The Healthcare Information Technology Market Size was valued at USD 229.43 billion in 2023, and is expected to reach USD 1827.12 billion by 2031 and grow at a CAGR of 29.61% over the forecast period 2024-2031.
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.
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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.]
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.
The need to control rising medical services costs
Growing markets for mHealth, remote, and telehealth patient monitoring
RESTRAINTS
Developing-country IT infrastructure constraints
The high cost of deploying HCIT solutions in developing countries
Traditional healthcare providers' opposition
OPPORTUNITIES
Outpatient care facilities are increasingly utilizing healthcare IT solutions.
EHR solutions in the cloud
Transition to patient-centered healthcare delivery
CHALLENGES
Concerns about safety
Concerns about interoperability
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.
By Product
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.
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
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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.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The 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
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.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 229.43 Billion |
| Market Size by 2031 | US$ 1827.12 Billion |
| CAGR | CAGR of 29.61% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 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
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Philips Healthcare
11.1.1 Financial
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
13. Conclusion
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