Market Analysis - Medical Informatics 2017
Global Advanced Medical Informatics Market
The Global Medical Informatics services market size was valued at USD 667.05 billion in 2015, with forecast target exceeding USD 31.3 billion by 2024, at over 7.4 % CAGR. Growth of Medical Informatics services market at geographical scales like USA, Europe, Middle East and Asia Pacific.
Regional Analysis of Medical Informatics Market:
►Europe: Total Medical and health care spending is projected to rise by an average of 6.2 per cent a year between 2014 and 2018, to an estimated $48.3 billion. The Saudi government funds health care both directly and indirectly through subsidies to private institutions.
►USA: Health care technologies will push figure even higher by 2024, when government’s share of U.S. health spending is expected to rise to 67.3 per cent.
►Middle East: Total health care spending is projected to rise by an average of 4.2 per cent a year between 2016 and 2020, to an estimated $39.3 billion. The Saudi government funds health care both directly and indirectly through subsidies to private institutions.
►Asia Pacific: Health expenditure per capita in ASEAN is around 4.6% of GDP - as compared to the OCED average of 9.5% - despite the ASEAN health expenditure increase by 250%
Key Players for medical informatics Market: McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Cerner Corporation (U.S.), and Carestream Health (U.S.), Agfa-Gevaert N.V., Carestream Health Inc., Dell Inc., Esaote SpA, General Electric Company, Koninklijke Philips N.V., McKesson Corporation, Siemens AG, and Toshiba Corporation, Allscripts, Amcom Software, Axiom Resource Management Inc., Benchmark Systems, Cardinal Health, Cerner Corp., CGI, CNSI, Cognizant Technology Solutions, Companion Technologies
The global medical informatics market is expected to reach USD 19.6 Billion by 2021 from USD 18.0 Billion in 2016, growing at a CAGR of 3.2% from 2016 to 2021.
Based on geography, the medical informatics market is divided into North America, Europe, Asia Pacific, and rest of the world. North America and Europe acquired major share of the market and are expected to lead the medical informatics market during the forecast period. Factors attributing to the growth of the market are higher demand for medical informatics, growth in the rate of adoption in health care, technological advancements for easy accessibility, and others. In addition, well-established health care infrastructure in North America and Europe attributed to a larger share in this market. Although, these regions accounted for a higher share of this market, Asia Pacific is estimated to grow faster owing to rise in number of medical procedures, high prevalence of chronic diseases, and increase in investments to improve the health care system, and growth in R&D.
Advanced medical informatics Market (AMI Market) was valued at $6,827 million, and is expected to reach $11,573 million by 2022, supported by a CAGR of 8.3%. Advanced healthcare industry is striving to improve the quality of delivering healthcare services and at reduced costs. Federal government and state and regional organizations are investing in this market for bettering the services like computerized health records. Department of Health and Human Services in US is providing better reimbursements for small practices involving certified Electronic Health Records
National Funds Allotment to Medical Informatics Informatics Research in world:
Healthcare Informatics investment in more than 30 nations including the majority of the world’s most developed economies (but excluding Brazil, Russia, India or China), found stark contrasts between health costs in the United States and those of other nations. According to report, in 2012, the average of a list that includes, for example, the UK, France, Germany, Mexico, Canada, South Korea, Japan, Australia and the U.S., spent 9.3% of GDP on health care, unchanged from the previous year. The highest figures in this study were in America at 16.9% of GDP, The Netherlands at 11.9%, France at 11.6%, Switzerland at 11.4%, Germany at 11.3%, Austria at 11.1%, Denmark at 11.0% and Canada at 10.9%.
Investment on Medical Informatics expenditure around globe:
Total Medical Informatics expenditures around the world are difficult to determine, but $6.5 trillion would be a fair estimate for 2014. That would place health care at about 8.2% of global GDP, with expenditures per capita about $903. This $6.5 trillion breaks down to approximately $3.0 trillion in the U.S., $2.7 trillion in non-U.S. Clearly, there is vast disparity in the availability and cost of care among nations, as there is with personal income and GDP. Health care spending per capita in the U.S. was equal to about $9,500 in 2014. Globally, the total prescription drug market was over $12.5 trillion in 2020.
Conferences Hosted by Private Organizations:
10th International Health Informatics Conference, Portugal; The Ninth International Conference on eHealth, Telemedicine, and Social Medicine,Nice, France; Clinical Informatics Conference, hiladelphia, USA; The Australian Telehealth Conference, Melbourne, Australia; 5th Annual Telehealth and Remote Patient Monitoring Summit, USA; International Conference on Informatics, Health & Technology, Riyadh, KSA; Informatics for Health Congress, Manchester, USA;
ADVANCED MEDICAL INFORMATICS MARKET SEGMENTS:
By Product Type
Healthcare Provider Solutions
Electronic Health/Medical Records
Computerized Physician Order Entry
Clinical Decision Support Systems
Radiology Information Systems
Specialty Management Information Systems
Healthcare IT Integration Systems
Medical Image Analysis
Medication Management Systems
Medical Document Management Systems
- Integrated Document Management Software
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
· Healthcare Payer Solutions
o Computer-assisted Coding Systems
o Medical Document Management
o Healthcare Information Exchanges
· HCIT Outsourcing Services
o Medical Document Management Services
Healthcare Asset Management
By End User
- Healthcare Providers
- Healthcare Payers
- North America
- Rest of Europe (ROE)
- Rest of Asia-Pacific (ROAPAC)
- Rest of Latin America
- Asia-Pacific (APAC)
- Latin America
- Middle East and Africa
The European market for medical informatics was estimated at $2.18 billion in 2009 which is forecasted to rise to $6.05 billion by the year 2015 at the compounded annual growth rate of 18.1% during the forecast period from 2010 to 2015.
Growth of medical informatics market is mainly attributed by two major factors. First being the increasing use of Electronic Medical Records and Electronic Health Records by medical professionals for improving the quality of their services and second being reduction in operating costs of hospitals and related medical and healthcare facilities in near future. With this increasing growth of market the dissemination of knowledge could occur only through international meetings and conferences. The 5th International Conference on Medical Informatics & Telemedicine happening in August 31-September 01, 2017 Prague, Czech Republic. would address the recent advancements happening in this field with a series of key Note, Plenary sessions, Workshops, Symposiums and discussions represented by renowned speakers from more than 40 nations.
The conference will bring together Medical Informatics Researchers and practitioners from more than 40 nations to share their knowledge, experience and expertise through a series of Key Notes, Plenary Talks, Workshops, Symposiums and Exhibitions. The theme of this year conference is “Intersecting healthcare and technology to improve lives of Patients ” and the audience are expected from wide disciplines which includes but not limited to Health and Medical Informaticians, Telemedicine Experts, Academic Researchers, Nurses, Biostatisticians and other experts working in the related area of Medical Informatics and Telemedicine to share their experience at the global platform for the well-being of patients.