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Healthcare Information Technology (IT) Market worth over $603.4bn by 2027

  • Published Date: November 22, 2021

Healthcare IT Market size is set to exceed USD 603.4 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Market growth is attributed to the advancements in medical innovation and technologies as well as increasing demand for healthcare IT solutions. The implementation of healthcare information technology has impacted all healthcare practices. Furthermore, the development and penetration of artificial intelligence in the healthcare sector is anticipated to transform market of healthcare information technology during the forecast period.
 

Adoption of artificial intelligence (AI) in the healthcare sector will foster the market expansion

Artificial intelligence is projected to transform healthcare industry in the coming years by solving various challenges. AI helps healthcare practitioners in decision making such as symptom analysis and patient diagnosis. For instance, Freenome uses artificial intelligence (AI) in diagnostic tests, screenings, and blood work to test for cancer detection. Higher accuracy, productivity and efficiency of AI are some of the factors to drive the market acceptance. Additionally, increasing demand for AI tools, services and significant investment towards healthcare IT infrastructure development is expected to positively impact adoption of artificial intelligence in healthcare market.
 

Concerns regarding privacy and data security may hamper the healthcare IT market progression

The implementation of digital solutions such as e-prescriptions, electronic health records, medical apps requires full-proof data security. A data breach may lead to the leak of confidential or critical information like medical records, that often contain insurance IDs, addresses, social security numbers and past medical records.
 

Telehealth services will serve as an area for growth

The telehealth segment accounted for 8% of the market share in 2020 led by the high demand for healthcare services via telehealth in remote areas along with growing telecommunications infrastructure. With the growing trends of remote monitoring, patients can get access to quality healthcare services, saving a large amount of money and time by avoiding unnecessary trips to healthcare centers and hospitals. In addition, the low cost of telehealth services coupled with favorable telehealth reimbursement schemes is accelerating the industry growth.
 

Browse key industry insights spread across 230 pages with 247 market data tables & 12 figures & charts from the report, “Healthcare IT Market Size By Solution (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), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-it-market

 

Partnerships, initiatives and programs will benefit private healthcare payers

The private payers segment in the healthcare IT market was valued at USD 19 billion in 2020 impelled by the growing collaborative programs and approaches for the implementation of healthcare IT solutions across developing countries. Private payers have partnered with Medicaid agencies to offer secure, integrated, and interoperative electronic health information infrastructure to healthcare facilities, professionals and for patients.
 

Growing expenditure on healthcare IT infrastructure will offer several opportunities for regional growth

Europe healthcare IT market is estimated to showcase 14.6% growth rate through 2027. The rapid acceptance of healthcare IT products in the region is predicted to highly impact Europe market size. Furthermore, growing investment in healthcare information technology is expected to be a prominent factor accelerating the various healthcare information technology solutions.
 

New product launch strategies to strengthen company’s business portfolio and revenue

The eminent players operating in the healthcare IT market include McKesson Corporation, Siemens Healthineers, Cerner Corporation, GE Healthcare, Oracle Corporation, Agfa Healthcare, Allscripts Healthcare Solutions and elicnicalWorks. These market leaders focus on strategies such as innovative product development to garner more revenue and sustain market competition.
 

Authors: Sumant Ugalmugle, Rupali Swain