Global Healthcare IT Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services), By Application (EHR, CPOE, EHR, CPOE, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Tele-healthcare & Others), and by Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Healthcare IT Market was valued at US$ 328.2 billion in 2021 and is projected to reach US$ 822.5 billion by 2030, at a CAGR of 21.7%. Hospitals, clinics, and other healthcare facilities use information systems that are developed, designed, created, and maintained by healthcare IT, also known as healthcare information technology.
Healthcare IT has several benefits and prospects for enhancing and altering healthcare, including bettering clinical results, lowering human error rates, increasing practice efficiency, simplifying care coordination, and collecting data over time.
The adoption of cloud technology-related HCIT services, the implementation of various healthcare reforms like the Patient Protection and Affordable Care Act (PPACA), the rapid aging of the population, and the subsequent rise in the number of chronic diseases are some of the main factors driving the growth of the healthcare IT market.
It is projected that the COVID-19 pandemic, an unprecedented worldwide public health threat, will have a favorable effect on the healthcare IT sector for vaccine and antiviral medicine R&D. The global increase of COVID-19 cases is the main factor driving the market for healthcare information technology. Accurate patient information, linked patient records, interoperability, and cybersecurity continue to remain at the forefront of healthcare issues, and the pandemic has increased the need for telemedicine and mHealth technologies to become reality in the healthcare business.
Growing Usage of Big Data in Healthcare
The digitization of administrative, clinical, and financial data has led to an increase in the amount of electronic data created in the healthcare sector to terabytes and petabytes. It is anticipated that the volume would eventually approach exabytes and even zettabytes because it is almost doubling almost every year. Healthcare providers face significant difficulty due to the enormous diversity of data in addition to the expanding amount.
Healthcare data is more difficult than data from other businesses due to the length and variability of the data. Healthcare analytics and data management solutions are being adopted by service providers more and more to address these issues in the healthcare sector. For instance, in 2018, according to a survey by Statista, healthcare is expected to produce data of 2000 exabytes (1 exabyte is 1 billion GB).
Integration with AI, IoT, and Other Technologies Favoring Market Growth
IoT, AI, and wirelessly connected gadgets are all generating a lot of interest throughout the world. The adoption of healthcare IT solutions is directly influenced by rising smartphone adoption and expanding internet access. By 2025, there should be 5.8 billion unique mobile phone users, according to predictions by The Mobile Economy 2020.
Additionally, there were 192 million more internet users globally in 2021 than there were in 2020, and this number is increasing at a rate of 4% annually. Additionally, it is anticipated that market growth would pick up speed due to technical developments in the areas of smartphones and internet connectivity that will improve healthcare results, patient experiences, and patient engagement.
Concerns Pertaining to IT Infrastructure in Emerging Economies
The shortage of doctors, nurses, and hospital beds is hampering the healthcare IT market share. One of the main obstacles to the adoption of this system is cost. These systems cost more to maintain and upgrade their software than the program itself. Nearly 30% of the total cost of ownership is spent on support and maintenance services, which also include software upgrades in response to changing user requirements.
Furthermore, in order to maximize the effectiveness of various healthcare IT solutions, end users must be trained, which raises the total cost of ownership of these systems due to the lack of internal IT experience in the healthcare sector.
The healthcare IT market is segmented by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services), by Application (EHR, CPOE, EHR, CPOE, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Tele-healthcare & Others) and region. Based on the product type, the market is categorized into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services.
Based on application, the market is categorized into ehr, cpoe, electronic prescribing systems, pacs, lab information systems, clinical information systems, telehealthcare & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.
Product Type Insights
Based on the product type segment, the healthcare IT market is categorized into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services. The healthcare provider solutions segment accounted largest market share in 2020 due to the increasing adoption of electronic health records (EHR) and other technologies.
Because of the rising demand for high-quality healthcare services and solutions, rising acceptance of mHealth and telehealth practices, rising demand for better patient safety and patient care, rising government initiatives to promote HCIT, and rising adoption of cloud technology in healthcare, the market is predicted to grow significantly.
Based on the application segment, the telehealthcare segment accounted largest market share in 2020 due to increased smartphone adoption and better internet access. High adoption of these technologies, which will change the telehealthcare market by increasing the uptake of telehealth technology and applications, is a result of economic development in emerging economies. The expansion and development of this market are also being aided by customers' growing awareness of the importance of their health and well-being.
North America is expected to dominate the market share owing to the rising investments in R&D activities regarding the components of healthcare IT. Heavy investments in IT infrastructure, advanced technologies, rising digital literacy, and the presence of early adopters in the region.
However, Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The market is driven by the rising acceptance of high-end technology-based products, combined with low electronics prices, which is causing a surge in pace consumption. Furthermore, technical breakthroughs such as the Internet of Things (IoT) and LTE assist electronics products, helping the area to dominate the market.
Local healthcare IT component manufacturers are expanding their footprint. These local market participants are known for delivering a wide choice of products at low wholesale prices. As a result, it will boost the market growth in China over the predicted period.
· Carestream Health
· Cerner Corporation
· Change Healthcare
· Conduent, Inc.
· Dell Inc.
· Epic Systems Corporation
· IBM Corporation
· InterSystems Corporation
· Koninklijke Philips N.V.
· Nuance Communications, Inc.
· Optum, Inc.
· SAS Institute Inc.
· Tata Consultancy Services Limited
KEY INDUSTRY DEVELOPMENTS:
May 2021- Optum has collaborated with Bassett Healthcare Network to further enhance Bassett's clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across US
June 2020- Athenahealth launched a telehealth solution named athenaTelehealth which will provide secure scheduling of the billing process for clinicians as well as patients.
By Product Type
- Healthcare Provider Solutions
- Healthcare Payer Solutions
- HCIT Outsourcing Services
- Electronic Prescribing Systems
- Lab Information Systems
- Clinical Information Systems
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
Global Healthcare IT Market Size