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Healthcare IT Market Size, Industry Analysis Report By Solutions (Radiology information systems, Electronic health record, Picture archiving and communication systems, Computerized physician order entry, Vendor neutral archives, mHealth, Healthcare analytics, Telehealth, Supply chain management, Customer relationship management, Fraud management, Revenue cycle management), By End-Use (Healthcare providers, Healthcare payers) & Region – Forecast

  • PUBLISHED ON
  • 06/12/2022
  • NO OF PAGES
  • 232
  • CATEGORY
  • Healthcare & Life Sciences
Healthcare IT Market- Overview
The Healthcare IT Market is valued at USD 392.32 billion in 2022 and is projected to reach a value of USD 1720.84 billion in 2030 expanding at a CAGR of 20.3% over the forecast period of 2022-2030. The healthcare IT is defined as a branch of IT that includes developing, designing, creating, as well as maintaining information systems in hospitals, clinics, as well as other healthcare industries. It is mainly used for improving and transforming healthcare. The healthcare IT offers numerous advantages as well as opportunities such as, improving clinical outcomes, reducing human errors, as well as tracking data over time. The major factors that are responsible for the growth of the healthcare IT market over the forecast period includes, rising use of biologics, increasing provenance of chronic diseases, and benefits of injections. All these factors have boosted the market growth.

Healthcare IT Market- Growth Factors
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising demand for quality healthcare services and solutions and also the surge in acceptance of mhealth and telehealth practices. Additionally, the rise in demand for improved patient safety as well as patient care has also driven the market growth over the forecast period. On the flip side, the major factor that has hindered the market growth over the forecast period is the rising concerns regarding the patient data safety and security. This is because of the rise in cyber-activity globally.

Healthcare IT Market-Market Trends
• Increasing need for cost saving in the healthcare industry has bolstered the healthcare IT market over the forecast period. Companies are involved in the business have been majorly engaging in strategic collaborations and partnerships to augment their market standing.
• The healthcare information technology (IT) has become a vital part of the healthcare business. The government support for improving the healthcare and medical sectors has fostered the market growth. Thus, numerous public organizations across the globe are striving to implement healthcare IT solutions.

Healthcare IT Market- Segmentation
The Healthcare IT Market is segmented into Solutions and end-use.

Based on Solutions
• Radiology information systems
• Electronic health record
• Picture archiving and communication systems
• Computerized physician order entry
• Vendor neutral archives
• mHealth
• Healthcare analytics
• Telehealth
• Supply chain management
• Customer relationship management
• Fraud management
• Revenue cycle management
• Others

Based on End-Use
• Healthcare providers
o Hospitals
o Pharmacies
o Diagnostic and imaging centres
o Ambulatory clinical units
o Others
• Healthcare payers
o Private
o Public

Healthcare IT Market- Regional Segmentation
The Healthcare IT Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America is anticipated to dominate the regional segment over the forecast period. This is because of the positive inclination towards telehealth/telemedicine that has fuelled the demand for healthcare IT over the forecast period.

Healthcare IT Market- Key Market Players
Some of the prominent companies operating in the market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.)

Report scope
Healthcare IT Market : Historical Years- 2018-2021
Healthcare IT Market : Forecast Years- 2022-2030
Healthcare IT Market 2022- USD 392.32 billion
Healthcare IT Market CAGR- 20.3%

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Market Research Process




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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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