- Global healthcare information software market value is projected to reach around $32 billion by 2024, registering a CAGR of 7.1% during 2019-2024.
- Currently, on premises dominates the market, holding the largest share.
- Overview of the healthcare software informaton market to micro details of the industry performance, recent trends, key market drivers and challenges.
According to the latest report by IMARC Group, titled “Healthcare Information Software Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global healthcare information software market size reached $21 billion in 2018.
Healthcare information software is designed for collecting, storing, managing and transmitting the healthcare data and electronic medical record (EMR) of patients. This large amount of sensitive information is processed and encrypted by the software to avoid security breaches.
It makes patient data easily accessible to doctors, patients and public health officials for making effective and informed decisions. Consequently, this software is being employed by various hospitals, nursing homes and other healthcare establishments for improving patient outcomes, minimizing operational errors and enhancing the overall healthcare service experience.
Increasing prevalence of chronic and lifestyle diseases across the globe is primarily driving the growth of the market. Busy schedules, sedentary lifestyles and growing fast food culture are some of the major factors which have led to an increase in the occurrence of diseases among the masses.
Furthermore, technological advancements and potential growth opportunities in healthcare IT are also creating a positive outlook for the market. The increasing adoption rates of real-time applications have improved workflow, enhanced efficiency and patient management which, in turn, has catalyzed the demand for healthcare information software.
Other factors contributing to the market growth include increasing research and development (R&D) activities, along with the growing trend of automation and internet of things (IoT)-based services in the healthcare industry. On account of the aforementioned factors, the market value is anticipated to reach $32 billion by 2024, expanding at a CAGR of 7.1% during 2019-2024.
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- Based on the deployment model, the market has been bifurcated into on-premise and cloud. At present, on-premises account for the majority of the total market share.
- On the basis of the application, the market has been categorized into hospitals, clinics, medical research centers and others.
- On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America holds the leading position in the market.
- The competitive landscape of the market has also been studied in the report with some of the key players being GE Healthcare, Siemens Healthcare, 3M Health, McKesson, Philips Healthcare, Agfa Gevaert, Allscripts, Dell, Epic Systems, NextGen Healthcare, Merge Healthcare, Neusoft, InterSystems, Cerner, Carestream Health and Meditech.