Health Informatics Market

Market Perspective

The global Health Informatics Market was valued at USD 34.23 billion in 2022 and is projected to reach USD 101.34 billion by 2030, growing at a CAGR of 12.50% from 2023 to 2030.

The health informatics market is growing owing to the increased automation in clinical laboratories in order to improve the accuracy, efficiency, consistency, quality, and patient safety. In addition, technologies such as conveyor systems, robots, machine vision, and others are being operated on the laboratory automation system.

Furthermore, government spending toward upgrading the infrastructure of healthcare systems, growing hospital networks, and widespread adoption of electronic health records are expected to drive market growth. Moreover, mounting requirement for integrated systems in order to interpret, diagnose, analyze, and record the data, along with the surge in adoption of IoT and advanced technological systems, is expected to propel market expansion through the forecast period. However, concerns associated with data security is expected to limit the growth of the market.

Analyst’s Review on Health Informatics Market

Health informatics plays an important role in achieving accurate patient outcomes by delivering data power, qualifying clinicians, doctors, and healthcare professionals for decision-making and streamlining operations, and increasing patient engagement in order to prioritize the integration of healthcare informatics into modern healthcare in order to fully utilize the health informatics market.

Furthermore, key players in the health informatics market are focusing on data driven decision making in order to achieve the expected results. Companies are willing to invest in research & development in the advanced technologies of health informatics in order to improve the overall healthcare system.

Market Definition

Health informatics, also known as health information systems, relies on information technology. Healthcare professionals in the field of health informatics analyze and organize health records to improve the outcomes associated with healthcare.

It encompasses a wide range of applications, including electronic health records (EHRs), telemedicine, health information exchange (HIE), clinical decision support systems (CDSS), and population health management. With the increasing digitization of healthcare data and the growing need for efficient healthcare delivery, the health informatics market is experiencing significant growth and innovation.

Healthcare informatics builds communications protocols within the systems of the facilities where they work. The system basically ensures that nurses, doctors, and other professionals have easy, quick, and efficient access to medical records. Thus, owing to increased awareness about the benefits of health informatics, the field is growing rapidly and driving the growth of the market.

Market Dynamics

The growing pharmaceutical and biotechnology industries in developing and developed economies is increasing the demand for health informatics across the regions. In addition, growing investments by governments, coupled with increased private investments in developing and expanding the growth of the biopharma and biotech industries, are driving the market growth.

Furthermore, mounting prevalence of chronic diseases among the population is significantly boosting the demand for health informatics systems. Moreover, the growth in investments associated with research laboratories, and the rising number of research centers across the globe, owing to increased demand for management and storage of big data are driving the growth of the market.

Furthermore, the rising adoption of automated technologies across varied industries, along with the growing penetration of cloud-based services in the healthcare sector, is complementing the growth of the health informatics market across the globe. However, the lack of interoperability between different health informatics systems is expected to hamper the growth of the market.

Segmentation Analysis

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

Based on type, the health informatics market is bifurcated into nursing informatics, pathology informatics, pharmacy informatics, research informatics, and others. The pharmacy informatics segment is expected to hold the largest market share. This is due to the advancement in various healthcare solutions, the rise in the presence of large-scale pharmacies, the increased need for better pharmacy management, escalating operational costs associated with health informatics systems are the key factors that are driving the growth of the segment. Furthermore. the advancement of technology and the increasing demand for personalized healthcare, pharmacy informatics has become a vital tool for pharmacists and healthcare professionals

Based on end user, the health informatics market is bifurcated into hospitals, specialty clinics, pharmacies, research labs, and others. The Hospitals segment is expected to hold the largest market share by the end of the assessment period due to the increased demand for the need of healthcare informatics in hospitals, along with the rise in healthcare analytics. In addition, the massive influx of patients in hospitals encourage the need for the better patient records & management in order to ensure optimal workflow. Furthermore, hospitals often have affiliations with medical schools and research institutions, allowing them to stay at the forefront of medical advancements and offer cutting-edge treatments.

Geographical Analysis

Based on region, the global health informatics market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America is expected to dominate the market due to the increased adoption of advanced technologies such as IoT and others. In addition, various key players are investing in the health informatics systems as well as creating digitalization solutions for healthcare records. As the region has a highly developed healthcare system with advanced infrastructure and technology. This allows for the efficient collection, storage, and analysis of healthcare data, which is crucial for effective health informatics

Furthermore, the healthcare infrastructure, services, encompassing equipment, buildings, and information & communication technology, has advanced dramatically in both developing and developed countries. Moreover, increased investments and favorable policies by the regional government are expected to have a beneficial impact on market growth in the future.

Competitive Landscape

The global health informatics industry study will provide valuable insights with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the health informatics market are:

• Accuro Healthcare Solutions
• Allscripts
• Agfa HealthCare Corp.
• Axiom Resource Management Inc.
• Cardinal Health
• Cerner Corp.
• Benchmark Systems
• Cognizant Technology Solutions
• Companion Technologies
• CNSI

Key Developments

• March 2023: Genomic Vision, a Euronext-listed biotechnology company that develops products and services dedicated to the analyses and control of changes in the genome, launched FiberSmart®, an innovative, Artificial Intelligence (AI)-based technology aimed at automating the detection and quantification of fluorescent signals on combed DNA molecules.
• November 2021 (Product Launch): Philips launched a new AI-enabled MR portfolio of smart diagnostic systems, optimized workflow solutions, and integrated clinical solutions.

The global Health Informatics Market is segmented as:

By Type

• Nursing Informatics
• Pathology Informatics
• Pharmacy Informatics
• Research Informatics
• Others

By Application

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

By End User

• Hospitals
• Specialty Clinics
• Pharmacies
• Research Labs
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America