Report Scope & Overview:
The Healthcare Information Technology Market Size was valued at USD 177.02 billion in 2022, and is expected to reach USD 1400 billion by 2030, and grow at a CAGR of 29.5% over the forecast period 2023-2030.
The creation, management, and implementation of information systems in healthcare institutions are all covered under healthcare information technology (IT). The use of healthcare information technology decreases the need for human intervention, lowering the risk of human mistake.
Healthcare IT, also known as healthcare technology, is a branch of information technology focused on the development, design, creation, and maintenance of information systems in hospitals, clinics and other health settings. Healthcare IT offers many benefits and opportunities to improve and transform health care, such as improving clinical outcomes, reducing human error, improving practice efficiency, promoting care relationships, and tracking data over time. Expanded interest for telehealth and mHealth answers for countless cell phone clients, the reception of HCIT administrations connected with cloud innovation, the execution of different medical services changes, for example, the Patient Protection Act and the Affordable Care Act (PPAA), and fast populace development. The elderly and the subsequent increase in the number of chronic diseases all drive the growth of the IT healthcare market worldwide.
To get more information on Healthcare Information Technology Market - Request Sample Report
Mandates from the government and support for healthcare IT solutions
The increasing use of big data
Healthcare IT solutions provide high returns on investment.
The need to control rising medical services costs
Growing markets for mHealth, remote, and telehealth patient monitoring
Developing-country IT infrastructure constraints
The high cost of deploying HCIT solutions in developing countries
Traditional healthcare providers' opposition
Outpatient care facilities are increasingly utilizing healthcare IT solutions.
EHR solutions in the cloud
Transition to patient-centered healthcare delivery
Concerns about safety
Concerns about interoperability
IMPACT OF COVID-19
Due to the outbreak of COVID-19, treatments of all sizes are under extreme pressure, and health facilities around the world are frustrated with the large number of patients who visit them daily. The prevalence of coronavirus has increased the need for more accurate diagnoses and treatment equipment in many countries around the world. In this regard, integrated care technology has proven to be very useful, as it enables healthcare providers to monitor patients using rarely digitally connected devices such as home blood pressure monitors and pulse oximeters.
Healthcare provider solutions, healthcare provider solutions, and HCIT rollout services cover the global IT health market. Solutions for clinical and non-clinical health care providers are divided into two categories. Pharmacy analysis and audit solution, litigation management solution, fraud management solution, computer-assisted coding systems, payment management, healthcare provider network management solution, membership eligibility management solution, customer relationship management solution, partial management solution and other document management solutions. and the market for HCIT outsourcing services is divided into four categories: HCIT provider services, supplier HCIT withdrawal services, active HCIT extraction services, and IT infrastructure management services.
Due to the increased adoption of electronic health records (EHR) and other hospital information systems by healthcare providers, healthcare provider solutions are expected to be the fastest growing segment during the analysis period. The market is supposed to become essentially because of expanded interest for excellent medical care administrations and arrangements, expanded acknowledgment of mHealth and telehealth rehearses, expanded interest for worked on persistent wellbeing and care, expanded government drives to advance HCIT, and expanded reception of cloud innovation in medical services.
By End User
The healthcare IT market is divided into two categories: healthcare providers and healthcare payers. The healthcare sector is also divided into hospitals, patient care centers, diagnostic and photographic centers, pharmacies, and more. Half of the healthcare taxpayers are also divided into private and public payers. The share of healthcare providers is expected to grow rapidly during the analysis period. Healthcare payers are expected to grow at a tremendous rate. Hospitals are a major part of the IT healthcare IT market.
This is because hospitals are looking for a variety of HCIT solutions to help them manage the growing burden of managing patient information. The rising prevalence of chronic diseases has created opportunities for the global healthcare IT market to expand.
KEY MARKET SEGMENTS:
HCIT Outsourcing Services
Payer HCIT Outsourcing Services
Operational HCIT Outsourcing Services
IT Infrastructure Management Services
By End User
Need any customization research on Healthcare Information Technology Market - Enquiry Now
The three primary countries of Asia-Pacific addressed in the research are India, Japan, China, and the Rest of Asia-Pacific.
From 2022 to 2028, North America is predicted to have the fastest growth rate. Asia-Pacific now leads the global healthcare IT market and is likely to continue to do so during the forecast period. This is owing to booming economies and government initiatives to digitalize and automate the tasks of various healthcare institutions, such as hospitals, pharmacies, nursing homes, and other health-care-related businesses.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Some of the major key players of Healthcare Information Technology Market are as follows: Philips Healthcare, Carestream Health, Agfa Healthcare, eClinical works, Hewlett-Packard Enterprise, E-MDS, Inc., GE Healthcare, McKesson Corporation, Athenahealth, Inc., Orion Health and Other Players
|Market Size in 2022||US$ 177.02 Billion|
|Market Size by 2030||US$ 1400 Billion|
|CAGR||CAGR of 29.5% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product (Non-clinical Solutions, HCIT Outsourcing Services, Payer HCIT Outsourcing Services, Operational HCIT Outsourcing Services, IT Infrastructure Management Services)
• By End User (Healthcare Providers, Healthcare Payers)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Philips Healthcare, Carestream Health, Agfa Healthcare, eClinical works, Hewlett-Packard Enterprise, E-MDS, Inc., GE Healthcare, McKesson Corporation, Athenahealth, Inc., Orion Health.|
|DRIVERS||• Mandates from the government and support for healthcare IT solutions
• The increasing use of big data
• Healthcare IT solutions provide high returns on investment.
|RESTRAINTS||• Developing-country IT infrastructure constraints
• The high cost of deploying HCIT solutions in developing countries
• Traditional healthcare providers' opposition
Ans: The Healthcare IT Market size was valued at US$ 177.02 Bn in 2022.
Ans: The Healthcare IT market is to grow at a CAGR of 29.5% over the forecast period 2023-2030.
Key drivers of the Healthcare Information Technology Market is EHR solutions are healthcare IT solutions provide high returns on investment, and the need to control rising medical services costs
Healthcare Providers, and Healthcare Payers are the sub segments of Healthcare Information Technology market.
North America is predicted to have the fastest growth rate. Asia-Pacific now leads the global healthcare IT market and is likely to continue to do so during the forecast period.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Healthcare Information Technology Market Segmentation, By Product
8.1 Non-clinical Solutions
8.2 HCIT Outsourcing Services
8.3 Payer HCIT Outsourcing Services
8.4 Operational HCIT Outsourcing Services
8.5 IT Infrastructure Management Services
9. Healthcare Information Technology Market Segmentation, By End User
9.1 Healthcare Providers
9.2 Healthcare Payers
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Philips Healthcare
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Carestream Health
11.3 Agfa Healthcare
11.4 eClinical works
11.5 Hewlett-Packard Enterprise
11.6 E-MDS, Inc.
11.7 GE Healthcare
11.8 McKesson Corporation
11.9 Athenahealth, Inc.
11.10 Orion Health.
12. Competitive Landscape
12.1 Competitive Benchmark
12.2 Market Share Analysis
12.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
In 2022, The Compression Therapy Market size amounted to USD 3.54 Billion & is estimated to reach USD 5.31 Billion by 2030 and increase at a compound annual growth rate of 5.2% between 2023 and 2030.
Drug Delivery Systems Market was valued at USD 39.13 Billion in 2022 and is expected to reach USD 79.12 Billion By 2030 and grow at a CAGR of 9.2% over the forecast period of 2023-2030.
The Real World Evidence/RWE Solutions Market Size was projected at USD 43.22 billion in 2022, and is expected to increase at a CAGR of 7.8% from 2023 to 2030, reaching USD 78.83 billion by 2030.
The 3D Ultrasound Market was estimated at USD 3.65 billion in 2022 and is poised to reach USD 6.17 billion in 2030 anticipated to expand at a compound annual growth rate of approx. CAGR of 6.8% for the forecast period of 2023-2030.
The Healthcare Business Intelligence (BI) Market Size was valued at USD 7.27 billion in 2022, and is expected to reach USD 20.32 billion by 2030, and grow at a CAGR of 13.7% over the forecast period 2023-2030.
The Heart Failure POC & LOC Devices Market Size was valued at USD 83.84 million in 2022, and is expected to reach USD 286.42 million by 2030 and grow at a CAGR of 16.6% over the forecast period 2023-2030.
Hi! Click one of our member below to chat on Phone