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%
