by The healthcare informatics industry includes products and services designed to collect, store, manage and transmit healthcare-related data. These products and services aim to reduce operational costs, improve diagnosis accuracy, streamline workflows and enhance patient care through digitalization. Some key healthcare informatics solutions include electronic medical records, picture archiving and communication systems, telehealth platforms and population health management tools.
The global healthcare informatics market is estimated to be valued at US$ 91.51 Billion 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: Key players operating in the healthcare informatics market include 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.
Growing demand for healthcare IT solutions: The growing digitization of healthcare practices and rising demand for a seamless data exchange platform between healthcare organizations and providers is fueling the demand for healthcare informatics solutions and services. Integration of AI and advanced analytics is further enhancing the capabilities of these solutions.
Global expansion through partnerships and M&As: Leading healthcare informatics vendors are focusing on global expansion through strategic collaborations, partnerships and mergers & acquisitions. This allows them to leverage complementary technologies, penetrate new markets and gain new customers. For example, in 2021 Cerner acquired Kantar Health to expand its real-world data analytics capabilities.
Market Key Trends
The Healthcare Informatics Market Size is trending towards IoT based applications and solutions. Integration of various medical devices, patient monitoring systems, and diagnostic equipment with electronic health records through internet of medical things (IoMT) is improving clinical outcomes. IoT based tracking of medical equipment through RFID tags and sensors help optimizing inventory management and reducing theft of medical assets. With growing use of wearables and remote monitoring devices, edge computing capabilities of in healthcare informatics solutions are being enhanced to process and analyze data locally for quick insights and real-time clinical decision making.
Porter’s Analysis
Threat of new entrants: The healthcare informatics market requires significant capital investments with substantial switching costs for customers. This makes the threat of new entrants low.
Bargaining power of buyers: Individual healthcare providers have low bargaining power as the healthcare informatics solutions and services help streamline operations and reduce costs. However, large hospital networks and insurance companies wield significant bargaining power.
Bargaining power of suppliers: Leading healthcare informatics Market Size and Trends vendors such as Cerner, Epic, and Allscripts dominate the market making the bargaining power of suppliers high. However, the threat of substitutes keeps their pricing and policies in check.
Threat of new substitutes: While some substitutes like cloud-based services offer additional flexibilities, healthcare informatics solutions and services are specialized requiring domain expertise with no direct substitutes available currently.
Competitive rivalry: The market is highly competitive with the top players competing on product capabilities, pricing, and service levels. Strategic partnerships and acquisitions remain common to broaden product portfolios.
Geographical regions: North America accounts for the largest share of the global healthcare informatics market currently valued at over US$ 40 Bn primarily due to established healthcare infrastructure and rising healthcare costs prompting efficiency improvements across the United States.
The Asia Pacific region is poised to grow the fastest during the forecast period with a CAGR exceeding 15% driven by investments in modern healthcare facilities and hospital information systems across densely populated countries like India and China to meet the growing needs of their populations.
*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
