The global healthcare IT market was estimated at US$ 282.99 billion in 2021 and is expected to hit around US$ 857.58 billion by 2030, poised to grow at a CAGR of 13.1% from 2021 to 2030.
Healthcare IT or healthcare information technology is a branch of IT which includes designing, developing, creating, and maintaining of information systems in clinics, hospitals and other healthcare sectors. For transforming and improving healthcare, healthcare IT offers various opportunities and advantages like reducing human errors, improving clinical outcomes, improving practice efficiencies, tracking data over time and facilitating care coordination. The factors driving the growth of the healthcare IT market around the globe are adoption of cloud technology related HCIT services, surge in demand regarding mHealth and telehealth solutions from the huge number of smartphone users, application of numerous healthcare reforms such as affordable care act (PPACA) and patient protection and rapid rise in elderly population and subsequent rise in the number of chronic diseases.
Furthermore, adoption of preventive care and high customer demand along with rising funding for numerous startups of mobile health is fostering the market growth. In addition, rising improvements in network infrastructure and rising network coverage are further boosting the market growth. Advancements in technology, with the growth of healthcare, for the purpose of improving the infrastructure of IT, like the implementation of IoT, AI are the factors further fueling the growth of the market.
Report Scope of the Healthcare IT Market
|Market Size||USD 857.58 Billion by 2030|
|Growth Rate||CAGR of 13.1% from 2022 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, End Use, Region|
|Companies Mentioned||Allscripts healthcare solutions Inc., AthenahealthInc., Cerner corporation,General electric company, Epic system corporation, Infor, inc., KoninklijkephilipsN.V., Mckesson corporation, Oracle corporation, Unitedhealthgrowp|
Rise in demand for quality healthcare solutions and services, rise in acceptance of telehealth and mHealth practices, surge in demand for improved patient care& patient safety, and growth in government initiatives to promote HCIT propels the growth of the global healthcare IT market. As rise in concerns regarding the patient data security& safety serve as the main roadblocks in the healthcare IT market owing to the surge in cyber-attacks globally, and safeguarding the patient information is a major challenge for healthcare market players. Rise in investment in the Asia-Pacific region provides an enormous market potential and propel the growth opportunities for the healthcare IT market.
COVID-19 was recognized in the end of December in Hubei province of Wuhan city in China. This highly contagious infection, triggered by severe acute respiratory syndrome coronavirus, can be transmitted from humans to humans. The COVID-19 pandemic has resulted in global lockdowns, therefore impacting every industry vertical as a result. As per the report of the United Nations Human Rights, the COVID-19 pandemic has threatened all the members of the society. In resultant, health care systems are highly affected, and the effective conveyance of medical treatment and care to all the patients has become a global healthcare challenge. The COVID-19 epidemic is an unknown global public health challenge and is anticipated to have a positive impact on the healthcare IT request for R&D of vaccines and antiviral medicines. The request for healthcare information technology is primarily driven by the rising prevalence of COVID-19 cases encyclopedically, government authorizations, support, and enterprise for HCIT results, the adding use of big data in healthcare, high returns on investment for HCIT results, and the need to dock raising healthcare costs. Due to social distancing the COVID-19 epidemic is furnishing openings for telehealth results, social distancing is the only being result developed so far able of minimizing exposure. In this regard, telemedicine and mHealth represents a effective, and affordable option.
Product type Insights
Based on the product type, healthcare provider solutions is anticipated to be the largest growing segment during the analysis period due rise in adoption of electronic health records (EHR) and other sanitarium information systems by healthcare providers. The request is anticipated to witness significant growth owing to the rise in demand for quality healthcare services and solutions, increase in acceptance of mHealth and telehealth practices, surgel in demand for bettered patient safety and patient care, and increase in government action to promote HCIT, and rise in adoption of cloud technology in healthcare.
End User Insights
On the basis of end user, the global healthcare IT request is segmented into healthcare providers and healthcare payers. The healthcare provider segment is subdivided into hospitals, itinerant care centers, individual and imaging centers, apothecaries, and others. The healthcare payer segment is further divided into public payers and private payers. The healthcare provider segment is likely to be the near fastest growing segment during the analysis period. Also, the healthcare payers segment is likely to capture the high growth rate till the forecast period 2030. In healthcare providers, hospitals are the largest segment in the HCIT request. This is owing to the demand for multitudinous HCIT results among hospitals in order to manage the adding burden of managing patient information in hospitals.
Asia Pacific was the leading healthcare IT market that garnered a market share of more than 60% in 2020. Asia Pacific is the home to more than half of the global population which provides a huge consumer base. The rapid urbanization, rising disposable income, busy and hectic lifestyle, rising penetration of the internet, and the increasing adoption of the smartphones are some of the significant macroeconomic factors that drives the growth of the healthcare IT market in Asia Pacific. Moreover, the countries like China and India are showing promising growth opportunities for the market players owing to the strong economic growth in the region. This is attributed to the growing government and economic initiatives for the automating and digitalizing the different healthcare organizations task including pharmacies, hospitals, nursing homes and other healthcare related organizations.
North America is estimated to be the fastest growing segment considerable pace during the forecast period. Increasing buying power, improved access to the digital technologies, higher penetration of internet, and increased adoption of the smart devices are some of the major factors that has propelled the growth of the North America healthcare IT market.
Key Market Developments
Some of the prominent players in the global healthcare IT market include:
Segments Covered in the Report
By End User
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