Healthcare informatics comprises healthcare information systems including electronic health records, computerized provider order entry systems, electronic prescribing systems, clinical decision support systems, telehealth solutions, artificial intelligence, and others that digitally store and manage healthcare information of patients. These systems help improve clinical outcomes, enhance efficiency and economic performance of healthcare facilities, and expand market reach through remote patient monitoring and robotic surgery.
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 from 2024 to 2031.
Key Takeaways
Key players operating in the healthcare informatics market 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. The growing use of healthcare Big Data and analytics is driving the demand for advanced, integrated healthcare informatics solutions that can efficiently store, manage and analyze large volumes of complex healthcare data. Government initiatives and investments in digital healthcare infrastructure along with rising focus on value-based care are fueling the adoption of healthcare informatics globally. Also, healthcare organizations are expanding their informatics capabilities to emerging markets to improve healthcare access and quality in these regions.
Market Key Trends
The Healthcare Informatics Market Demand is witnessing increased adoption of artificial intelligence and machine learning technologies that help predict disease outbreaks, improve drug discovery, automate clinical workflows, and provide personalized care. Deep learning algorithms are being utilized to analyze multimodal healthcare data sets including electronic health records, medical imaging, genomic data and patient-generated data from apps and wearables. This enhances diagnostic accuracy, facilitates precision medicine approaches and improves clinical outcomes. Advanced analytics coupled with AI is emerging as a key trend that is transforming the face of the healthcare informatics industry.
Porter’s Analysis
Threat of new entrants: The healthcare informatics market faces moderate threat of new entrants due to high capital requirements and regulatory barriers.
Bargaining power of buyers: Buyers have low bargaining power due to lack of substitutes for specialized clinical information systems and standardization in healthcare processes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiation in technologies and services offered by various players.
Threat of new substitutes: Threat of new substitutes is low as healthcare informatics solutions have evolved to become essential for structured record keeping and management of clinical workflows.
Competitive rivalry: The market witnesses high competitive rivalry due to presence of numerous global and regional players differentiating through technology and service offerings.
Geographical Regions
The North America region holds the major share of healthcare informatics market in terms of value owing to advanced healthcare infrastructure and high adoption of digital technologies across care settings such as hospitals and clinics.
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising healthcare spending, growing medical tourism, increasing government initiatives for EMR adoption in major countries like China and India, and developing IT infrastructure in the region.
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