rise in awareness and increase in healthcare expenditure in the region are projected to propel the market in Asia Pacific over the next few years. Japan, India, and China are anticipated to be lucrative markets for healthcare informatics during the forecast period.
Key players operating in the global healthcare informatics market are Medtronic, Koninklijke Philips N.V., Health Gorilla, Cerner Corporation, MV Informática Nordeste Ltda., LabVantage Solutions, Inc., NXGN Management, LLC, Allscripts Health Care, LLC, nThrive Revenue Systems, LLC, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Benchmark Systems, and CNSI. These companies adopt the strategy of partnerships in order to expand market share. For instance, in January 2021, in order to bring LabVantage Business and Medical Suite to Brazil, LabVantage Solutions, Inc. announced a strategic alliance with LIDERSALES. LIDERSALES will contribute to the ongoing enhancement of the productivity and reliability of LabVantage facilities in the field through this collaboration.
Report Scope of the Healthcare Informatics Market
|Market Size||US$ 100 Billion by 2030|
|Growth Rate||CAGR of 12.1% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Mentioned||Medtronic, Koninklijke Philips N.V., Health Gorilla, Cerner Corporation, MV Informática Nordeste Ltda., LabVantage Solutions, Inc., NXGN Management, LLC, Allscripts Health Care, LLC, nThrive Revenue Systems, LLC, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Benchmark Systems, and CNSI|
Global Healthcare Informatics Market: Segmentation
Healthcare Informatics Market, by Type
Healthcare Informatics Market, by Application
Healthcare informatics Market, by End User
Healthcare Informatics Market, by Region
Scope of Report
The market during the forecast period from 2021 to 2030. The report provides revenue of the global healthcare informatics market for the period from 2019–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global healthcare informatics market during the forecast period.
The report has been prepared after primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global health care informatics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global healthcare informatics market.
The report includes an elaborate executive summary along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global healthcare informatics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global healthcare informatics market.
The report delves into the competitive landscape of the global healthcare informatics market. Key players operating in the global healthcare informatics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global healthcare informatics market that have been profiled in this report.
A unique methodology has been utilized by VRR to conduct comprehensive research on the growth of the global healthcare informatics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global healthcare informatics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the healthcare informatics market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the healthcare informatics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global healthcare informatics market with accuracy. The study also uses the top-down approach to assess the revenue of each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global healthcare informatics more reliably and accurately.
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