HEALTHCARE INFORMATICS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The high costs associated with the deployment and maintenance of healthcare informatics solutions can hamper the market growth. Implementing advanced healthcare analytics and digital tools requires significant upfront investments in hardware, software, data storage infrastructure and specialized IT support personnel. This makes the adoption of such systems challenging for smaller healthcare facilities and hospitals that have limited budgets. For instance, according to the World Bank Data, in many developing countries, the average public spending on healthcare is less than US$ 200 per capita. Deploying advanced informatics platforms would consume a major portion of such limited resources.

Maintenance and upgrades of these complex IT systems can increase costs. Storing and processing huge volumes of patient data generates massive server and cloud computing bills. Healthcare providers need to constantly spend on software licenses, IT security audits, employee training and technical support. This creates a long-term financial commitment. According to the data published by WHO, approximately 50% of low and lower-middle income countries reported that lack of funds was a major hindrance for digitalizing their health records on a national level. The pressure to control expenses makes these countries hesitant to adopt costly digital solutions.

Market Opportunities: Integration of wearable devices

The convergence of wearable devices and healthcare informatics can offer new opportunities for improving public health outcomes. Wearable devices that can continuously monitor vital signs enables the early detection of health issues and prevention of chronic diseases. By collecting vast amounts of physiological data over time from individuals, these devices allow clinicians to gain valuable insights into wellness, catch silent issues, and predict future health risks.

As wearable technology becomes more advanced and affordable, their adoption is growing rapidly worldwide. According to ourworldindata.org, sales of wearable devices had increased by over 27% between 2020 to 2021. Smartwatches account for the largest share of the market currently but sales of other form factors such as smart patches and fitness trackers are rising sharply. The ability of these devices to monitor conditions like heart rate, blood oxygen levels, sleep quality remotely without any intervention from the user makes them useful for remote patient monitoring as well as general wellness programs. This allows healthcare providers to track patient recovery even after these are discharged. It also empowers individuals to play a proactive role in managing their health.