Healthcare IT Market Share, Size, Trends, Industry Analysis Report, By Products & Services; By Components (Hardware, Software, Services); By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM1528
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global healthcare it market was valued at USD 380076.6 million in 2023 and is expected to grow at a CAGR of 21.57% during the forecast period. The global healthcare IT market is predicted to experience growth due to various factors such as increasing demand for telehealth and remote monitoring, as well as advancements in network connectivity. To support the healthcare industry, medical care information technology is being adopted for designing, building, implementing, and supporting various IT technologies.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces Healthcare It Market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
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Over the past few years, the healthcare industry has shifted towards a value-based treatment approach, which focuses on improving treatment quality through patient engagement, meeting regulatory standards, and providing personalized customer service. As a result, it is essential to consider data collection, risk management, and clinical services while striving to establish interoperability across healthcare providers.
The innovation and advancement in network connectivity and increasing availability of high-speed internet, mobile devices, and other digital tools has made it easier to connect healthcare providers and patients, enabling the delivery of healthcare services from anywhere.
Furthermore, data collection and analytics are also becoming more important in the healthcare IT market. With the increasing amount of healthcare data being generated, healthcare providers are looking for ways to use this data to improve patient outcomes, reduce costs, and increase efficiency. Healthcare IT solutions such as data analytics platforms, artificial intelligence (AI), and machine learning tools are used to analyze large amounts of data and provide insights to support clinical decision-making.
The COVID-19 pandemic has greatly impacted the market, emphasizing the importance of digital technologies in healthcare, particularly for remote patient monitoring, telemedicine, and virtual care. Healthcare providers have increasingly turned to telehealth and remote monitoring solutions to provide care remotely and reduce the risk of virus transmission. This has increased investment in healthcare IT solutions, particularly telehealth and remote monitoring technologies. Despite some challenges, such as concerns about data privacy and interoperability between different healthcare IT systems, the pandemic has accelerated the adoption of healthcare IT solutions, highlighting their importance in improving patient care and outcomes. As a result, the healthcare IT market is expected to grow.
Industry Dynamics
Growth Drivers
The healthcare industry is experiencing a surge in demand for digital healthcare solutions, including electronic health records (EHRs), telemedicine, and mobile health applications. These solutions allow healthcare providers to provide better patient care and improve operational efficiency, increasing adoption.
Healthcare IT solutions are increasingly being viewed as a way to contain healthcare costs. Healthcare costs have been increasing rapidly, but healthcare providers can save costs by automating processes, reducing errors, and improving productivity. This has resulted in greater demand for healthcare IT solutions.
With the aging population, there is an increased demand for healthcare services. Healthcare IT solutions can help meet this demand by improving efficiency, reducing wait times, and enabling remote monitoring and care. Governments worldwide are encouraging the adoption of healthcare IT solutions through initiatives and regulations such as the Health Information Technology for Economic and Clinical Health (HITECH) Act in the United States. Advancements in technology, such as AI, big data analytics, and cloud computing, are enabling the development of more sophisticated healthcare IT solutions to help providers improve patient outcomes, reduce costs, and increase efficiency.
Report Segmentation
The market is primarily segmented based on product & services, components, end-use, and region.
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By Product & Services |
By Components |
By End-Use |
By Region |
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Provider solutions segment holds the largest market share in 2022
Provider solution segment is accounted to hold largest shares of the market and will continue its significant growth over the forecast period. Healthcare IT provider solutions are software and services that aid healthcare providers, such as hospitals, clinics, and physician practices, in improving patient care quality and efficiency. Analytics and business intelligence tools enable data-driven decision-making by providing insights into clinical and financial performance through predictive analytics, benchmarking, and data visualization.
Telemedicine solutions allow healthcare providers to diagnose and treat patients remotely using video conferencing and other technologies. This solution is particularly beneficial in rural areas or during pandemics when physical access to healthcare is restricted.
Services segment hold largest revenue share in 2022
The services segment holds the largest revenue share and will continue its dominance over the forecast period in the market due to providing implementation and integration, training and education, consulting, support and maintenance, and data analytics and business intelligence services. These services enable healthcare providers to install and configure healthcare IT systems, equip them with the necessary skills and knowledge to use them effectively, offer strategic guidance, provide continuous technical support and system maintenance, and provide insights into patient populations, clinical outcomes, and operational performance, facilitating data-driven decision-making.
The software segment is anticipated to hold the highest CAGR growth during the forecast period. Electronic Health Record (EHR) systems serve as digital versions of patient medical records, storing essential information such as medical history, diagnosis, allergies, medications, and other clinical data that enable healthcare providers to make informed decisions. Practice management software supports healthcare providers in managing administrative tasks like patient registration, appointment scheduling, billing, and claims processing. Patient engagement software helps patients manage their healthcare by providing educational resources, tracking tools, and reminders to communicate effectively with healthcare providers.
Hospitals segment dominated the global market in 2022
The hospitals segment dominated the market in 2022 and will likely continue its dominance over the projected period. Hospitals are large healthcare facilities that provide emergency, inpatient, and outpatient care. Within this segment, hospitals use revenue cycle management solutions to manage the financial aspects of healthcare, such as billing, claims processing, and revenue optimization. These solutions can improve revenue capture and reduce administrative costs.
Hospitals also use population health management solutions to manage the health of patient populations, including identifying high-risk patients, providing preventive care, and driving chronic conditions. These solutions help hospitals improve patient outcomes, reduce costs, and enhance the overall quality of care. Additionally, hospitals use electronic health record (EHR) systems to store and access patient medical records, providing healthcare providers with comprehensive patient information to support clinical decision-making. Finally, hospitals use telemedicine solutions to provide remote access to healthcare services, such as diagnosis and treatment, to patients who may be located in remote areas or unable to visit the hospital in person.
North America dominated the global market in 2022
North America dominated the global market in 2022 and is predicted to continue leading due to major regional players and the early adoption of innovative technology trends. The increasing drug discovery procedures and various research projects in countries such as the U.S. and Canada are also expected to grow the market. The healthcare sector in the U.S. is rapidly adopting advanced services to improve patient care while reducing medical costs, which is expected to further increase the demand for healthcare IT solutions in the forecast period.
Competitive Insight
Some of the major players operating in the global healthcare it market include Wipro Limited, Cognizant, Orion Health, SAS Institute Inc, GE Healthcare, Oracle Corporation, Tata Consultancy Services Limited, McKesson Corporation, HEWLETT PACKARD ENTERPRISE COMPANY, InterSystems Corporation, eClinicalWorks, Carestream Health, Koninklijke Philips N.V, Novarad, NUANCE, Afga Gevaert Group, Veradigm LLC, Athenahealth, Inc., Conifer Health Solutions, LLC, Dell Technologies, IBM Corporation, and 3M.
Recent Developments
- In April 2023, Philips partnered with Northwell Health to help the health system standardize patient monitoring, enhance patient care and improve patient outcomes while driving interoperability and data innovation.
- In March 2023, GE HealthCare has made an agreement with Advantus Health Partners to broadening the reach of healthcare technology management services.
- In March 2023, Orion Health is expanded its presence in North America by introducing Amadeus Unified Healthcare Platform marks a departure from conventional, fragmented healthcare systems, as it prioritizes the needs of patients by offering digital health solutions.
Healthcare IT Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 433135.38 million |
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Revenue forecast in 2032 |
USD 2,149,370.0 million |
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CAGR |
21.57% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Products & Services, By Components, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Wipro Limited, Cognizant, Orion Health, SAS Institute Inc, GE Healthcare, Oracle Corporation, Tata Consultancy Services Limited, McKesson Corporation, HEWLETT PACKARD ENTERPRISE COMPANY, InterSystems Corporation, eClinicalWorks, Carestream Health, Koninklijke Philips N.V, Novarad, NUANCE, Afga Gevaert Group, Veradigm LLC, Athenahealth, Inc., Conifer Health Solutions, LLC, Dell Technologies, IBM Corporation, and 3M. |
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FAQ's
The global Healthcare IT market size is expected to reach USD 2,149,370.0 million by 2032.
Key players in the healthcare it market are Wipro Limited, Cognizant, Orion Health, SAS Institute Inc, GE Healthcare, Oracle Corporation, Tata Consultancy Services Limited, McKesson Corporation.
North America contribute notably towards the global healthcare it market.
The global healthcare it market expected to grow at a CAGR of 21.2% during the forecast period.
The healthcare it market report covering key segments are product & services, components, end-use, and region.
