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Healthcare information software refers to software that helps manage hospital activities such as finance, administration, documentation, and planning. The software captures, stores, and transmits a patient’s information onto the healthcare system and further analyses data that assists doctors and patients in effective decision-making. The growing investments in healthcare IT and numerous technological innovations in healthcare information software such as automated quality control are the major factors driving the market's growth. Also, various government initiatives to build healthcare information software are expected to boost market growth.
The increase in the adoption of digital health products and the rise in technological advancement is estimated to drive the Healthcare Information Software market over the forecast duration. For instance, in April 2020, GE Healthcare commenced a new software solution to support clinicians and health systems in treating COVID-19 patients. The company is bringing its virtual care solution, which helps hospitals with a broad view to help identify patients at risk of deterioration.
However, concerns related to the safety and privacy of the data may pose a challenge to the market’s growth during the forecast period. Governments of many countries in mature markets are currently struggling to address and coordinate the combined needs of privacy and freedom of information
Key Market Driver -
High adoption of digital health products
Key Market Restraint -
Privacy and Data Security Concerns
Globally, the healthcare information software market can be segmented into deployment type, component, end-user, and region. Based on deployment type, the market has been divided into web-based, on-premise, and cloud-based. On the basis of components, the market can be segmented into services, software, and hardware. For end-user segmentation, the market can be categorized into hospitals, clinics, academic and research institutes, Others. Geographically, the healthcare information software market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Some of the major companies that are present in the Healthcare Information Software market are Allscripts Healthcare Solutions Inc., Cerner Corp., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, Athena health Inc., Microsoft Corp, Oracle Corp, Siemens AG. and others, prominent players
Based on the segmentation of region, the healthcare information software market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the market in 2021 and is estimated to retain its leading position over the forecast duration. Factors such as advanced healthcare infrastructure and the rising geriatric population contribute to the region's healthcare information software market growth. For instance, as per Rural health information hub, over 46 million older adults age 65 and above are in the U.S., and by 2050 the number is anticipated to increase by almost 90 million, fueling the market growth in North America. The European region and APAC region are estimated to secure the second and third leading position in the market, respectively, owing to the factors such as the large number of cases related to chronic diseases and dysfunctionalities, among others. These factors combined with others are estimated to augment the market growth in Europe and APAC regions for the coming years. The governments are undertaking greater initiatives, and the presence of various well-established hospitals and increased adoption of healthcare software is likely to boost the growth of Asia Pacific. The market growth in the region is also supplemented by increasing the old age population and increasing disposable incomes in countries such as India and China. The market in Latin America and Middle East and Africa are expected to grow at a slower rate than other regions owed to limited penetration of advanced healthcare infrastructure.
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