Healthcare IT Market Overview:
The global healthcare 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. 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.
Every day electronic health record data is increasing rapidly, and therefore, it is difficult to store the bulk data on the local storage devices, as there is chance of losing essential data. Moreover, it is difficult to share the bulk amount of data via offline mode. Hence, adoption of cloud technology in the healthcare industry becomes necessary because it allows easy sharing and storage of big data.
In addition, several government agencies across the globe have passed a range of regulations and formed healthcare reforms to promote the adoption of healthcare IT solutions in various healthcare settings which is anticipated to propel the market. Further, rise in number of product launches is anticipated to fuel the market growth. For example, in May 2021, Allscripts launched Allscripts Developer Program (ADP) Empower, a new program designed to amplify diverse voices in the healthcare technology industry and offer valuable resources to underrepresented entrepreneurs to grow their businesses and accelerate innovation.
Further, aging population is experiencing an increase, which has led to surge of chronic diseases because the elderly population is more prone to disease. In addition, rise in number strategies adopted by key players is expected to drive the market growth. For example, in May 2021, Allscripts announced an agreement with Lash Group, for Veradigm AccelRx. This relationship will enable specialty medications, supported by Lash Group, to be available for management within the Veradigm AccelRx platform, which streamlines the specialty enrollment process for users of Veradigm, Allscripts’ and other electronic health record (EHR) software vendors.
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.
By Product
Healthcare Provider Solutions segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
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.
By End User
Healthcare Providers segment held a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Regional 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.
By Region
North America dominated the market in 2020 and will continue to maintain the lead over the study period.
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
- 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 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
| Aspects | Details |
 By PRODUCT TYPE |
|
 By END USER |
|
 By Region |
|
 Key Market Players | EPIC SYSTEM CORPORATION, UNITEDHEALTH GROWP, CERNER CORPORATION, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., KONINKLIJKE PHILIPS N.V., ORACLE CORPORATION, INFOR, INC., ATHENAHEALTH INC., MCKESSON CORPORATION, GENERAL ELECTRIC COMPANY |
Analyst Review
This section provides various opinions of the top-level CXOs in the healthcare IT market. In accordance with several interviews conducted, the utilization of ultrasound devices is likely to witness a significant rise with increase in chronic diseases and surge in mHealth services and software. The healthcare IT market has piqued the interest of healthcare IT companies because of its rise in demand. The recently enforced “Affordable care act” by the U.S. government, is significantly driving the market growth.
According to a CXO, with the large number of smartphones, tablet & laptop users across the globe, the mHealth solutions & telehealth solutions are expected to grow rapidly in the near future. The growth in these solutions is mainly because they offer a very cost effective, convenient, and enhanced healthcare service.
Rapid growth was observed in the adoption of healthcare IT solutions such as EMR and other hospital information systems to provide improved healthcare services in emerging nations, and this is expected to offset the challenging conditions in mature markets such as North America and Europe. As per CXOs, although North America and Asia-Pacific are expected to dominate the global healthcare IT market during the forecast period, emerging countries in Latin America are expected to offer significant growth opportunities in the near future.
The total market value of global metagenomics sequencing Market is $250,577.15 million in 2020
The forecast period in the report is from 2021 to 2030
The market value of global healthcare IT Market in 2020 was $250,577.15 Million
The base year for the report is 2020
Yes, global healthcare IT companies are profiled in the report
The top companies that hold the market share in global healthcare IT Market are McKesson Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Epic System Corporation, General Electric Company, Cerner Corporation, Oracle Corporation, Koninklijke Philips N.V., UnitedHealth Group and Infor, Inc.
The key trends in the global healthcare IT Market are increase in mHealth and telehealth practices, and improved patient safety and patient care.
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