Healthcare Informatics and Patient Monitoring Market: Global Market Size, Dynamics, Regional Share, Trends, Competitor Analysis 2013 to 2017 and Forecast 2018 to 2024
Global Healthcare Informatics and Patient Monitoring Market: By Component (Software, Services), By Deployment (Cloud-Based, On-Premise), By End User (Hospitals, Ambulatory Surgical Centers, Home Health care), and Geography – Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2013 to 2017 and Forecast 2018 to 2024
Global healthcare informatics and patient monitoring market was valued at US $ XX Mn and expected to grow at XX% Compound Annual Growth Rate (CAGR) over the 2018 to 2024.
Market Outline: Global Healthcare Informatics and Patient Monitoring Market
Healthcare informatics uses the information technology to enhance the role of healthcare by improving the quality and efficiency. Healthcare informatics also known as biomedical informatics, medical informatics, nursing informatics, or clinical informatics among others. It enables health information management through the computerized systems between consumers, providers, payers, and quality monitors. Patient monitoring devices helps the practitioners to decide the treatment regimen and track the disease prognosis during the treatment in post-acute care and chronic diseases.
Market Dynamics: Global Healthcare Informatics and Patient Monitoring Market
Increase in the prevalence of chronic diseases, adoption of state-of-art technologies in healthcare is expected to drive the growth of global healthcare informatics and patient monitoring market. Moreover, rapid urbanization, developing of cutting edge technologies in healthcare informatics, wide applications with healthcare informatics, and rise in number of hospitals and home care centers are anticipated to surge the global healthcare informatics and patient monitoring market over the forecast years. However, high cost of healthcare informatics installation and maintenance, security problems with data storage, and lack of awareness about healthcare informatics in underdeveloped countries are expected to restrain the growth of global healthcare informatics and patient monitoring market.
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Market Scope: Global Healthcare Informatics and Patient Monitoring Market
Global healthcare informatics and patient monitoring market is segmented based on component, deployment, and end user
Based on the component, market is segmented into the following:
- Software
- Services
Based on the deployment, market is segmented into the following:
- Cloud-Based
- On-Premise
Based on the end users, the market is segmented into the following:
- Hospitals
- Ambulatory Surgical Centers
- Home Health care
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Regional Analysis: Global Healthcare Informatics and Patient Monitoring Market
Geographically, global healthcare informatics and patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America healthcare informatics and patient monitoring market is poised to grow due to increase in the prevalence of chronic diseases due to change in lifestyle, presence of huge number of healthcare providers and insurance providers, and development of newer technologies are fuel the market. Europe healthcare informatics and patient monitoring market is driving by increase in number of hospitals and other healthcare centers, high adoption of innovative technologies, and rise in prevalence of chronic diseases are expected to spur the market. However, Asia pacific healthcare informatics and patient monitoring market is being experienced fastest growth attributed to rise in adoption of healthcare IT in China, India, and Japan, rise in number of hospitals and increased healthcare expenditure for providing the better services are expected to increase revenue share over the forecast timeframe.
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Competition Assessment: Global Healthcare Informatics and Patient Monitoring Market
Some of the players in the global healthcare informatics and patient monitoring market include:
- Koninklijke Philips N.V. (Netherlands)
- GE Healthcare (UK)
- Applied Informatics, Inc. (U.S.)
- CTIS (U.S.)
- Cognizant Technology Solutions Corporation (U.S.)
- Wipro Ltd. (India)
- Allscripts Healthcare Solutions (U.S.)
- Cerner Corporation (U.S.)
- McKesson Corporation (U.S.)
- Siemens Healthcare GmbH (Germany)
- 3M Health Information Systems (U.S.)
Notable Market Developments: Global Healthcare Informatics and Patient Monitoring Market
- In December 2017, Philips acquired Forcare to enhance its clinical informatics portfolio to deliver more effective, seamlessly integrated informatics solutions that improve clinical workflow, enhance patient care and optimize enterprise management
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