WASHINGTON, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Healthcare IT Market finds that increasing adoption of big data analytics is expediting market growth. Primarily driven by increasing consumer awareness about healthy diet, the total Global Healthcare IT Market is estimated to reach USD 1,075.06 Billion by 2028.
The Market stood at a revenue of USD 323.83 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 18.7%.
Furthermore, the changes in lifestyle and food habits of consumers are also anticipated to augment the growth of the Global Healthcare IT Market, states Vantage Market Research, in a report, titled “Healthcare IT Market by Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services), by Component (Services, Software, Hardware), by End User (Healthcare Providers, Healthcare Payers), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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- In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.
- Impact Analysis 180+ Pages Research Report (Including latest research)
- Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
- Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using Vantage Market Research methodology.
(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)
List of Prominent Players in the Healthcare IT Market:
- Cerner (US)
- Optum (US)
- Change Healthcare (US)
- Cognizant (US)
- Philips Healthcare (Netherlands)
- Dell Technologies (US)
- Epic Systems (US)
- GE Healthcare (US)
- Allscripts (US)
- athenahealth (US)
- IBM (US)
- Oracle Corporation (US)
- eClinicalWorks (US)
- Infor (US)
- Conduent (US)
- Tata Consultancy Services (India)
- Conifer Health (US)
- Wipro Limited (India)
- Inovalon (US)
- Nuance (US)
- 3M (US)
- Carestream Health (US)
- Inter Systems (US)
- Practice Fusion (US)
- Orion Health (US)
- SAS Institute (US)
Market Dynamics:
Driver: Increasing Adoption of Big Data Analytics to Stimulate Market Growth
Big data analysis has changed the way one can manage, analyze, transform, and do data modelling across various industries. The most important area where big data analytics is making changes is healthcare industry. In healthcare data analytics, large scale data from the enormous healthcare industry is collected and transformed into actionable and valuable insights from costs, pharmaceuticals, clinical data, and patient behaviour which are considered to be the key areas of healthcare. The information gathered by healthcare analysis provides insights that would improve the performance of the industry, and also help in save lives of people. Furthermore, data analytics also provides real-time alerting in healthcare. The use of various softwares to analyze data on the spot helps health practitioners to make prescriptive decisions thus supporting the growth of the Healthcare IT Market.
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Driver: Growing mHealth and Remote Patient Monitoring Market to Fuel Market Growth
The implementation of mHealth in healthcare has also transformed the healthcare industry worldwide. This is owing to the increasing penetration of smartphones & internet connectivity along with supportive measures and initiative taken by government. Furthermore, rapid developments in mobile technologies and applications, a rise in new opportunities for the integration of mobile health into existing eHealth services, and the continued growth in coverage of mobile cellular networks. IoT technology is used for remote monitoring of patients, resulting in the potential to keep the patients healthy, and allowing doctors to deliver best care possible. The growing adoption of IoT technologies and solutions in healthcare sector is anticipated to augment the market growth over the forecast period. Major companies like SAP SE, IBM, and Cisco Systems Inc. are also integrating IoT technologies with healthcare to increase their throughput and further supplement their service offerings. As a result, the demand for IoT in healthcare for effective management, and remote monitoring of patients at healthcare organizations has increased. However, the high cost of deployment of Healthcare IT solutions for small and medium-sized hospitals in emerging economies may hamper the growth of the market. Moreover, the increase in shift towards patient-centric healthcare delivery to the consumers will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on "Healthcare IT Market by Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services), by Component (Services, Software, Hardware), by End User (Healthcare Providers, Healthcare Payers), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/healthcare-it-market-902396
The report on Healthcare IT Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global Healthcare IT Market
Asia Pacific is likely to witness fastest growth in the Healthcare IT Market during the forecast period. This is attributable to the increase in government initiatives for the digitalizing and automating and increasing spending on heath by the consumers due to rising disposable income in emerging economies of the region. Additionally, the growing implementation of IT programs and adoption of advance technologies are also expected to support the growth of the Healthcare IT Market in near future.
North America held significant market share in Global Healthcare IT Market and is likely to continue the same trend during the forecast period. This is attributable to the increase geriatric population and increase in prevalence of chronic diseases in the region. Furthermore, early adoption of new technologies like data analysis, IoT and AI in healthcare is also expected to support the regional growth of the market.
Recent Developments:
November, 2021: GE Healthcare announced the launch of computed tomography (CT) platform with built-in scalability and upgradability. The CT platform enables healthcare facilities to keep up with the latest technology while minimizing technology obsolescence, optimizing clinical capabilities, and standardizing workflows now and in the future.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare IT Market?
- How will the Healthcare IT Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare IT Market?
- What is the Healthcare IT market drivers and restrictions?
- What will be the CAGR and size of the Healthcare IT Market throughout the forecast period?
This market titled “Healthcare IT Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 323.83 Billion |
| Projected Market Size in 2028 | USD 1,075.06 Billion |
| CAGR Growth Rate | CAGR of 18.7% from 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Product & Services: - • Healthcare Provider Solutions, • Healthcare Payer Solutions, • HCIT Outsourcing Services Component: - • Services, • Software, • Hardware End User: - • Healthcare Providers, • Healthcare Payers |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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