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Industry Overview
Healthcare IT Market size was valued at more than USD 261 billion in 2021 and is primed to grow at over 14% CAGR from 2022 to 2030. Expanding healthcare industry across the globe will push global market growth.
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With recent integration of advanced technology in healthcare, information technology (IT) has become a vital part of the healthcare business. The burgeoning government support for improving the healthcare and medical sectors is foreseen to foster market outlook. Thus, numerous public organizations across the globe are striving to implement healthcare IT solutions, such as telemedicine, electronic health record, and mHealth, among others, across healthcare facilities on a national scale, which is set to drive market revenue.
Favorable investment schemes from government agencies to enhance healthcare services and upgrade healthcare infrastructure, especially in emerging nations, including India, South Korea, and Singapore, among others, have benefitted the market scenario.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 261 Billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 14% |
| 2030 Value Projection: | USD 870 Billion |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 259 |
| Segments covered: | Solutions, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Increasing need for cost saving in the healthcare industry will further bolster healthcare IT market expansion. Companies involved in the business are majorly engaging in strategic collaborations and partnerships to augment their market standing. Moreover, they are also focusing on broadening the range of services and providing effective & economical solutions for the management of healthcare activities and data across regions, thereby driving the overall industry development.
Data theft and security breaches may restrain industry progression
Security and privacy concerns are major factors restraining healthcare IT market share. Electronic health records contain several private information, such as insurance IDs, social security numbers, medical details, and other sensitive personal data, that are at risk of being exposed due to security breaches and thefts. This has adversely affected the reputation of digital solution vendors as well as end-users while raising concerns about their operations. Nonetheless, mounting awareness regarding end-data encryptions integration in digital solutions is likely to enable firms to overcome the issue.
Rising prevalence of chronic diseases to push market demand
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With respect to solutions, the study classifies the healthcare IT market into fraud management, electronic health record, revenue cycle management, radiology information systems, customer relationship management, picture archiving and communication systems, telehealth, vendor neutral archives, mHealth, supply chain management, computerized physician order entry, and healthcare analytics. The telehealth segment is set to surpass USD 101 billion by 2030. Snowballing instances of chronic diseases, along with the rising penetration of virtual care models and telehealth solutions, are estimated to fuel the progression for telehealth healthcare IT solutions.
Favorable partnerships among private and Medicaid agencies to help healthcare payers segment gain traction
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Based on end-use, the healthcare IT market is classified into healthcare providers (hospitals, pharmacies, ambulatory clinical units, diagnostic and imaging centers, others) and healthcare payer (private, public). The healthcare payers segment is anticipated to exhibit considerable CAGR of over 14% from 2022 to 2030. Private payers are increasingly partnering with Medicare or Medicaid agencies to offer secure, integrated, and interoperative electronic health information infrastructure to healthcare facilities, professionals, and patients, thus boosting industry size.
Surging government expenditure in healthcare sector to aid Europe emerge as a prominent revenue pocket
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Europe healthcare IT market is projected to reach USD 247 billion by 2030. Prominent government support and investment in developing healthcare IT is expected to impel market expansion. Additionally, a significant rise in the adoption of healthcare IT solutions across countries in Europe is slated to considerably facilitate regional market advancement.
Latin America market is forecast to showcase strong CAGR of more than 14% through 2030. The positive inclination towards telehealth/telemedicine is one of the primary factors fueling the demand for healthcare IT in the LATAM region.
Service range expansion to strengthen the healthcare IT industry outlook
Agfa Healthcare, Allscripts Healthcare Solution, Inc., Athenahealth, Carestream Health, Cerner Corporation, eMDs, Inc., Epic System Corporation, eClinicalWorks, Experian Information Solution, Inc., GE Healthcare, Oracle Corporation, NextGen Healthcare Inc., Koninklijke Philips N.V., SAP, and Siemens Healthineers are some of the key healthcare IT industry players. Firms operating in the market are focused on expanding their customer reach by entering into strategic collaborations, mergers, partnerships and various public & private alliances to gain a competitive edge in the industry landscape.
Impact of COVID-19 on the healthcare IT market trends
The global market witnessed a positive impact during the COVID-19 pandemic owing to an increase in the demand for digital solutions throughout the healthcare sector, extending the market reach amid stringent lockdowns and fear of contracting the virus. Furthermore, various governments across both developed and developing economies are taking efforts to amend regulations pertaining to the use of IT technologies for healthcare purposes, which has led to a surge in the uptake of digital healthcare solutions.
The healthcare information technology market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2030 for the following segments:
By 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
By End-use
- Healthcare providers
- Hospitals
- Pharmacies
- Diagnostic and imaging centres
- Ambulatory clinical units
- Others
- Healthcare payers
- Private
- Public
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
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