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Healthcare Information Technology (IT) Market size to exceed $870bn by 2030

  • Published Date: September 27, 2022

Healthcare IT Market size is anticipated to surpass USD 870 billion by 2030, as per a new research report announced by Global Market Insights Inc.

The report identifies the favorable inclusion of artificial intelligence and prevalent digitalization in the medical sphere as the chief drivers of the market. Mounting demand for reduction in healthcare costs is also one of the factors bolstering the adoption of healthcare IT solutions. The overuse of specialty care, high administrative costs, and usage of expensive technologies are increasing healthcare delivery costs. These factors encourage healthcare practitioners to enhance the overall efficiency of the solutions, resulting in cost reduction.

Growing use of mobile healthcare services to increase mHealth segment industry share

Healthcare IT market from mHealth solution segment is anticipated to reach USD 147.5 billion by 2030. This is attributed to the utilization of mHealth technology as a solution to improve healthcare cost efficiency. Additionally, the progress of the mHealth segment is propelled by the surging penetration of mobile communications technology and devices to enhance access to healthcare information and emergency health services & diagnostic services.

Browse key industry insights spread across 230 pages with 247 market data tables & 12 figures & charts from the report, “Healthcare IT Market Analysis 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}), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

High penetration in healthcare facilities to boost industry size

Healthcare IT market from healthcare providers segment held more than USD 165 billion in 2021. Large-scale healthcare facilities, such as hospitals, ambulatory clinical units, and diagnostic laboratories, are primary users of novel technologies. Factors including extensive operational capability, multifunctionality, and cost efficiency of healthcare information technology will boost segment expansion.

North America emerges as a prominent revenue pocket for industry progress

North America healthcare IT market captured an industry share of more than 38% in 2021 and is slated to amass substantial gains by 2030. The region is foreseen to emerge as a promising hub for this industry mainly owing to the presence of key market players in the region. Moreover, the introduction of new products and swelling consumer spending towards the adoption of cutting-edge healthcare IT solutions are also set to accelerate regional market trends.

Strategic partnerships and collaborations to remain a crucial growth strategy

Some of the key healthcare IT industry players profiled in the report include Agfa Healthcare, eMDs, Inc., Allscripts Healthcare Solution, Inc., Athenahealth, eClinicalWorks, Carestream Health, Cerner Corporation, Experian Information Solution, Inc., GE Healthcare, Koninklijke Philips N.V., Oracle Corporation, Epic System Corporation, NextGen Healthcare Inc., SAP, Siemens Healthineers.

In June 2021, Veradigm, a business unit of Allscripts, and PRA Health Sciences, Inc. inked a partnership agreement to develop an EHR-based clinical research network for physicians and patients. The partnership was intended to enhance the company’s product portfolio and create new revenue streams.

Authors: Sumant Ugalmugle, Rupali Swain