Healthcare IT Market is Expected to Reach $974.5 Billion | MarketsandMarkets.

Chicago, Aug. 04, 2023 (GLOBE NEWSWIRE) -- In the near future, the Healthcare IT industry is poised to undergo a transformative evolution, revolutionizing the way healthcare services are delivered and managed. Powered by cutting-edge technologies like artificial intelligence, blockchain, and the Internet of Things, healthcare IT solutions will enable seamless data exchange, personalized treatments, and improved patient outcomes. Advanced electronic health record systems will streamline patient information, ensuring better coordination among healthcare providers and enhancing diagnostic accuracy. Telemedicine and remote monitoring will become commonplace, extending healthcare access to remote areas and reducing the burden on physical facilities. Moreover, the industry will prioritize cybersecurity to safeguard sensitive medical data and ensure patient privacy. With an increased focus on digital health, mobile health applications and wearable devices will empower individuals to proactively manage their well-being. Embracing this technological revolution, the Healthcare IT industry is set to shape a future where healthcare is not only more efficient but also more patient-centric and inclusive.

Healthcare IT market in terms of revenue was estimated to be worth $394.6 Billion in 2022 and is poised to reach $974.5 Billion by 2027, growing at a CAGR of 19.8% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The factors driving market growth include the rising government initiatives for the adoption of HCIT solutions, the high returns on investments associated with healthcare IT solutions, and shift towards patient-centric healthcare delivery. However, the interoperability issues, and security concerns are challenging the market growth during the forecast period.

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Healthcare IT Market Scope:

Report Coverage Details
Market Revenue in 2022 $394.6 Billion
Estimated Value by 2027 $974.5 Billion
Growth Rate Poised to grow at a CAGR of 19.8%
Market Size Available for 2020–2027
Forecast Period 2022–2027
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product & Services, Component, End user, and region.
Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Rising use of healthcare IT solutions in outpatient care facilities
Key Market Drivers Growing adoption of e-prescribing, telehealth, mHealth, and other HCIT solutions due to COVID-19

Healthcare IT market major players covered in the report, such as:

  • Optum Inc. (US)
  • Cerner Corporation (US)
  • Cognizant (US)
  • Change Healthcare (US)
  • Koninklijke Philips (Netherlands)
  • Epic Systems Corporation (US)
  • Dell Technologies Inc. (US)
  • Allscripts Healthcare Solutions Inc. (US)
  • athenahealth (US)
  • GE Healthcare (US)
  • Oracle Corporation (US)
  • Wipro Limited (India)
  • IBM (US)
  • eClinicalWorks (US)
  • Infor (US)
  • Conduent (US)
  • Conifer Health Solutions LLC (US)
  • Nuance Communications Inc. (US)
  • 3M (US)
  • SAS Institute Inc. (US)
  • Carestream Health (US)
  • Inovalon (US)
  • Practice Fusion Inc. (US)
  • Intersystems Corporation (US)
  • Tata Consultancy Services (India)
  • and Among Others

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The study categorizes the healthcare IT market based on product & services, components, end user at regional and global level.
Healthcare IT Market, By Product & Service                                       

  • Healthcare Provider Solutions
  • Clinical Solutions
  • EHR
  • Population Health Management Solutions
  • Specialty Information Management Solutions
  • PACS & VNA
  • Mobile Health Applications
  • HCIT Integration Systems
  • Telehealth Solutions
  • Medical Image Analysis Systems
  • Laboratory Information Systems
  • Practice Management Systems
  • Clinical Decision Support Systems
  • ePrescribing Solutions
  • Radiology Information Systems
  • Computerized Physician Order Entry Systems
  • Cardiovascular Information Systems
  • Patient Registry Software
  • Infection Surveillance Solutions
  • Radiation Dose Management Solutions 
  • Non-Clinical Healthcare IT Solutions
  • Healthcare Asset Management Solutions
  • Revenue Cycle Management Solutions
  • Front-End RCM Solutions
  • Mid-RCM Solutions
  • Back-End RCM
  • Healthcare Analytics
  • Clinical Analytics
  • Financial Analytics
  • Operational and Administrative Analytics
  • Customer Relationship Management Solutions
  • Pharmacy Information Systems
  • Healthcare Interoperability Solutions
  • Healthcare Quality Management Solutions
  • Supply Chain Management Solutions
  • Procurement Management Solutions
  • Inventory Management Solutions
  • Medication Management Systems
  • Electronic Medication Administration Systems
  • Barcode Medication Administration Systems
  • Medication Inventory Management Systems
  • Medication Assurance Systems
  • Workforce Management Solutions
  • Financial Management Systems (Billing & Accounting)
  • Healthcare Information Exchanges
  • Medical Document Management Solutions         
  • Healthcare Payer Solutions
  • Claims Management Solutions
  • Population Health Management Solutions
  • Pharmacy Audit and Analysis Solutions
  • Payment Management Solutions
  • Customer Relationship Management Solutions
  • Member Eligibility Management Solutions
  • Fraud Analytics Solutions
  • Provider Network Management Solutions
  • HCIT Outsourcing Services
  • IT Infrastructure Management Services
  • Payer HCIT Outsourcing Services
  • Claims Management Services
  • Provider Network Management Services
  • Billing and Accounts Management Services
  • Fraud Analytics Services
  • Other Payer HCIT Outsourcing Services
  • Provider HCIT Outsourcing Services
  • Revenue Cycle Management Services
  • Medical Documents Management Services
  • Laboratory Information Management Services
  • Other Provider HCIT Outsourcing Services
  • Operational HCIT Outsourcing Services
  • Supply Chain Management Services
  • Business Process Management Services
  • Other Operational IT Outsourcing Services

Healthcare IT Market, By Component

  • Software
  • Services
  • Hardware

Healthcare IT Market, By End User

  • Healthcare Providers
  • Hospitals
  • Ambulatory Care Centers (Outpatient Settings)
  • Home Healthcare Agencies & Assisted Living Facilities
  • Diagnostic & Imaging Centers
  • Pharmacies
  • Healthcare Payers
  • Private Payers
  • Public Payers

Global Healthcare IT Market, by region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • RoE
  • Asia Pacific
    • Japan
    • China
    • India
    • RoAPAC
  • Latin America
  • Middle East & Africa

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The key stakeholders in the Healthcare IT market include:

  • Healthcare Providers: These are the primary users of Healthcare IT solutions, including hospitals, clinics, nursing homes, and other healthcare facilities. They utilize IT systems for electronic health records (EHR), patient management, billing, and administrative tasks.
  • Healthcare Payers: Insurance companies and government healthcare agencies are significant stakeholders in the Healthcare IT market. They use IT systems to manage claims processing, enrollment, and eligibility verification, as well as data analytics for risk assessment and cost management.
  • Healthcare IT Companies: This category includes software and hardware vendors that develop and provide Healthcare IT solutions. They create electronic health record software, telemedicine platforms, healthcare analytics tools, and other technologies to meet the industry's needs.
  • Patients: Patients are essential stakeholders in the Healthcare IT market as they increasingly engage with digital health applications, patient portals, and wearable devices to manage their health, schedule appointments, access medical records, and communicate with healthcare providers.
  • Regulators and Government Agencies: Regulatory bodies play a critical role in shaping the Healthcare IT market by setting standards for data privacy, security, and interoperability. They ensure compliance with healthcare laws and regulations and promote the adoption of health IT systems.
  • Healthcare Professionals: Physicians, nurses, pharmacists, and other healthcare professionals are stakeholders who rely on Healthcare IT solutions for clinical decision support, medication management, and efficient communication with colleagues and patients.
  • Health Information Exchanges (HIEs): These organizations facilitate the secure exchange of health information among various healthcare providers, improving care coordination and patient data accessibility.
  • Research and Academic Institutions: These stakeholders contribute to the Healthcare IT market by conducting research, developing innovative technologies, and training future healthcare IT professionals.
  • Patients' Advocacy Groups: Advocacy organizations play a role in shaping Healthcare IT policies and ensuring that patients' interests are considered in the development and implementation of health IT systems.
  • Healthcare Consultants and Integrators: These firms provide expertise in implementing and optimizing Healthcare IT solutions for healthcare organizations, assisting with system integration and data management.

The collaboration and engagement of these key stakeholders will continue to shape the future of the Healthcare IT market, driving innovation and improving the overall healthcare landscape.

Recent Developments:

  • In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
  • In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth’s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR’s patient portal.
  • In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

Frequently Asked Questions (FAQs) of Healthcare IT Market:

Which are the top industry players in the global healthcare IT market?
Ans. The top market players in the global healthcare IT market include Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India).

Which products & services have been included in the healthcare IT market report?
Ans. This report contains the following healthcare IT products & services:

  • Healthcare provider solutions
  • Healthcare payer solutions
  • Healthcare outsourcing services

Which geographical region is dominating in the global healthcare IT market?
Ans. The global healthcare IT market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the largest share and APAC registers the highest growth during the forecast period.

Which end user segments have been included in the healthcare IT market report?
Ans. The report contains the following end user segments:

  • Healthcare Providers
  • Healthcare Payers

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Report Objectives:

  • To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze opportunities in the market for stakeholders and provide details of
  • the competitive landscape for market leaders
  • To forecast the size of the HCIT market with respect to five geographic regions-North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa
  • To profile key players and comprehensively analyze their core competencies2 and market shares
  • To track and analyze competitive developments such as agreements, partnerships, collaborations, acquisitions, product/technology/service launches, and R&D activities of leading players

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