Healthcare IT Market: Increasing Demand for Laboratory Automation to Drive Market
Healthcare IT Market: Introduction
According to the report, the global level healthcare IT market was valued at US $ 31 billion in 2020 and is expected to grow at a CAGR of around 12% from 2021 to 2031. Increasing technological advancements and increasing demand for laboratory automation are the main factors expected to to propel the global healthcare IT market during the forecast period. North America held a significant share of the global healthcare IT market in 2020 due to the high awareness of pharmaceutical information systems and hospital information systems in the region.
The Asia-Pacific healthcare IT market is expected to grow at a high CAGR of 13.8% from 2021 to 2031 due to the increase in information sharing between clinicians, patients and authorized entities through health information systems and increased installation of advanced technologies for data collection. from multiple clinical, financial, operational and patient-derived sources in the region.
Increasing demand for laboratory automation to drive the market
The demand for laboratory automation has increased in recent years as it is a very effective solution to address the shortage of qualified personnel and reduce human intervention in laboratory processes. For example, in July 2020, Danaher Corporation entered into a marketing contract with Clever Culture Systems (CCS), a pioneer in the automation of microbiology using AI, to endorse the independence of APAS in its suite of laboratory automation solutions. Routine laboratory procedures are automated using dedicated instrument programming workstations and software, which improves laboratory productivity and allows individual researchers to focus on critical tasks.
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Laboratory automation also helps reduce human errors that could arise from performing repetitive tasks such as pipetting. Additionally, adopting automation in the lab helps make processes cost effective, fast and efficient. Manual processes are considered to consume more time than automated processes, accounting for over 60% of the total time invested in the workflow. Automating sample workflows could help save time and require less resource allocation. In addition, the adoption of automation allows analyzes to continue overnight rather than having to pause them and perform the reaction the next day.
Hospital information systems dominate the global market
In terms of type, the global healthcare IT market has been categorized into hospital information systems, pharmacy information systems, laboratory information systems, medical imaging information systems, and medical imaging systems. health insurance information. The hospital information systems segment dominated the global healthcare IT market in 2020, and the trend is expected to continue during the forecast period. The dominance of the segment can be attributed to the increasing adoption rate of hospital information systems in emerging markets. Hospital Information Systems segment has been divided into Electronic Health Records, Electronic Medical Records, Real-Time Healthcare, Patient Engagement Solutions, population health management, and others. The pharmaceutical information systems segment has been separated into prescription management, automated dispensing systems, inventory management and others. Medical Imaging Information Systems segment has been divided into Radiological Information Systems, Surveillance Analysis Software, Image Archiving and Communication Systems, etc.
Oncology offers lucrative opportunities
On the basis of applications, the global healthcare IT market has been categorized into kidney disease, autoimmune disease, oncology, cardiology, gynecology, respiratory diseases and others. The oncology segment held a significant share of the global healthcare informatics market in 2020. Computational tools play an important role in both oncology practice and research. In addition, the increasing attention to the application of informatics for precision oncology is driving the growth of the segment.
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Hospitals will be the main end users
In terms of end user, the global healthcare IT market has been divided into hospitals, specialty clinics, insurance companies, pharmacies, and others. The hospital segment dominated the market in 2020, due to the availability of a budget for the installation of expensive healthcare IT systems.
North America dominates the world market; Asia-Pacific will offer significant opportunities
In terms of region, the global healthcare IT market has been segmented into North America, Europe, Latin America, Asia-Pacific, Middle East, and Africa. North America is expected to account for a significant share of the global healthcare IT market during the forecast period. Technological advancement and awareness of pharmaceutical information systems and hospital information systems are the main factors driving the market in the region. The European market is expected to grow at a high CAGR in the near future, owing to the presence of local and global players and increasing demand for healthcare IT devices in the region.
The Asia-Pacific healthcare IT market is expected to experience rapid growth in the near future. The awareness and increased healthcare spending in the region is expected to propel the market in Asia-Pacific over the next few years. Japan, India and China are expected to be lucrative markets for healthcare IT during the forecast period.
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Growth strategies of key players
The major players operating in the global healthcare IT market are Medtronic, Koninklijke Philips NV, Health Gorilla, Cerner Corporation, MV Informática Nordeste Ltda., LabVantage Solutions, Inc., NXGN Management, LLC, Allscripts Health Care, LLC, nThrive Revenue Systems, LLC, Agfa HealthCare Corp, Axiom Resource Management Inc., Cardinal Health, Benchmark Systems and CNSI. These companies adopt the strategy of partnerships in order to expand their market share. For example, in January 2021, in order to bring LabVantage Business and Medical Suite to Brazil, LabVantage Solutions, Inc. announced a strategic alliance with LIDERSALES. LIDERSALES will contribute to the continuous improvement of the productivity and reliability of LabVantage field installations through this collaboration.
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