Healthcare Information System Market Growth & Trends
The global healthcare information system market size is expected to reach USD 1,097 billion by 2030 and is expected to expand at a CAGR of 13.2% over the forecast period, according to a new report by Grand View Research, Inc. Smartphones offer benefits such as large storage capacity, ease of use, and portability, making them an optimal solution for monitoring and diagnostic services.
Growing affordability and reduction in hardware costs are driving the demand for smartphones in the market, which in turn is expected to drive the growth of healthcare information systems in the market. Deep learning and machine learning techniques & AI functionality can enhance the personalization of healthcare. For instance, a doctor would be able to diagnose patients accurately by availing patients’ ancestry and DNA information from an AI-based healthcare information system.
On the basis of the patient data available, AI machines would enable doctors to diagnose life-threatening diseases much early and follow the best course of treatment. Healthcare technological advancements in 2020 witnessed some of the major trends such as cloud computing, predictive analysis, and big data. Venture funding for digital health startups is increasing globally.
Based on Rock Health data, in 2021, digital health startups bagged USD 29.1 billion investments across 729 deals. Startups offering mental and behavioral health services raised maximum money of around USD 5.1–3.3 billion. Venture capital investors are also investing in diabetes care and musculoskeletal care that can be managed virtually. With the onset of the COVID-19 pandemic, there will be a rise in the number of telemedicine users with 73% saying to continue using it at the same or higher rate in the future.
Advancements in healthcare IT are providing opportunities to cut down healthcare spending by improving care delivery and clinical outcomes. Best possible interventions enabled through timely data aggregation coupled with increase in patient involvement for the management of chronic care through patient engagement portals are among the factors contributing to cost reduction.
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Healthcare Information System Market Report Highlights
Growing demand for reducing healthcare cost and effective clinical outcome is one of the key factors responsible for the adoption of information systems in hospitals of developed economies and in emerging economies, thereby, generating maximum revenue in this segment
Web-based deployments segment held the largest market share in 2021, owing to its larger number of users as compared to the other two deployment systems
The services segment held the largest revenue share in 2021 owing to lack of knowledge about IT applications among healthcare professionals
High per capita healthcare costs and growing demand to reduce rising production costs by many product manufacturers have resulted in the rapid adoption of these systems in North America
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