The global healthcare informatics market size is expected to be worth around US$ 100 billion by 2030 from at US$ 30 billion in 2020, expanding growth at a CAGR of 12.2% from 2021 to 2030.
The global healthcare informatics market is primarily driven by the rising demand for the data integration and use data based business decisions. The rising investments in the research and development by the biopharmaceutical industry results in the growing need for the data storage. Therefore increasing demand from the biotechnology and pharma companies to store and manage huge volumes of data is boosting the growth of the global healthcare informatics market. The healthcare informatics can help in the early detection of chronic diseases related to kidney, cardiovascular muscles, and others. Moreover, the adoption of artificial intelligence (AI) in the healthcare informatics is expected to boost the market growth. For instance, Tempus, a specialist artificial intelligence and precision medicine company collaborated with Precision Health Informatics to enhance its precision medicine in oncology. These kinds of developmental strategies adopted by the key market players are anticipated to drive the growth of the healthcare informatics market across the globe.
The rapidly growing biotechnology and biopharmaceutical industries in the developed regions like US and Canada are significantly boosting the demand for the healthcare informatics. The rising government investments coupled with the increased private investments to develop and expand the growth of the biopharma and biotech industries is driving the market growth. The rising prevalence of chronic diseases among the population has a significant role to play in the demand for the healthcare informatics system. Moreover, the rising investments in the research laboratories and increasing penetration of research centers across the globe has a huge demand for the storage and management of huge volumes of data. Further, the rising adoption of automated technologies is trending factor across the industries that has a crucial role to play in the market. Furthermore, the growing penetration of cloud-based services in the healthcare sector is complementing the growth of the healthcare informatics market across the globe.
Based on type, the laboratory segment dominated the global healthcare informatics market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to the large volumes of data generated in the research laboratories requires to be stored and managed efficiently in order to generate useful insights out of it. Therefore, this segment significantly constitutes the demand for the healthcare informatics. Moreover, the rising investments in the research activities by the biotechnology industry players is further boosting the growth of the laboratories across the globe, and hence this segment is expected to be the fastest-growing segment during the forecast period.
Based on application, the oncology segment dominated the global healthcare informatics market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. Oncology deals with the study, diagnosis, prevention, and treatment of cancer. The increased prevalence of cancer among the population, growing research activities to develop innovative treatment methods and drugs, and growing demand for the informatics system in the hospitals has fostered the growth of this segment in the past few years.According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. Therefore, this segment is estimated to grow rapidly during the forecast period.
On the other hand, the cardiology segment is estimated to be the most opportunistic segment during the forecast period. The increased pressure of lowering costs and achieve profitability, the healthcare informatics are in demand. The healthcare informatics allows easy access to the cardiovascular outflow of the patients and also helps in enhancing consistency in the cardiovascular diagnostics.
End User Insights
Based on end user, the hospitals segment dominated the global healthcare informatics market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The increasing need for improving profitability in the hospitals has led to the adoption of efficient informatics system. Healthcare informatics system helps in the proper and consistent diagnosis of the patients and maintain records of the patients’ health conditions. The increasing volume of the patients’ data is further expected to drive the market growth in the near future.
On the other hand, the pharmacies segment is expected to be the fastest-growing segment during the forecast period. The growing need for maintaining records of the medication related data that includes storage, acquisition, dissemination, and analysis is driving the growth of this segment.
Based on region, North America dominated the global healthcare informatics market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. North America is characterized by developed healthcare infrastructure, higher adoption rate of advanced technologies, increased government investments for developing the pharmaceutical and healthcare facilities, and increasing number of research centers, which perfectly contributes towards the growth and development of the healthcare informatics market in the region.
On the Other hand, Asia Pacific is expected to be the fastest-growing market during the forecast period. The rising government expenditure on the development of healthcare infrastructure, rapid urbanization, rising prevalence of diseases, and huge population drives the demand for the healthcare informatics market. The increasing number of patients in hospital owing to the huge population is driving the demand among the hospital sector and hence this region is expected to grow rapidly in the forthcoming years.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In February 2021,Tempus, a specialist artificial intelligence and precision medicine company collaborated with Precision Health Informatics to enhance its precision medicine in oncology.
The various developmental strategies like acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global healthcare informatics market include:
Scope of the Healthcare Informatics Market Report
|Market Size||USD 100 Billion by 2030|
|Growth Rate||CAGR of 12.2% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Companies Mentioned||Cerner Corp., Accuro Healthcare Solutions, Allscripts, Agfa HealthCare Corp, Companion Technologies, Axiom Resource Management Inc., Cardinal Health, Benchmark Systems, CNSI, Cognizant Technology Solutions|
Segments Covered in the Report
By End User
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