Healthcare IT Market Size Worth USD 2,94,973 Million by 2030 at 13.20% CAGR – Report by Market Research Future (MRFR)

Healthcare IT Market Trends and Insights By Products and Services (Healthcare Provider Solutions, Healthcare Payer Solutions) Component (Services, Software) End-User (Healthcare Providers, Healthcare Payers, Research Centers), Competitive Market Size, Share and Forecast to 2030

New York, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Healthcare IT Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare IT Market Information By Products and Services, Components, End-User, and Region - Forecast till 2030", the market is projected to reach USD 294,973 Million by 2030 at 13.20% CAGR during the forecast period 2022-2030.

Market Synopsis

The development, construction, and upkeep of data systems in hospitals, clinics, and other healthcare institutions are the focus of healthcare information technology, also referred to as healthcare IT. Health professionals may now access patient health reports from several sources thanks to healthcare information technology, which also lowers the chance that medical records will be lost. With the help of current healthcare IT industry trends, human errors can be decreased, clinical results can be enhanced, greater care collaboration can be facilitated, healthcare practice savings can be increased, and data can be properly tracked. Information technology (IT) has evolved into an essential component of the healthcare industry due to the recent integration of modern technologies in healthcare.

The growing government assistance for enhancing the medical and healthcare industries is anticipated to foster a market outlook. Several public organizations from all over the world are working to integrate healthcare IT technologies, such as electronic health records, telemedicine, and mHealth, among others, throughout healthcare institutions on a national scale. This is expected to boost market revenue. The increased prevalence of chronic diseases worldwide also significantly impacts the development of the market under study. Healthcare IT solutions reduce the possibility of lost medical records and facilitate worldwide remote patient health report access.

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Report Scope:

Report AttributeDetails
Market Size in 2030USD 2,94,973 Million
Base Year2021
Forecast Period2022-2030
Historical Data2020
Forecast UnitsValue (USD Million)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Products and Services, Component and End-user
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversThe increased demand for real-time data processing of patient records
Rapidly changing lifestyle and high R&D expenditure

Healthcare IT Market Competitive Landscape:

The important contenders in the healthcare IT market are:

  • NextGen Healthcare, Inc. (U.S.)
  • EClinicalworks (U.S)
  • Allscripts Healthcare Solutions, Inc. (U.S.)
  • Optum Health (U.S.)
  • 3M Company (U.S.)
  • GE Healthcare (U.S)
  • Cerner Corporation (U.S)
  • Koninklijke Philips N.V. (The Netherlands)
  • Conifer Health Solutions, LLC. (U.S)
  • McKesson Corporation (U.S)
  • International Business Machine Corporation (IBM) (U.S)

Healthcare IT Market Dynamics:

Market Drivers:

The market is expanding due to factors such as digitization in healthcare, the increased need for preventative care solutions, the creation of numerous entrepreneurial initiatives, and expanding collaborations & funding. Additionally, rising healthcare IT spending, changes, and improvements in network access and network infrastructure are propelling the market's expansion. With an expanding IT infrastructure, key participants are concentrating on creative product development tactics and making ongoing technological breakthroughs. Big data, artificial intelligence (AI), the Internet of Things (IoT), and machine learning (ML) algorithms are being integrated by market participants into their current solutions to improve health & medical procedures, which is driving the industry's expansion.

To gain a deeper understanding of healthcare data technologies and their effects on health communication, the internet and the digitalization of healthcare procedures have become crucial. Additionally, advantages, including simplicity of use and cost savings on labor, space, and time contribute to hospitals' strong adoption of healthcare IT. The market is expanding due to the industry participants' ongoing improvement of the solutions they offer consumers. The rising prevalence of chronic diseases, rising health and medical costs, and rising demand for home health care services like remote patient monitoring are all expected to encourage IT services and drive market expansion.

Market Restraints:

A significant market limitation is the growing worries about the security and privacy of sensitive patient data. The global rise in cyberattack instances is impeding the expansion of the healthcare IT industry.

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COVID 19 Analysis

The COVID-19 pandemic led to slight development in the healthcare IT sector. Digital healthcare has seen a rise inside the healthcare system due to the global lockdown, as well as people's unwillingness to visit hospitals and clinics out of fear of contracting the SARS-CoV2 virus and limits on travel and hospital stay for nonelective and non-urgent operations. During the current pandemic, teleconsultation usage has increased in place of face-to-face medical consultations, which has enhanced the market under study. Additionally, there is a huge need for the upkeep and storage of big data about medical reports, patient information, financial analytics, and several other things, given the rising population of COVID-19 patients globally. A rise in government mandates and support for healthcare IT solutions, as well as an increase in the adoption rate of mHealth, telehealth, e-prescribing, and other HCIT solutions as a result of COVID-19, are also projected to fuel the development of the healthcare information technology (IT) market.

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Healthcare IT Market Segmentation

The market includes healthcare providers and payer solutions by products and services.

By end-user, the market includes healthcare providers, healthcare payers, and research centers.

By component, the market includes services and software.

Healthcare IT Market Regional Insights

The developed region of North America now dominates the healthcare IT market and is anticipated to remain so for a few more years. The market is expanding due to rising smartphone adoption, better internet access, rising healthcare IT spending, infrastructure improvements, rising levels of digital literacy, and the presence of major companies. The North American healthcare market is expanding due to the industry's quick adoption and implementation of its services to enhance patient care while bringing down medical expenses. An increase in the number of care institutions, colleges, sophisticated research centers, and other facilities is boosting the need for and use of these cutting-edge solutions.

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The market has benefited from favorable investment plans from government organizations to improve healthcare services and modernize healthcare infrastructure, particularly in growing nations like India, South Korea, and Singapore. However, due to the continual expansion of health centers in advanced markets and the rise in healthcare spending, MEA is predicted to experience the quickest growth rate over the next years. Particularly Saudi Arabia and the United Arab Emirates have seen notable expansion and considerable changes in their healthcare infrastructure.

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