Healthcare Informatics Market: Overview
Healthcare informatics has evolved from the growing touchpoints between information sciences, computer sciences, and health care. The paradigm not just includes healthcare IT but notably includes an array of methods and resources that help in the management of information in medicine and health. Particularly, the market has seen focus on improving the acquisition and retrieval of patients’ data for stakeholders, with the objective of improving patient care, health care delivery both in terms of quality and cost. Healthcare informatics, also sometimes called health informatics, is a key enabler and accelerator of healthcare advancement in economies. Apart from patients, some of the end users in the healthcare informatics market are physicians, front-line healthcare providers, and medical researchers. The range is vast: the value chain in the healthcare informatics market are healthcare insurance companies, regulatory and quality assurance entities, public health agencies, and pharmaceutical and medical device companies.
Some of the key benefits of healthcare informatics are increased accountability, better population health outcomes, improved healthcare delivery, reduced healthcare costs, and reducing burden of traditional healthcare on clinicians and organizations.
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Healthcare Informatics Market: Key Trends
A compelling market proposition for healthcare informatics is the role they play in advancing the healthcare in general. Over the past few years, the efficiency gains from the adoption of electronic health records have been evident. Numerous other innovations in health information technology has shown transformative potential in reducing cost and improving healthcare delivery. The shift toward making health care data analytics more useful is a key trend in the healthcare informatics market. Further, proponents of healthcare informatics and health IT tools are trumpeting the benefits in fillip the gaps in medical decision-making. The dynamically changing patient needs, with emphasis on making care more patient centered, is a key driver for change in the healthcare informatics market. The growing recognition of patient-care benefits.
The easy access to medical records for all stakeholders including patients, insurance providers, and healthcare providers is a key trend bolstering the advancement in the healthcare informatics market. An example is the use of computerized physician order entry in hospitals, leading to easy access of patient records at all times.
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Healthcare Informatics Market: Competitive Dynamics and Key Developments
Most industry players in the healthcare informatics market are increasingly focusing on overcoming the various challenges that hinder the adoption of healthcare informatics. One key concern is the adoption of a system where medical data meets the privacy regulations put for by agencies such as Health Insurance Portability and Accountability Act (HIPAA). In general, data transfer across systems is a complex procedure and in several economies, the medical infrastructure is not matured enough to handle the risks.
Population health management is an emerging area where a growing number of private players eye substantial avenues in the healthcare informatics market during the forecast period. Top players are focusing on meeting the needs of interoperability and standardization.
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Healthcare Informatics Market: Regional Assessment
On the regional front, North America has been a highly attractive market, endowing large revenue potential to software developers and other industry players in the healthcare informatics market. Extensive research has taken place in countries such as the U.S. on assessing the cost and healthcare delivery improvement benefits of health informatics. The focus on patient-centered care has made Asia Pacific a regional market of vast untapped avenues for industry players in recent years.
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