Healthcare IT Market

Global Healthcare IT Market is valued at USD  329.3 Billion in 2021 and is expected to reach USD  1,676.3 Billion by 2028 with a CAGR of 19.8% over the forecast period.

Global Healthcare IT Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: Increasing awareness about digital health, rising healthcare expenditure,  elevating consumer demand for efficient healthcare along with the advent of advanced treatment solutions are some of the major factors driving the growth of the Healthcare IT Market.

Scope-

Hospitals, clinics, and other healthcare facilities use information systems that are developed, designed, created, and maintained by healthcare IT, also known as healthcare information technology. Healthcare IT has several benefits and prospects for enhancing and altering healthcare, including bettering clinical results, lowering human error rates, increasing practice efficiency, simplifying care coordination, and collecting data over time.

COVID-19 Impact-

In late December, the coronavirus (COVID-19) was discovered in the Chinese city of Wuhan's Hubei province. SARS-CoV-2, the virus responsible for severe acute respiratory syndrome, spreads from person to person and is extremely infectious. All businesses operating have been impacted by the worldwide lockdowns brought on by the COVID-19 epidemic. All members of society are at risk from the COVID-19 pandemic, according to a report by the United Nations Human Rights. As a result, healthcare systems are impacted, and it is now more difficult than ever to provide all patients with adequate medical care and treatment.

It is projected that the COVID-19 pandemic, an unprecedented worldwide public health threat, will have a favorable effect on the healthcare IT sector for vaccine and antiviral medicine R&D. The global increase of COVID-19 cases, government requirements, support, and efforts for HCIT solutions, the growing use of big data in healthcare, strong returns on investment for HCIT systems, and the need to contain rising healthcare expenses are the primary factors driving the market for HCIT. The COVID-19 pandemic is opening up the potential for telehealth solutions, and social distance is currently the sole approach that has been created that can minimize exposure. Telemedicine and mobile health are appealing, practical, and cost-efficient solutions in this regard.

Key Players-

There are several significant competitors in the highly competitive healthcare IT sector. Currently, a small number of  players control a large portion of the market. However, owing to product developments and technological improvements, mid-sized and smaller enterprises are becoming more dominant on the market by offering new services at competitive prices. Key players are also concentrating on their technical affiliations, partnerships, and merger & acquisition strategies to acquire a competitive advantage and extend their production line and market reach.

The ongoing COVID-19 epidemic put a strain on healthcare systems throughout the world and prompted industry companies to develop new solutions for unexplored markets like telehealth and virtual health. The prime companies influencing the ongoing trends of this marketplace are like -

• Philips Healthcare
• Agfa Healthcare
• Hewlett-Packard Enterprise
• Carestream Health
• GE Healthcare
• E-MDS Inc.
• Athenahealth Inc.
• eClinicalworks
• McKesson Corporation

Segmentation-

By Component:

• Services
• Software
• Hardware

By Delivery Mode:

• On-premise
• Cloud-based

By Product:

• Healthcare Provider Solutions

  • Clinical Solutions
  • Electronic Health/Medical Records
  • Vendor Neutral Archive (VNA)
  • Computerized Physician Order Entry
  • Clinical Decision Support Systems
  • Radiology Information Systems
  • Radiation Dose Management Solution
  • Specialty Management Information Systems
  • Medical Image Processing & Analysis Solution
  • Healthcare IT Integration Systems
  • Practice Management Systems
  • Laboratory Information Systems
  • Digital Pathology Solutions
  • Mobile Health (mHealth) Solutions
  • Telehealth Solutions

• Non-clinical Solutions

  • Pharmacy Information Systems
  • Medication Management Systems
  • Healthcare Asset Management
  • Workforce Management Systems
  • Revenue Cycle Management
  • Financial Management Systems
  • Medical Document Management Systems
  • Healthcare Information Exchanges
  • Population Health Management
  • Supply Chain Management
  • Healthcare Analytics
  • Customer Relationship Management

• Healthcare Payer Solutions

  • Pharmacy Analysis and Audit
  • Claims Management
  • Fraud Management
  • Computer-assisted Coding Systems
  • Payment Management
  • Provider Network Management
  • Member Eligibility Management
  • Customer Relationship Management
  • Medical Document Management
  • Other

• HCIT Outsourcing Services

  • Provider HCIT Outsourcing Services

• Payer HCIT Outsourcing Services

  • Claim Management
  • Customer Relationship Management Services
  • Billing System
  • Fraud Detection
  • Others

• Operational HCIT Outsourcing Services

  • Supply Chain Management Services
  • Business Process Management Services
  • Others
• IT Infrastructure Management Services

By End-User:

• Healthcare Providers

  • Hospitals
  • Ambulatory Care Centers
  • Diagnostic & Imaging Centers
  • Pharmacies
  • Others

• Healthcare Payers

  • Private Payers
  • Public Payers

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers:

Increasing Awareness About Digital Health is Expected to Boost Healthcare IT Market Growth:

Healthcare IT solutions assist enterprises in establishing a paperless workplace, giving doctors constant access to patients’ medical records. For doctors, this leads to better judgment and fewer medical mistakes; for hospitals, it simplifies the exchange of health information, improves workflow management, and lowers total operating costs associated with providing treatment.

The delivery of high-quality, error-free healthcare is made possible through healthcare informatics. Electronic health records provide doctors access to more accurate prescriptions and safer patient information transfer. Additionally, they aid in the accurate and thorough documenting of patients' medical histories. HCIT systems assist to improve decision support and make it easier to track unexpected medication interactions due to linked infrastructure. With the adoption of various HCIT technologies and solutions, healthcare institutions throughout the world are concentrating on automating their systems and operational procedures.

Many government agencies are promoting the use of digital health in their country and are doing so by taking a number of initiatives to raise awareness about it. This is because they recognize the advantages of healthcare IT solutions in reducing the cost of care delivery and improving the productivity of healthcare systems to manage growing patient populations. Thus, the growing acceptance of health IT solutions and associated infrastructure throughout the world is strengthening the value of digital health and its continued developments through user recognition and government efforts, consequently promoting the growth of the healthcare IT market.

Rising healthcare expenditure coupled with rising consumer demand for efficiency is effective, and advanced treatment solutions are Expected to Accelerate Healthcare IT Market Development:

Increasing healthcare expenditure coupled with the growing consumer need for effective, efficient, and advanced treatment solutions are supporting the growth and development of the market. Increasing consumer awareness towards upgraded and innovative solutions is driving the market in the coming years. According to a Healthcare IT News article from 2020, utilization of healthcare IT services has increased over the years, with remote monitoring services seeing an increase from 13% in 2016 to 22% in 2019.

Geography Analysis:

North America is expected to Capture a Major Share of the Global Healthcare IT Market:

North America held a revenue share of 47.1% in 2021 and is expected to dominate the healthcare IT Market in the coming years. The market is expanding due to factors such as rising smartphone adoption, enhanced internet access, rising healthcare IT investment, infrastructure improvements, rising levels of digital literacy, and the presence of major companies. The North American healthcare market is expanding as a result of the industry's quick adoption and implementation of its services to enhance patient care while concurrently bringing down medical expenses.

The need for the use of these cutting-edge solutions is being boosted by an increase in the number of care institutions, universities, sophisticated research institutes, and other facilities. Furthermore, the existence of famous care institutions plays a significant role in this region's development. The University of Maryland Medical Center, Cleveland Clinic, John Hopkins Medicine, Mayo Clinic, and St. Jude Children's Research Hospital are a few examples of care facilities and research institutions located in North America that create a potential for the industry's future expansion. Growth is being driven by the expanding demand to improve clinical, functional, and operational efficiency while streamlining and improving hospital operations.

News-

• Modmed introduced an OBGYN-specific software bundle set in May 2022. Obstetrics and gynecology will see practice and workflow innovation owing to ModMed OBGYN, an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solutions.
• Garden Plot by Epic was introduced in March 2022. For independent medical groups seeking to employ Epic HER solutions, it is software-as-a-service (SaaS).
• In order to increase their market share in the clinical decision support system market, Epic Systems Corporation, a U.S.-based healthcare company, partnered with Foundation Medicine, Inc. in August 2021. This was done by integrating Foundation Medicine, Inc.'s Comprehensive Genomic Profiling (CGP) platform with Epic Systems Corporation's medical record system. This made it easier for healthcare providers to access a wide range of oncological data and records from a single platform, improving the quality of therapy.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 329.3 Billion
Base year considered	2021
Forecast Period CAGR %:	19.8%
Market Size Expected in 2028:	USD 1,676.3 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Philips Healthcare, Agfa Healthcare, Hewlett-Packard Enterprise, Carestream Health, GE Healthcare, E-MDS, Inc., Athenahealth, Inc., eClinicalworks, and McKesson Corporation
Segments Covered	By Product, By Component, By End-User, By Delivery Mode
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa