Healthcare Information Software Market Propelled by Government Support to Improve Medical Services

According to IMARC Group, the global healthcare information software market size reached US$ 22.4 Billion in 2019. Nowadays, several technological advancements in the field of the medical sciences have created a massive impact on almost all the practices and processes of healthcare professionals. This has led to the development of healthcare information software, a data management technology that tracks, stores, maintains and transmits the electronic medical record (EMR) of a patient. This software plays a crucial role in monitoring procedures and using billing methods that not only reduce paperwork but also allow clinicians to use this data to enhance the quality of healthcare and performance. Furthermore, it makes patient information easily accessible to doctors, patients and public health officials for creating effective and informed decisions.

Healthcare information software offers faster prescriptions and information sharing, improved coordination and patient engagement, reduced costs, and better follow-up. It also lowers medical errors while improving the efficiency of both administrative and clinical processes. As a result, several healthcare organizations are employing this technology to enhance productivity and efficiency and focus more on patient flow, treatment outcomes and scaling up revenues. Besides this, various initiatives implemented by the governments of nations across the globe to improve healthcare services and provide access to better infrastructure have encouraged hospital and clinic administrators to opt for healthcare information software. Moreover, the ongoing research and development (R&D) activities to create innovative models of healthcare delivery and improve the functionality, flexibility and efficiency of the software are expected to positively influence the market growth in the near future. Looking forward, the market is projected to reach a healthy growth in next five year (2020-2025).

On-premises represent the most popular deployment model

On the basis of the deployment model, the market has been bifurcated into on-premise and cloud models. At present, the on-premises deployment model accounts for the majority of the total market share as it is installed and located in the healthcare organization. However, the preference for cloud deployment is rapidly increasing as it tends to be less expensive than on-premise systems.

Market Breakup by Application

The market has been segregated on the basis of the application into hospitals, clinics, medical tourism research centers and others. Healthcare information software is used in hospitals, clinics and medical research centers as it aids in diagnosing disease, monitoring patient outcomes, services, and costs; and planning and administering treatment.

North America holds the leading position in the market

North America currently exhibits a clear dominance in the market, owing to the increasing geriatric population, along with rapid technological advancements and access to better healthcare facilities in the region. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.

The competitive landscape of the market has also been analyzed, with some of the key players being:

• GE Healthcare
• Siemens Healthineers AG
• 3M Healthcare
• McKesson Corporation
• Philips Healthcare
• Agfa-Gevaert N.V.
• Allscripts Healthcare Solutions Inc.
• Dell Technologies Inc.
• Epic Systems Corporation
• NextGen Healthcare Information Systems
• Merge Healthcare Solutions Inc.
• Neusoft Corporation
• InterSystems Corporation
• Cerner Corporation
• Carestream Health Inc.
• Meditech Information Technology Incorporated.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the healthcare information software industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development

Imarc Group is a leading market research and consulting company that offers management strategy and market research worldwide.