Healthcare Information System Global Market Report 2024

The healthcare information system market size has grown rapidly in recent years. It will grow from $379.98 billion in 2023 to $423.53 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth observed in the historic period can be attributed to government initiatives and regulations, increasing healthcare costs, the need for interoperability, a shift towards patient-centric care, and concerns related to data security and privacy. These factors collectively contributed to the development and expansion of healthcare information systems during that period.

The healthcare information system market size is expected to see rapid growth in the next few years. It will grow to $643.82 billion in 2028 at a compound annual growth rate (CAGR) of 11%. The anticipated growth in the forecast period can be attributed to the integration of artificial intelligence and analytics, the adoption of value-based care models, an emphasis on population health management, global health initiatives, and increased preparedness for pandemics. Major trends expected in the forecast period include the implementation of patient engagement technologies, the expansion of telehealth and remote patient monitoring, advancements in healthcare technology, digital transformation within the healthcare sector, and the use of blockchain for enhanced data security. These trends are poised to significantly impact the evolution of healthcare information systems.

The increasing prevalence of chronic diseases is poised to drive the growth of the healthcare information system market. Chronic diseases, characterized by long-lasting conditions requiring ongoing medical attention, significantly impact individuals' daily activities. Healthcare information systems play a crucial role in assisting healthcare providers by managing patient data, tracking health outcomes, and enhancing care for individuals with chronic illnesses. In September 2022, the World Health Organization reported that 74% of global deaths, totaling 41 million each year, were attributed to non-communicable diseases (NCDs) or chronic diseases. Notably, cardiovascular diseases accounted for 17.9 million fatalities, while cancer led to 9.3 million deaths in 2022. The escalating prevalence of chronic diseases acts as a key driver for the expansion of the healthcare information system market.

Prominent companies in the healthcare information system market are actively developing innovative products, exemplified by offerings such as Chronic Care Complete, aimed at enhancing profitability in the market. Chronic Care Complete represents a groundbreaking chronic condition management solution designed to assist individuals in improving health outcomes while managing multiple chronic conditions. For instance, in February 2022, Teladoc Health Inc., a US-based whole-person virtual care provider, launched Chronic Care Complete, providing members with a comprehensive and unified experience. The solution incorporates connected health monitoring devices, access to health coaches, and assistance from physicians and mental health specialists as needed.

In January 2021, Royal Philips, a Netherlands-based med tech company, successfully acquired Capsule Technologies Inc. for $635 million. This strategic acquisition positions Philips to strengthen its leadership in patient care management solutions for hospitals. By enabling the seamless movement of data throughout the enterprise, presenting insights in the context of patient care, and facilitating workflow management, the acquisition enhances patient care management capabilities. Capsule Technologies Inc., a US-based company specializing in medical device integration and information solutions for healthcare providers, contributes to Philips' efforts to provide comprehensive and innovative solutions in the healthcare information system market.

Major companies operating in the healthcare information system market report are McKesson Corporation, Hewlett Packard, Siemens Healthineers, Philips Healthcare, GE Healthcare, 3M Health Care, Wipro Limited, Cerner Corporation, Infor, Epic Systems Corporation, Agfa Gevaert Group, Allscripts Healthcare LLC, Athenahealth Inc., Neusoft Medical Systems Co. Ltd., eClinicalWorks, Carestream Health, Medidata Solutions Inc., NextGen Healthcare, NXGN Management LLC, Osi Systems, Greenway Health LLC, SWORD Health, Ada Health GmbH, Dedalus S.p.A, e-MDs Incorporation, NeuroLogica Corporation, TESCAN, Novarad Corporation, Shenzhen Anke High-tech Co. Ltd., Siilo.

North America was the largest region in the healthcare information system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The healthcare information system market consists of revenues earned by entities by providing services such as electronic health record, electronic medical record, real-time healthcare, patient engagement solution, and population health management. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare information system market also includes sales of sensors and scanners, medical devices, barcode readers and other equipment which are used in providing healthcare information system services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A healthcare information system (HIS) is a digital platform designed to manage healthcare data. It includes various subsystems that are responsible for collecting, storing, processing, and transmitting electronic medical records (EMR) of patients. Additionally, HIS may handle operational aspects of hospitals and aid in decision-making processes related to healthcare policies.

The essential components of a healthcare information system encompass hardware, software and systems, and services. In the realm of healthcare information systems, hardware refers to the tangible elements of the system, including computer hardware, medical devices, and other electronic equipment employed for the collection, storage, and transmission of healthcare data. These systems are implemented using web-based, on-premises, and cloud-based modes, supporting applications such as hospital information systems, pharmacy automation systems, laboratory informatics, revenue cycle management, and medical imaging information systems. These solutions cater to a diverse range of business entities, including hospitals, diagnostic centers, and academic and research institutes.

The healthcare information system market research report is one of a series of new reports that provides healthcare information system market statistics, including healthcare information system industry global market size, regional shares, competitors with an healthcare information system market share, detailed healthcare information system market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare information system industry. This healthcare information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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