Healthcare IT Market Size to Worth Around US$ 857.58 Billion by 2030

Published Date : 22, 2022

The global healthcare IT Market size is expected to be worth around US$ 857.58 billion by 2030 and it is growing at a registered CAGR of 13.1% from 2021 to 2030.

Demand for healthcare IT remains strong in 2021. Some sales insight revealing the strong growth of healthcare IT market during the past few years are listed below:

  • The global healthcare IT market size is expected to reach at US$ 857.58 billion by 2030
  • Asia Pacific healthcare IT market was valued at around US$ 150.18 billion in 2020
  • The Health Information Technology for Economic and Clinical Health (HITECH) Act in US authorized around US$ 27 billion over a period of 10 years to favor the installation of EHR (Electronic Health Records) systems
  • The EHR segment accounted for around 20% of the market share in 2020
  • Around 64% of the global population had access to the internet at the end of 2021
  • Tele-healthcare segment accounted largest revenue share of 42% in 2021

Approximately 60% of the Global Healthcare IT Market Captured by Asia Pacific

Asia Pacific is highly populated region due to the presence of more than half of the global population. The rapid urbanization, rising personal disposable income, growing penetration of hospitals and clinics, rising prevalence of various chronic and infectious diseases in the region, and increasing government investments towards the development of advanced and sophisticated healthcare infrastructure are the major factors that are expected to boost the growth of the healthcare IT market.

Report Scope of the Healthcare IT Market

Report Coverage

Details

Market Size in 2020

USD 250.3 Billion

Growth Rate from 2022 to 2030

CAGR of 13.1%

Base Year

2021

Asia Pacific Market Share in 2020

60%

Fastest Growing Market

North America

Forecast Period

2022 to 2030

 

The rising government initiatives to promote the adoption of electronic and digital technologies in the hospitals and development of smart hospitals in the region is expected to further fuel the growth of the healthcare IT market. The rising investments in the development of telecommunications and IT infrastructure in the region is expected to boost the adoption of smartphones and hence the demand for the telehealth platforms is expected to grow. The surging adoption of telehealth platforms among the consumers is expected to support the growth of the healthcare IT infrastructure. The growing number of hospitals and clinics across the Asia Pacific region and rising adoption of the digital technologies in the hospitals is anticipated to foster the market growth.

What are the key trends in the Global Healthcare IT Market?

Rise in the use of big data is expected to be the most prominent driver of the global healthcare IT market in the upcoming future. In the past few years, a huge volume of data has been generated related to the patients and their health conditions. This data needs to be stored and managed efficiently to offer quick and efficient care services to the patients while treating them.

The growing usage of patients past health records to treat them will enhance the efficiency of the care services and quickly discharge the patients. The volume of hospital admissions is increasing significantly owing to the growing prevalence of various diseases. The use of big data will help to offer effective and quick treatment services and reduce pressure from the hospitals. This factor is expected to foster the demand for the healthcare IT during the forecast period.

What are the key challenges in the Global Healthcare IT Market?

With the growing demand for the digital technologies, the threat of data privacy, cyber security, and online frauds have increased significantly. The cyberattacks and data breaches may significantly cause financial losses to both the patients and the hospitals. It may also put the patients’ life at risk owing to the manipulation of time related to patients’ health checkups and diagnosis.

Furthermore, the lack of proper infrastructure and lack of electrification is some parts of the rural areas of the developing and underdeveloped nations is a major challenge to the market. Moreover, the lack of access to the basic healthcare facilities in the developing and underdeveloped regions may restrict the growth of the healthcare IT market during the forecast period.

North America Forecast the Strongest Growth Rate during the Forecast Year (2021-2030)

North America is witnessing a rapid surge in the number of patients owing to the growing incidences of various chronic diseases and rising geriatric population. The huge volume of data generated by the hospitals on daily basis needs to be efficiently managed and stored. The increasing government initiatives to reduce the paperwork in hospitals, enhance the patient care facilities, and reduce healthcare costs are significantly boosting the investments towards the digitalization of the hospitals and clinics.

The presence of strong healthcare, telecommunications, and IT infrastructure in the region favors the growth of the healthcare IT market. Moreover, the presence of several top healthcare IT solution providers in this region are significantly contributing towards the growth of the North America healthcare IT market.

Top Healthcare IT Manufacturers in 2020

Allscripts healthcare solutions Inc., Athenahealth Inc., Cerner corporation, Epic system corporation, General electric company, Infor, inc., KoninklijkephilipsN.V.,Mckesson corporation, Oracle corporation, and Unitedhealth group are some of the prominent players in the healthcare IT market.

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