Global Healthcare IT Market to Grow at a CAGR of 14% from 2021 to 2029

The global healthcare IT market was valued at 315.3 billion in 2021 and is projected

The global healthcare IT market was valued at 315.3 billion in 2021 and is projected to grow at a CAGR of 14% during the forecast period till 2029. the global healthcare IT market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Pune, India, April 12, 2021 (GLOBE NEWSWIRE) — The global healthcare IT market was valued at 315.3 billion in 2021 and is projected to grow at a CAGR of 14% during the forecast period till 2029. However, with the COVID-19 impact, the global healthcare IT market was valued at USD 315.3 billion in 2021.

Healthcare Information Technology (IT) is a broad field that involves the use of information technology for the design, development, use and maintenance of healthcare information systems. The healthcare IT market is growing rapidly due to technological advancements in the field and increasing demand for improved healthcare facilities worldwide.

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Healthcare IT enables the electronic exchange of health information between organizations. It comprises a variety of services and technologies, ranging from advanced decision-making support to simple graphing and integration with medical technology. For example, the web-based personal health record (PHR) system HealthVault, launched by Microsoft, is designed to store and manage health information. This platform allows to record health statistics for a large number of specific third party applications, including the management of blood pressure and medical image viewers. Several other devices including blood glucose meters and blood pressure monitors are also included.

The importance of IT in healthcare has increased significantly, as it helps manage health data and boosts the growth of advanced healthcare activities. In addition, the increasing use of cloud-based services has also boosted market demand. In this market, big data helps manage population health management programs effectively through data analytics and also reduces expenditure on chronic health conditions.

The sharing of health data with academic researchers has increased with healthcare IT, which in turn, is facilitating the development of new medical therapies and drugs. Furthermore, the provision of precision medicine (PM) can also become easy for individual patients through cognitive computing.

The integration of IT software solutions has significantly increased reporting, evaluation, and monitoring in the healthcare sector, making the appropriate use of data one of the trends in healthcare technology. In addition, healthcare IT is expected to benefit significantly from blockchain in obtaining medical records through a streamlined and secure process.

Some Noted Developments Considered in the Report:

  • In March 2020, Siemens Healthineers announced the launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. In over 60 countries, the platform includes more than 5,000 institutions and 23,000 connected systems. This has helped the enterprise to expand into untapped economies and increase its client base.

  • The Oracle datacenter in the UAE and the Middle East was announced in February 2019. The datacenter has provided its customers throughout the region with cloud applications, thus consolidating the company’s position in the Middle East market.

  • In India, a new COVID-19 digital platform for vaccine delivery called ‘CO-WIN’ was being prepared to deliver vaccines in December 2020. This user-friendly mobile app for recording vaccine data, as a beneficiary management tool with different modules, is in the process of setting up the ‘Healthcare Workers’ database. It is in an advanced stage across all states/union territories.

  • In 2018, Optum worked with Humana (US), MultiPlan (US), and Quest Diagnostics (US) to join a group to explore blockchain technologies in the field of data and reduce healthcare administrative costs.

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COVID-19 Impact on the Global Healthcare IT Market

QMI team has closely monitored the impact of COVID-19 on the global healthcare IT industry, and it has been observed that the demand for healthcare IT decreased slightly during the pandemic period. However, it is anticipated to grow at a healthy pace from mid-2021. To control the pandemic, many countries across the globe have enforced strict lockdown norms, which have hampered all kinds of business activities.

There is a huge demand for maintenance and storage of information related to patient, medical reporting, financial analysis, and many other issues with the increasing number of COVID-19 patients worldwide. The IT solutions for healthcare should help to store and access the medical reporting process of COVID-19 patients. This creates a high demand for products and components, and healthcare IT is one of them. All these factors have been mentioned and analyzed in this report in details.

Global Healthcare IT Market, by Product & Service

Based on product & service, the global healthcare IT market has been segmented into healthcare provider solution, healthcare payer’s solution, and healthcare outsourcing services. The healthcare provider solution market is broadly divided into clinical healthcare IT solution and non-clinical healthcare IT solution.

The clinical healthcare IT solution segment is further subdivided into electronic health record/electronic medical record systems, computerized physician order entry systems, clinical decision support systems, prescribing solutions, and radiology information systems. The segment also includes radiation dose management solutions, specialty information management systems, medical image analysis systems, population health management solutions, patient registry software, healthcare IT integration systems, digital pathology solutions, practice management systems, laboratory information systems, mobile health solutions & applications (mhealth), telehealth solutions, cardiovascular information systems, and infection surveillance solutions.

The non-clinical healthcare segment is sub segmented into pharmacy information systems, medication management systems, healthcare asset management software, workforce management systems, revenue cycle management solutions, medical document management solutions, and financial management systems. The non-clinical healthcare segment also includes healthcare information exchanges, healthcare interoperability solutions, healthcare quality management solutions, supply chain management solutions, healthcare analytics, and customer relationship management solutions.

The healthcare IT outsourcing service segment is divided into provider healthcare IT outsourcing services, payer healthcare IT outsourcing services, operational healthcare IT outsourcing services, and IT infrastructure management services.

Due to the continuous development in the telehealth and mobile health solutions and applications, the healthcare IT market is growing at a fast pace. Moreover, many countries have released their vision for eHealth. For instance, in March 2016, the Swedish government released a new vision called healthcare and social services for eHealth 2025.

The aim of the vision has been brought out explicitly by this one-liner which states that “in 2025, Sweden will emerge as the best in the world to take advantage of the opportunities offered by digitisation and eHealth, thus making it easier for people to achieve good and equal health and welfare”. Such efforts taken by governments of various countries will provide a strong growth stimulus to the healthcare IT market.

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Global Healthcare IT Market, by Component

Based on component, the market has been segmented into service, software, and hardware. The service segment is to dominate the healthcare IT market during the forecast year. Cloud technology is growing at its fastest rate. This is due to various successful technologies, such as Software as a service (Saas), Platform-as-a-service (Paas), Logging as a service (Laas), and others being used in cloud technology. This in turn, is driving the growth of the service segment.

Global Healthcare IT Market, by End User

Based on end user, the market has been segmented into healthcare provider and healthcare payers. The healthcare provider segment is divided into hospitals, ambulatory care canters, home healthcare agencies, nursing homes & assisted living facilities, diagnostic and imaging centers and pharmacies. The healthcare payers segment is divided into private payers and public payers.

The healthcare provider segment has captured the largest market share in the healthcare IT market. The healthcare payer segment is projected to register a high growth rate over the forecast period due to increased cybercrime activities in the recent past. Cybercrime activities include insider threats, data breaches, ransomware, sophisticated malware assaults, and distributed service denial attacks in hospitals, which can compromise system integrity and disrupt overall patient care services.

Global Healthcare IT Market, by Region

Based on region, the global healthcare IT market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America, as a developed region, is currently dominating the healthcare IT market and is expected to hold a large market share for the next few years as well. A well-established healthcare industry and better reimbursement facilities in the region are the main factors responsible for its largest market share.

Owing to the higher adoption of digital healthcare in the country, the high concentration of key players in the market, and increasing investment of companies in research and development activities to launch advanced products, the United States has recorded the highest growth in the global healthcare IT market.

In Asia Pacific, the IT industry has enormous commercial potential, and India and China are some of the fast growing economies in the region. Consequently, the governments of these countries have made various efforts to improve healthcare services and provide better infrastructure. Healthcare IT acts in such cases as a bridge between all healthcare entities and minimizes manual errors and costs, thereby adding to the growth of the global healthcare IT market.

Some Major Findings of the Healthcare IT Market Report Include:

  • Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.

  • An in-depth global healthcare IT market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.

  • Profiles of the major market players operating in the global healthcare IT market, which include Optum, Cerner, Cognizant, Change Healthcare, Philips Healthcare, Dell Technologies, Allscripts, GE Healthcare, Oracle Corporation, Tata Consultancy Services, and Wipro Limited, among others.

  • Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.

  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global healthcare IT market.

  • Impact of the COVID-19 on the global healthcare IT market.

Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Global Healthcare IT Market by Product and Service (Healthcare Provider Solution, Healthcare Payer’s Solution, and Healthcare Outsourcing Services), Component (Service, Software, and Hardware), End-User (Healthcare Provider and Healthcare Payers), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) — Market Size and Forecasting (2018–2029) in depth analysis along with the table of contents (ToC).

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