Healthcare informatics is a branch of engineering and analytics that focuses on collecting, storing, and analyzing healthcare data in order to improve service delivery and collaboration between physicians and healthcare professionals. Healthcare informatics is an important component of healthcare reform, reflecting evolving expertise that connects healthcare, communications, and informatics to improve patient care quality and safety. The purpose of healthcare informatics is to improve medical service operations by researching the resources, procedures, and equipment utilized to collect healthcare data and identifying strategies to improve the services given. Scanning electronic medical records, automated intake, and clinical decision support are all examples of this. More precisely, the field examines medical records to discover areas in which doctors, nurses, hospital administrators, and others may improve their services. Healthcare informatics also strives to improve communication and overall service quality by streamlining informational procedures for healthcare operators both internally and outside.

Market Growth Drivers

• Increasing requirement for data integration
• Rising demand from pharma and biotech companies
• Growing adoption of EMRs and EHRs
• Increasing patient base

Market Restraints

• Rising security concerns
• High service and maintenance costs

Market Opportunities

• Growing government investments in developing healthcare infrastructure
• Increasing adoption of technologically advanced systems in the healthcare industry

Report Coverage: 

Market Dynamics

The increased demand for data integration to understand, analyze, treat, and record healthcare data is driving the worldwide healthcare informatics market. Increasing usage of electronic health records (EHRs) and electronic medical records (EMRs) is one of the significant trends in the healthcare informatics industry that is helping the rapid expansion. As the biopharmaceutical business invests more in research and development, there is a rising need for data storage. As a result, increased demand from biotechnology and pharmaceutical companies for large amounts of data storage and management is moving the global healthcare informatics industry ahead. Government spending on building and renovating healthcare infrastructure, as well as expanding hospital networks, are some of the factors contributing to a better market opportunity. However, mounting security concerns, combined with expensive service and maintenance costs for these systems, may stifle industry growth. Furthermore, the growing number of investments in healthcare infrastructure, combined with the increasing use of technologically advanced systems, will create multiple potential opportunities for the market in the coming years.

Market Segmentation

The global healthcare informatics market is segmented based on type, application, end-user, and geography.

Market By Type

• Hospital Information System
• Medical Imaging Information System
• Laboratory Information System
• Pharmacy Information System
• Health Insurance Information System

Based on types, the hospital information system segment occupied a considerable healthcare informatics market share in 2021. On the other hand, the laboratory information system segment is anticipated to witness a lucrative growth in the forecasted period 2022 – 2030. The segment is rising due to an increase in the number of patients enrolling their tests in healthcare and pharma labs, technological breakthroughs in laboratory automation, a growing requirement for clinical workflow management, and advances in LIMS technology.

Market By Application

• Oncology
• Cardiology
• Gynecology
• Renal Diseases
• Autoimmune Diseases
• Respiratory Diseases
• Others

Among them, the ocology segment held a noteworthy market share in 2021. This is due to a growth in the number of cancer patients, extensive research activities to find treatments, and an increase in the demand for informatics in hospitals. According to the International Organization for Research on Cancer, there were more than 19 million new cancer cases and 10 million cancer fatalities globally in 2020. Meanwhile, due to the increasing prevalence of heart attacks and other cardiovascular problems, the cardiology segment is expected to increase at the quickest rate.

Market By End-User

• Specialty Clinics
• Insurance Companies
• Hospitals
• Pharmacies
• Others

Out of these, the hospitals segment held the largest market share in 2021 as hospital have huge need of improving profitability. Increased patient intakes need better patient data management and revenue cycle management in hospitals to ensure a smooth workflow. In addition, hospitals have larger settings and higher investment budgets than research and diagnostic organisations. Furthermore, implementation of several programs in emerging economies for the use of hospital information systems is also propeling the segmental growth.

Healthcare Informatics Market Regional Overview

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa

The higher adoption rate of advanced technologies boosts the North America healthcare informatics market revenue

The regional segmentation is given as North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa (MEA). Based on regional analysis, the North America region generated the maximum market revenue in 2021 and is likely to continue its trend in the coming years. Some of the factors driving regional growth include developed healthcare infrastructure, greater government spending in establishing healthcare and biopharma facilities, and an increase in the number of research centers. Meanwhile, the Asia-Pacific region is expected to develop at the quickest CAGR over the next few years. The APAC region's rapid expansion can be attributed to a large population base, rising prevalence of chronic diseases, an ageing population, and increased investments in healthcare infrastructure.

Competitive Landscape

Some of the top vendors offered in the professional report include Allscripts, Accuro Healthcare Solutions, Agfa HealthCare Corp, Cardinal Health, Benchmark Systems, Cerner Corp., CNSI, Axiom Resource Management Inc., Cognizant Technology Solutions, and Medtronic.