healthcare it market

Healthcare IT Market Share, Size, Trends, Industry Analysis Report, By Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, Healthcare IT Outsourcing Services); By Component (Hardware, Software, Service), by End User; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 119
  • Format: PDF
  • Report ID: PM1528
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global healthcare IT market was valued at USD 318.42 Billion in 2021 and is expected to grow at a CAGR of 21.6% during the forecast period. Increasing demand for telehealth, remote monitoring along with innovation and advancement in network connectivity are some factors expected to drive the global healthcare IT market during the forecast period.

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Adoption of medical care information technology is designing, constructing, implementing, and supporting numerous IT technologies for the medical care business. The market has steadily transitioned toward a value-based treatment paradigm over the past few years. This approach is primarily concerned with increasing treatment quality through patient participation, satisfying legislative standards, and providing tailored consumer service. Likewise, data collection, risk, and clinical services must be examined while attempting to develop interoperability across medical care providers.

The COVID-19 pandemic has drastically increased the global demand for medical facilities. The increasing frequency of coronavirus illness has increased the need for reliable detection and treatment devices in several nations worldwide, which has increased the adoption of IT solutions in the medical care market. Furthermore, to reduce the need for patients to visit treatment centers directly, medical care professionals and patients quickly implemented telehealth and telemedicine technologies which have benefited market growth.

Industry Dynamics

Growth Drivers
IT has the potential to reshape the medical sector into an evidence-based exercise that allows for improved analysis tools and data integration for better results through the computer-controlled interpretation of novel observations, optimized treatment procedures through the invention of customized suggestions that combine targeted therapies focused on personal attributes, and improve overall healthcare market globally.

Market participants are incorporating the Internet of Things, big data, machine learning, and artificial intelligence technologies into their preexisting infrastructure to improve health and medical procedures in order to improve medical diagnosis, which is expected to increase the demand for IT in medical market.

The implementation of healthcare IT to address possible challenges related to the appropriate administration of large amounts of patient information presents a prospective development opportunity for the market. Furthermore, increasing government measures to implement IT technologies and boost the medical business are anticipated to propel the healthcare IT market over the forecast period.

Report Segmentation

The market is primarily segmented based on product & service, component, end-user and region.

By Products & Services

By Components

By End-User

By Region

  • Provider Solutions (Clinical Solutions, Non-Clinical Solutions)
  • Payer Solutions
    • Patient Administration System (PAS)
    • Facility Management services (FMS)
    • Member Eligibility Management Solutions (MEMS)
    • Billing accounts and Management Solutions (BAMS)
    • Customer Relationship Management solution (CRMS)
    • Population Health Management Solutions (PHMS)
    • Claim Management Solutions (CMS)
    • Network Management Systems (NMS)
    • Others
  • Healthcare IT Outsourcing Services
    • Payers IT
    • Provider
    • Operation
    • IT Infrastructure Management Services
  • Hardware
  • Software
  • Service     
  • Payer
  • Public Payers
  • Private Payers
  • Providers
  • Ambulatory Care Centers
  • Hospitals
  • Diagnostics and Imaging Centers
  • Pharmacies
  • Others

·          

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  •  Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by End-Use

The provider solutions end-use segment is expected to dominate the market over the forecast period. The requirement to manage rising medical expenditures and enhance the effectiveness of healthcare offerings by decreasing medical failures is likely to contribute to the segment growth. Moreover, rapid adoption and implementation of innovative technologies in order to provide better facilities are also expected to increase segment growth.

Geographic Overview

North America dominated the global healthcare IT market in 2021 and is anticipated to maintain its dominance throughout the projected period due to the presence of giant players coupled with the early adoption of innovative technology trends. Furthermore, increasing drug discovery procedures and a rising study of different projects in countries such as the U.S. and Canada is expected to contribute to the increasing trend. Moreover, the American healthcare sector is fast embracing and using advanced services to enhance the patient's medical care experience while substantially lowering medical costs is expected to increase the market demand over the forecast period.

The market in Asia Pacific is expected to grow at the fastest pace throughout the forecast period due to rising investment by public and private entities in medical care infrastructure along with increasing awareness regarding medical tourism. Furthermore, raising awareness regarding the benefits of implementing IT in medical care, including digital health information, improves the uniformity and universality of clinical information.

Competitive Insight

Major market players operating in the global market include 3M, Afga Gevaert Group, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Carestream Health, Cognizant, Conifer Health, Dell Technologies, eClinicalworks, GE Healthcare, Hewlett-Packard Enterprise, IBM, Inter Systems, Mckesson Corporation, Novarad Corporation, Nuance, Oracle Corporation, Orion Health, Philips Healthcare., SAS Institute, Tata Consultancy Services, and Wipro Limited.

These players indulge in marketing strategies such as partnerships & collaborations and mergers & acquisitions in order to gain a competitive edge. Further, these players do innovative product launches and up-gradation to acquire more customers and enlarge their footprint worldwide. For instance, in May 2021, Bassett Healthcare Network and Optum established a strategic partnership to improve Bassett's clinical and administrative efficiency while advancing the offering of high, accessible, and economical medical care to patients throughout Central New York.

Healthcare IT Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 318.42 Billion

Revenue forecast in 2030

USD 1,636.52 Billion

CAGR

21.6% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Segments covered

By Product & Service, By Component, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

3M, Afga Gevaert Group, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Carestream Health, Cognizant, Conifer Health, Dell Technologies, eClinicalworks, GE Healthcare, Hewlett-Packard Enterprise, IBM, Inter Systems, Mckesson Corporation, Novarad Corporation, Nuance, Oracle Corporation, Orion Health, Philips Healthcare., SAS Institute, Tata Consultancy Services, and Wipro Limited.

 

Key Take-Away
Polaris Market Research
Healthcare IT Market Size Report, 2022 - 2030