Revolutionizing Healthcare: Advancements in Information Systems industry
The global healthcare information systems industry size reached USD 406.4 billion in 2022 and will exhibit a CAGR of 13.3% from 2023 to 2030, according to the "Healthcare Information Systems Industry Data Book, 2023 - 2030," published by Grand View Research. The emergence of artificial intelligence in the healthcare sector, coupled with the trend for telemedicine, has boded well for market growth. Stakeholders have furthered investments in information systems to leverage decision-makers to make evidence-based decisions. Pan American Health Organization notes that around 30,000 paper-based files will be converted to electronic medical records—largely attributed to health information systems (HIS).
An uptick in implementing digital health, electronic health record (EHR) and durable medical equipment (DME) have accentuated the demand for hospital information systems. Considering the sensitivity of health data, the system can provide safe storage of health records. The technology has become sought-after to track assets, collate departments' activities, manage medical transportation, enhance patient safety and cut operational expenses. Besides, the adoption of cloud-based technologies and the advent of big data have prompted industry leaders to inject funds into the landscape. The global hospital information system market size garnered USD 118.2 billion in 2022 and could witness a robust CAGR of 17.7% through 2030.
Order your copy of the Free Sample of "Healthcare Information Systems Industry Data Book - Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics and Revenue Cycle Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
Organizational leaders have furthered their investments in revenue cycle management (RCM) following the onslaught of the COVID-19 pandemic. The outbreak expedited the demand for remote coding services, audit & compliance, payer connect, analytics and reporting. Revenue cycle leaders are poised to emphasize digitization strategy to provide seamless workflows. Automation of RCM and outsourcing of healthcare IT services will be pronounced to boost revenue.
The global revenue cycle management market size amassed USD 269.2 billion in 2022 and will expand at an 11.2% CAGR till 2030. The soaring number of insurance claim and denial management services will reinforce the need for robust RCM. In February 2023, Kaiser Family Foundation cited the CMS data suggesting that almost 17% of in-network claims were denied in 2021. Furthermore, integrated solutions will be sought to boost reimbursement policies, minimize costs and bolster productivity.
Industry dynamics that could bring a paradigm shift in the marketplace are delineated below:
- Pharmacy automation systems will gain prominence to minimize medicine wastage and foster prescription volumes.
- Key players could inject funds into laboratory informatics in light of surging demand for biobanks and contract research organizations.
- Stakeholders envisage the Asia Pacific market to provide compelling growth opportunities as healthcare IT services witness bullish investment across China and India. Some factors, such as low manufacturing costs and digital literacy, are touted to provide an impetus to the regional outlook.
North America healthcare information systems market share is expected to be pronounced on the heels of buoyant government policies and the presence of prominent players. According to the U.S. CMS, healthcare spending in the nation touched USD 4.3 trillion in 2021. In August 2022, the U.S. Department of Health and Human Services (HHS) announced an infusion of nearly USD 60 million to underscore the healthcare workforce and boost access to quality healthcare in rural communities. HIS will gain ground across hospitals, laboratories, and pharmacies to streamline workflow and enhance patient satisfaction, prompting industry leaders to infuse funds across the U.S. and Canada.
The competitive scenario alludes to a deluge of investments in organic and inorganic growth strategies, such as technological advancements, innovations, product offerings, R&D activities, mergers and acquisitions, partnerships and geographical expansion. The Philips Future Health Index 2023 revealed that healthcare leaders are emphasizing overcoming staffing shortages and investing in AI. Meanwhile, in November 2022, Altera Digital Health noted that Altera Patient Flow within the Sunrise EMR platform helped Singapore General Hospital know real-time bed status and integrate with RFID technology. Prominently, SingHealth extended Sunrise contract with Altera Digital Health in July 2022. Reportedly, Singapore's Integrated Health Information Systems (IHiS) will continue to use the Sunrise platform.
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