Healthcare Information Systems Industry Data Book Covers Hospital Information Systems, Pharmacy Automation Systems, Laboratory Informatics, and Revenue Cycle Management Market

The global healthcare information systems industry size generated over USD 406.4 billion in 2022 and is expected to grow at a CAGR of 13.3% over the forecast period.

Grand View Research’s Healthcare Information Systems Industry databook is a collection of market sizing & forecasts insights, market dynamics & trends, opportunity assessment, regulatory & technology framework, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses studies. Within the purview of the databook, such information is systematically analyzed and provided in the form of summary presentations and detailed outlook reports on individual areas of research.The following data points will be included in the final product offering in four reports and one sector report overview.

Hospital Information Systems Market Insights

The global hospital information system market size was valued at USD 118.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 17.7% from 2023 to 2030. Hospital Information Systems (HIS) help healthcare facilities to improve their operational outcomes and reduce the workload on the staff, which is expected to boost industry growth. Various initiatives undertaken by governments across the globe and rising demand for the deployment of advanced IT solutions in hospitals for enhanced operational efficiency are some of the key factors that are expected to boost the adoption of HIS. The need to curb healthcare expenditures due to hospital workflow inefficiencies is also anticipated to boost the adoption of these systems globally. Thus, the growing demand for effective clinical outcomes and reduced healthcare costs are some of the key factors that are boosting the adoption of HIS in developed and emerging economies.

The developed and developing economies are struggling to provide high care delivery standards that are quality oriented with minimum medical errors and are cost-effective. The implementation of these systems helps providers offer improved patient outcomes and streamline their workflows, which is expected to further drive the demand for the systems.

Moreover, these systems offer cost-effective services and help reduce resource wastage. The rising penetration of technologically advanced solutions is also expected to drive industry growth. The rising implementation of healthcare IT services and solutions by hospitals to provide enhanced care to patients at reduced costs combined with the increasing need to upgrade the existing systems is likely to be a key driver for the industry growth. Moreover, constant upgrades in the healthcare and IT infrastructure along with increased adoption of cloud-based services in healthcare facilities are expected to drive the market further.

There are stringent regulatory norms, which ensure safe and secure storage of patient data, confidentiality, user-level authorization, traceability of information, and mitigation of cyber security threats. Thus, healthcare facilities are switching from on-premise software to cloud-based information systems to avoid security breaches and maintain data security. The pandemic had a positive impact on the industry. Factors, such as increased adoption of the HIS to reduce the workload on the already strained healthcare professionals contributed to the industry growth. Moreover, the high adoption of IT solutions in healthcare facilities further boosted the demand for these systems.

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Revenue Cycle Management Market Insights

The global revenue cycle management market size was valued at USD 269.2 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 11.2% from 2023 to 2030. The rapidly growing era of digitalization of healthcare is driving the demand for advanced revenue cycle management (RCM) solutions. The growing number of multiple data siloes and unorganized workflows in healthcare settings is paving a path for market development and growth. RCM is a combination of third-party payers, payment models, guidelines, and codes. A practice’s existence depends upon obtaining the right assets.

Due to the numerous benefits, available healthcare facilities are readily outsourcing RCM solutions and services. According to a survey conducted by CWH Advisors and sponsored by CareCredit, over 61% of healthcare providers are interested in outsourcing their RCM processes to an external party. The growing adoption rates are anticipated to propel market growth over the forthcoming years. One of the major challenges faced in adopting and implementing RCM software solutions is the lack of proper reimbursement regulations with respect to insurance and other formalities. The existing reimbursement policy gaps between public and private insurers are restraining the growth of the RCM market.

The ongoing Covid-19 pandemic had an unprecedented and unexpected impact on majority of the healthcare sectors and brought in significant transformations to the normal functioning of healthcare systems. Healthcare providers and healthcare payers struggled through several challenges impacting their revenue earnings and inpatient volume. Medical billing complexity and rising healthcare costs created a drastic rise in demand for outsourcing RCM solutions across the globe. The surge in demand for advanced and innovative RCM solutions drove key participants to developed value-added features such as payer connect, remote coding services, reporting, analytics, and audit and compliance to improve revenue generation and productivity.

Go through the table of content of Healthcare Information Systems Industry Data Book to get a better understanding of the Coverage & Scope of the study

Healthcare Information Systems Industry Data Book Competitive Landscape

Mergers & acquisitions, product launches, and collaborations & partnerships are continuously adopted by these companies to maintain a competitive edge in the market.

Key players operating in the Healthcare Information Systems Industry are:

• McKesson Corporation
• Cerner Corporation
• athenahealth, Inc.
• Allscripts Healthcare, LLC
• Medidata Solutions Inc.

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