Healthcare IT Market

Healthcare IT Market Overview:

The global healthcare information technology (IT) market size was valued at $250,577.15 million in 2020, and is projected to reach $880,688.75 million by 2030, registering a CAGR of 13.3% from 2021 to 2030.

The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the healthcare IT market for R&D of vaccines and antiviral drugs. The market for healthcare information technology is primarily driven by the rising incidence of COVID-19 cases globally. The pandemic has amplified the need of telemedicine and mHealth technologies to become realities in the healthcare industry for accurate patient information, linked patient records, interoperability and cybersecurity continue to be at the forefront of healthcare concerns.

Healthcare IT or healthcare information technology is a branch of IT which includes developing, designing, creating, and maintaining of information systems in hospitals clinics and other healthcare industries. For improving and transforming healthcare, healthcare IT offers numerous advantages and opportunities such as improving clinical outcomes, reducing human errors, improving practice efficiencies, facilitating care coordination, and tracking data over time. The global healthcare IT market growth is largely driven by factors such as surge in demand for telehealth and mHealth solutions from the large number of smartphone users, adoption of cloud technology related HCIT services, implementation of various healthcare reforms such as patient protection and affordable care act (PPACA), and rapid increase in aging population and subsequent rise in the number of chronic diseases.

Increase in demand for quality healthcare services and solutions, surge in acceptance of mHealth and telehealth practices, rise in demand for improved patient safety and patient care, and increase in government initiatives to promote HCIT drive the growth of the global healthcare IT market. As increase in concerns regarding the patient data safety & security serve as the major roadblocks in the healthcare IT market due to the rise in cyber-attacks globally, safeguarding the patient information is a great challenge for healthcare companies. Increase in investment in the Asia-Pacific region offers huge market potential and boost the growth opportunities for the healthcare IT market.

COVID-19 Impact

Coronavirus (COVID-19) was recognized in late December in Hubei province of Wuhan city in China. This highly contagious disease, caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. The COVID-19 pandemic has resulted in nationwide lockdowns, thereby impacting every industry vertical. According to the report of the United Nations Human Rights, the COVID-19 pandemic has threatened all the members of the society. As a result, health care systems are affected, and the effective delivery of medical care and treatment to all patients has become a challenge worldwide. The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the healthcare IT market for R&D of vaccines and antiviral drugs. The market for healthcare information technology is primarily driven by the rising incidence of COVID-19 cases globally, government mandates, support, and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs. Due to social distancing the COVID-19 pandemic is providing opportunities for telehealth solutions, social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine and mHealth represents an attractive, effective, and affordable option.

Product Segment Review

By product type, the global healthcare IT market is categorized into healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services. Healthcare provider solutions segment is categorized into clinical and non-clinical. healthcare payer solutions segment is categorized into pharmacy analysis and audit solution, claims management solution, fraud management solution, computer-assisted coding systems, payment management, provider network management solution, member eligibility management solution, customer relationship management solution, medical document management solution and others and HCIT outsourcing services segment is categorized into provider HCIT outsourcing services market, payer HCIT outsourcing services, operational HCIT outsourcing services, and IT infrastructure management services. Healthcare provider solutions is anticipated to be the largest growing segment during the analysis period due rise in adoption of electronic health records (EHR) and other hospital information systems by healthcare providers. The market is anticipated to experience significant growth because of rise in demand for quality healthcare services and solutions, increase in acceptance of mHealth and telehealth practices, surge in demand for improved patient safety and patient care, and increase in government initiative to promote HCIT, and surge in adoption of cloud technology in healthcare.

End User Segment Review

By end user, the global healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is further bifurcated into hospitals, ambulatory care centers, diagnostic and imaging centers, pharmacies, and others. The healthcare payers segment is further bifurcated into private payers and public payers. The healthcare providers segment is anticipated to be the largest growing segment over the analysis period. Whereas the healthcare payers segment is expected to register the highest growth rate from 2020 to 2030. In healthcare providers hospitals form the largest segment in the HCIT market. This is due to the demand for numerous HCIT solutions among hospitals in order to manage the increasing burden of managing patient information in hospitals. The rise in prevalence of chronic disease have opened avenues for the growth of the global healthcare IT market.

Region segment review

Asia-Pacific is expected to maintain its dominance during the forecast period due to The three major countries of Asia-Pacific considered in the report include the India, Japan, China and Rest of Asia-Pacific.

Whereas the North America is expected to register the highest growth rate from 2020 to 2030. Asia-Pacific is dominating the market of overall global healthcare IT and expected to dominate throughout the forecast period. This is due to the surging economies and government initiatives for the digitalizing and automating the tasks of different healthcare organizations including hospitals, pharmacies, nursing homes and other healthcare related organizations.

Key Benefits For Stakeholders

• This report provides a detailed quantitative analysis of the current global healthcare IT market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities. 
• An in-depth healthcare IT market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
• A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
• The projections in this report are made by analyzing the current trends and future market potential from 2021 to 2030, in terms of value.
• An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
• Key market players within the global healthcare IT market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the global healthcare IT market.

Key Market Segments

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
    • Electronic Medication Administration Records
    • Barcode Medication Administration
    • Medication Inventory Management Systems
    • Medication Assurance Systems
  • Healthcare Asset Management
    • Equipment Management Systems
    • Patient Tracking and Management
    • Temperature and Humidity Monitoring
  • Workforce Management Systems
  • Revenue Cycle Management
    • Admission Discharge Transfer/Registration
    • Computer Assisted Coding Systems
    • Patient Scheduling
    • Patient Billing and Claims Management Solutions
    • Electronic Data Interchange
  • Financial Management Systems
  • Medical Document Management Systems
  • Healthcare Information Exchanges
  • Population Health Management
  • Supply Chain Management
    • Procurement Management
    • Inventory Management
  • Healthcare Analytics
    • Clinical Analytics
    • Financial Analytics
    • Operational and Administrative Analytics
  • Customer Relationship Management
• Healthcare Payer Solutions
  • Pharmacy Analysis and Audit
  • Claims Management
  • Fraud Management
  • Computer-assisted Coding Systems
  • Payment Management
    • Patient Billing Management
    • Provider Billing Management
  • Provider Network Management
  • Member Eligibility Management
  • Customer Relationship Management
  • Medical Document Management
  • Other
• HCIT Outsourcing Services
  • Provider HCIT Outsourcing Services
    • Medical Document Management Services
    • Pharmacy Information Management Services
    • Laboratory Information Management Services
    • Revenue Cycle Management Services
    • Others
• 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 Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy 
  • Spain 
  • Rest of Europe
• Asia-Pacific
  • Japan
  • India
  • China
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

 Healthcare IT Market Report Highlights