Market Overview

Healthcare IT Market is projected to achieve a value of USD 320.3 Million in 2023, with a linear behaviour in the market growth it is forecasted to achieve a value of USD 770 Million by 2033 with a CAGR of 10.3% during the forecast period 2023-2033.

Healthcare IT is a branch of Information technology includes Creating, designing, developing and maintain the information in health care industry. For transforming and development of Health care, Healthcare IT offers a numerous opportunities and advantages like reducing human error, increasing clinical outcomes, facilitating care coordination and recording data over time.

Healthcare IT market is a rapidly growing because of the increasing the uses of smartphones, growing adoption of e- prescribing, adoption of cloud technology related HCIT services. Moreover market possess an increasing future with having some challenges that need to be address to reach in a wider range such as data security and privacy, chances of losing essential data.

Market Scope

Report Attributes	Description
Market Size in 2022	USD 320.3 Million
Market Forecast in 2033	USD 770 Million
CAGR % 2023-2033	10.3%
Base Year	2022
Historic Data	2016-2022
Forecast Period	2023-2033
Report USP	Consumption, company share, company heatmap, company production capacity, growth factors and more
Segments Covered	Product Type and End-user
Growth Drivers	Demand for Improved Patient Care Telemedicine and Remote Monitoring Rise of Health Information Exchanges (HIEs)
Regional Scope	North America, Europe, APAC, South America and Middle East and Africa
Country Scope	U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
Key Companies	Oracle, Parexel International Corporation, OpenClinica, LLC, IQVIA, Allscripts healthcare Solutions INC., EPIC System Corporation, Mckesson Corporation, Clario, Dassault Systèmes, Cerner corporation

 

Market Dynamics

Healthcare IT market is driven by digitalisation and adoption of teleconsultation in health care industry. For instance, In September 2021 The Indian Prime Minister introduce the Pradhan Mantri Digital Health mission, which is an initiative aimed of digitizing healthcare services in nation.

During the pandemic of COVID-19 with the lockdown and restriction for not going outside, travel and hospital visit in fear of contamination of SARS-CoV-2 Virus, digital healthcare witnessed a spike in a healthcare system. In such situation adoption of teleconsultation is increasing rather than face-to-face consultation.  For instance, according to the study publish in Journal of American Pharmacist Association in April 2021, the uses of Healthcare IT increasing rapidly.

Moreover, the uses of internet and digitalisation of healthcare is essential for the better understanding and utilization of healthcare information technology and impact on health communication. Additionally, the increasing adoption of Healthcare IT in hospital services is beneficial to use and saving time, space and labour.

Outpatients care services is useful to reduce, the increasing health cost and rising the pressure on hospitals. The outpatient’s surgery centre procedure is estimated low cost than the inpatient hospital settings. Additionally, Convenience is the another important factor driving to increase ambulatory care. Due to the increase in outpatient settings and patient’s influx, the demand for Healthcare IT in outpatient setting will increase.

Market Product Analysis

By product type, the Healthcare IT Market is Categorise into Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services. The Healthcare Provider Solutions segment accounts for the largest share of around 53% of the market in 2022.this is because of rise in the quality healthcare services and solutions, increase in demand of patient safety and care.

Market End User

 By End user type, the Healthcare IT Market is Categorise into Hospitals, Pharmacies, payers. Hospitals segment accounts for the largest share of around 53% of the market in 2022. This is due to the increase in demand of Healthcare IT solution in hospital in order to manage the increasing burden of managing patient information in hospital.

Pharmacies is another major segment in Healthcare IT market. The segment having rapid growth because of the online pharmacies platforms in the market. Payer is another important segment in. Payer segment is further bifurcate in to private payer and Public payer. The segment expected to register a higher growth in 2022-2033.

Market Regional Analysis

North America is the largest region for Healthcare IT market, accounting for over 48.5% of the global market share. This is because of the early adoption of IT services and a well establishment of healthcare industry.

Asia-pacific is the second-largest market for Healthcare IT, accounting for over 25% of the global market share. This is because of increasing population growth and development in healthcare industry.

Europe is third market for Healthcare IT, accounting for 20% of the global market share. This is because of increase in investment in healthcare industry.

The Middle East & Africa (MEA) and Latin America are emerging regions for Healthcare IT industry. The region has a growing demand for Healthcare IT market.

Competitive Analysis

The Healthcare IT market is dominated by a few large companies, such as Oracle, Parexel International Corporation, OpenClinica, LLC, IQVIA, Allscripts healthcare Solutions INC., EPIC System Corporation, Mckesson Corporation, Sharecare, Clario, Dassault Systèmes, ModMed OBGYN,Cerner corporation.

There Are Some Of The Recent Developments Of The Healthcareit Market:

·         In 2022, Sharecare launched Smart Omix which allows digital biomarker creation and real-world data collection with the help of mobile research studies. Smart Omix's capabilities play an essential role in evolving relevance, equity, and data integrity in clinical research across the healthcare continuum.

·         In May 2022, Modmed launched an OBGYN-specific software suite. ModMed OBGYN is an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solution that will bring practice and workflow innovation to obstetrics and gynecology.

By Product

·         Healthcare Provider Solutions

·         Healthcare Payer Solutions

·         HCIT Outsourcing Services

By End User

·         Hospitals

·         Pharmacies

·         Payers

1.      Global Healthcare IT Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Healthcare IT Market Scope and Market Estimation

1.2.1. Global Healthcare IT Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2. Global Healthcare IT Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1. Product of Global Healthcare IT Market

1.3.2. End User of Global Healthcare IT Market

1.3.3. Region of Global Healthcare IT Market

2.      Executive Summary

2.1.    Global Healthcare IT Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Healthcare IT Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Healthcare IT Market Estimates & Historical Trend Analysis (2019 - 2022)

4.      Global Healthcare IT Market Estimates & Forecast Trend Analysis, by Product

4.1.    Global Healthcare IT Market Revenue (US$ Mn) Estimates and Forecasts, by Product, 2019 to 2033

4.1.1. Healthcare Provider Solutions

4.1.2. Healthcare Payer Solutions

4.1.3. HCIT Outsourcing Services

5.      Global Healthcare IT Market Estimates & Forecast Trend Analysis, by End User

5.1.    Global Healthcare IT Market Revenue (US$ Mn) Estimates and Forecasts, by End User, 2019 to 2033

5.1.1. Hospitals

5.1.2. Pharmacies

5.1.3. Payers

6.      Global Healthcare IT Market Estimates & Forecast Trend Analysis, by Region

6.1.    Global Healthcare IT Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2033

6.1.1. North America

6.1.2. Europe

6.1.3. Asia Pacific

6.1.4. Middle East & Africa

6.1.5. South America

7.      North America Healthcare IT Market: Estimates & Forecast Trend Analysis

7.1.    North America Healthcare IT Market Assessments & Key Findings

7.1.1. North America Healthcare IT Market Introduction

7.1.2. North America Healthcare IT Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

7.1.2.1.   By Product

7.1.2.2.   By End User

7.1.2.3.   By Country

7.1.2.3.1.     The U.S.

7.1.2.3.2.     Canada

7.1.2.3.3.     Mexico

8.      Europe Healthcare IT Market: Estimates & Forecast Trend Analysis

8.1.    Europe Healthcare IT Market Assessments & Key Findings

8.1.1. Europe Healthcare IT Market Introduction

8.1.2. Europe Healthcare IT Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

8.1.2.1.   By Product

8.1.2.2.   By End User

8.1.2.3.        By Country

8.1.2.3.1.     Germany

8.1.2.3.2.     U.K.

8.1.2.3.3.     France

8.1.2.3.4.     Italy

8.1.2.3.5.     Spain

8.1.2.3.6.     Russia

8.1.2.3.7.     Rest of Europe

9.      Asia Pacific Healthcare IT Market: Estimates & Forecast Trend Analysis

9.1.    Asia Pacific Market Assessments & Key Findings

9.1.1. Asia Pacific Healthcare IT Market Introduction

9.1.2. Asia Pacific Healthcare IT Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

9.1.2.1.   By Product

9.1.2.2.   By End User

9.1.2.3.        By Country

9.1.2.3.1.     China

9.1.2.3.2.     Japan

9.1.2.3.3.     India

9.1.2.3.4.     Australia

9.1.2.3.5.     South Korea

9.1.2.3.6.     ASEAN

9.1.2.3.7.     Rest of Asia Pacific

10.  Middle East & Africa Healthcare IT Market: Estimates & Forecast Trend Analysis

10.1.  Middle East & Africa Market Assessments & Key Findings

10.1.1.   Middle East & Africa Healthcare IT Market Introduction

10.1.2.   Middle East & Africa Healthcare IT Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

10.1.2.1.    By Product

10.1.2.2.    By End User

10.1.2.3.    By Country

10.1.2.3.1. U.A.E.

10.1.2.3.2. Saudi Arabia

10.1.2.3.3. Egypt

10.1.2.3.4. South Africa

10.1.2.3.5. Rest of Middle East & Africa

11.  South America Healthcare IT Market: Estimates & Forecast Trend Analysis

11.1.  South America Market Assessments & Key Findings

11.1.1.   South America Healthcare IT Market Introduction

11.1.2.   South America Healthcare IT Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

11.1.2.1.    By Product

11.1.2.2.    By End User

11.1.2.3.    By Country

11.1.2.3.1. Brazil

11.1.2.3.2. Argentina

11.1.2.3.3. Colombia

11.1.2.3.4. Rest of South America

12.  Competition Landscape

12.1.  Global Healthcare IT Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

12.2.  Global Healthcare IT Market Competition White Space Analysis, By End-user

12.3.  Global Healthcare IT Market Competition Heat Map Analysis, By End-user

12.4.  Global Healthcare IT Market Concentration & Company Market Shares (%) Analysis, 2022

13.  Company Profiles

13.1.                     Oracle

13.1.1.   Company Overview & Key Stats

13.1.2.   Financial Performance & KPIs

13.1.3.   Product Portfolio

13.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

13.2.      Parexel International Corporation

13.3.      OpenClinica

13.4.      LLC

13.5.      IQVIA

13.6.      Allscripts healthcare Solutions INC.

13.7.       EPIC System Corporation

13.8.      Mckesson Corporation

13.9.      Sharecare

13.10.  Clario

13.11.  Dassault Systèmes

13.12.  ModMed OBGYN

13.13.  Cerner corporation

14.  Research Methodology

14.1.  External Transportations / Databases

14.2.  Internal Proprietary Database

14.3.  Primary Research

14.4.  Secondary Research

14.5.  Assumptions

14.6.  Limitations

14.7.  Report FAQs

15.  Research Findings & Conclusion

 

Quality Assurance Process

1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process

We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:

• Project kickoff meeting with client
• Conduct frequent client communications
• Form project steering committee
• Assign a senior SR executive as QA Executive
• Conduct internal editorial & quality reviews of project deliverables
• Certify project staff in SR methodologies & standards
• Monitor client satisfaction
• Monitor realized value post-project

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.