The Healthcare Information System Market size is estimated to reach $180.2 Billion by 2025, growing at a CAGR of 7.1% during the forecast period 2020-2025. Health Information Systems are designed to store patient-related data and analyze it to provide the correct diagnosis. This system is designed to provide and improve clinical quality and care for each patient every time. However, the growing ageing population, increasing disposable income and improved healthcare facilities is set to drive the market growth during the forecast period 2020-2025.
Healthcare Information System Market Segment Analysis – By Product Type
Based on Product Type, Healthcare Information System Market is segmented into Electronic Health Record(HER), Electronic Medical record, Clinical Decision Support, E- prescribing, Personal Health Record, Patient engagement solution, population health management, Payer-based Health Record. Electronic Health Record segment holds the largest share in terms of revenue in 2019. This is owing to increasing investments in the healthcare information exchange systems and Rising adoption of EHR system by the healthcare providers. Population health management segment is set to be the fastest-growing CAGR 7.7% during the forecast period 2020-2025. This is owing to increasing health system ability and increase in cost-effectiveness and enhances patient engagement in the Population healthcare management system.
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Healthcare Information System Market Segment Analysis – By Delivery Type
Based on Delivery type, Healthcare Information System Market is segmented into Cloud-based, Web-based and on-premise and others. Cloud-based deployment held the largest share in 2019 this is owing to various healthcare organizations are looking forward to optimizing workflow by installing cloud-based solutions. Which are known for their greater accessibility, better security, and cost-effectiveness. The Web-based technology is set to be the fastest-growing CAGR during the forecast period 2020-2025. This is owing to increase in awareness in patients about web-based technologies which is cost-effective for taking care of patients.
Healthcare Information System Market Segment Analysis – By Geography
Based on Geography the Healthcare Information System Market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America held the major share in 2019 with a share of 37.2%. This is owing to growth of the region is backed by the rising adoption of EHR and the supportive government policies In the U.S. hospital community. However, Asia Pacific is set to be the fastest-growing CAGR during the forecast period 2020-2025. this is owing to factors such as an increase in government initiatives and a rise in awareness regarding these systems in Asian countries.
Healthcare Information System Market Drivers
Data analytics in Healthcare information system industry
The main drivers of health information systems are Data analytics; the healthcare industry constantly produces data. Then the healthcare data analysis can improve patient care. Collaborative care Patients often need to treatments from different healthcare providers. This in thus is driving the demand of Healthcare Information System market during the forecast period 2020-2025.
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Healthcare Information System Market Challenges
The adoption of IT in healthcare information System has been particularly slow and lagging behind that of major industries this is further exacerbated by the failure in HIS implementation as well as resistance to the use of the technology by healthcare professionals These challenges range from issues related to the technology itself, the healthcare setting, system users and the regulatory environment.
Healthcare Information System Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Healthcare Information System Market. Key companies of this market are Cerner Corporation, Orion Health, Philips Healthcare, Inc, Seimens, NextGen Healthcare, Epic Systems, Mckesson Corporationa, Carestream Health, and Inc.and Others.
Healthcare Information System Market Developments:
In October 2019, Cerner to Acquire AbleVets Further Expanding Strategic and Technical Expertise in U.S. Federal Health Market.
In July 23 2020, Cerner launches new cloud-based EHR for rural, critical access hospitals on announced a new cloud-based EHR offering to help rural and critical access hospitals speed up the implementation process and reduce costs. The new EHR offering, dubbed Community Works Foundations is a cloud-based version of Cerner’s Millennium HER.
Geographically, The North America market has the highest market share in 2019. This is owing to Healthcare reforms, better healthcare facilities and large private investment in the Healthcare market in the region.
The factors such as increasing use of electronic health record system by the healthcare providers have attributed massively towards the growth of healthcare information system market. In emerging nations restrains the growth of the market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Healthcare Information System Market.
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