USD 169.52 billion
Healthcare IT (HCIT) Market Size, Share, Growth Analysis, By Product & Service (Healthcare Provider Solutions, Non-Clinical Healthcare IT Solutions), Component (Software, Services), By End User (Healthcare Providers, Home Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2171 |
Region:
Global |
Published Date: August, 2024
Pages:
219
|Tables:
65
|Figures:
75
Healthcare IT Market Insights
Global Healthcare IT Market size was valued at USD 168.51 Billion in 2022 and is poised to grow from USD 198.50 Billion in 2023 to USD 736.09 Billion by 2031, at a CAGR of 17.80% over the forecast period (2024–2031).
The healthcare IT market is expected to grow stronger in the forthcoming years with innovative discoveries and advances in technologies for better care of patients and aim to strengthen healthcare infrastructure. The market is significantly impacted by advances in technologies and greater focus on patient engagement. Technological advancements like big data analytics, AI, and ML are creating potentials to enhance healthcare, operational efficiency, and patient outcomes. However, the healthcare IT market is restrained by implementation complexity and high initial costs. The initial investment needed for healthcare IT machines comprising hardware, software, and training could be expensive, which cannot be afforded by the smaller healthcare providers. Yet, growing advancements in machine learning and artificial intelligence is an opportunity for more improvements in the healthcare IT infrastructure.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Healthcare Provider Solutions
Fastest Growth
Healthcare Payer Solutions
Growth Rate
17.8% CAGR
Global Healthcare IT Market ($ Bn)
Country Share for North America Region (%)
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Healthcare IT Market Segmental Analysis
The Global Healthcare IT Market is segmented by Component, Product Type, End User, and Region. Based on Component, the market is segmented into Hardware, Software, Service. Based on Product Type, the market is segmented into Healthcare Provider Solutions, Healthcare Payer Solutions, Healthcare Infrastructure Systems, and Others. Based on End User, the market is segmented into Hospitals and Clinics, Diagnostic Centers and Imaging Facilities, Research Institutes, and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Component
Based on component, the software segment held a dominant share of the healthcare IT market and is expected to lead over the forecast period owing to better interoperability and integration. Software solutions are important for integration and confirming interoperability in different healthcare systems like HIEs, EHRs, and several other administrative and clinical systems. These integrations are needed to create a unified flow of patient data and enhance care coordination, thus driving the segment growth.
However, the services segment is expected to grow faster due to the rising need for strategy and consulting. Healthcare companies frequently need specialized consulting to navigate compliance needs, technology choices, and strategy planning. Consultants offer useful insights for best practices, optimization of IT machines, and regulatory compliance to align with organizational objectives. These needs are propelling the demand for services, thereby driving the segment’s growth.
Analysis by Product Type
By product type, the healthcare provider solutions segment is the dominating one in the healthcare IT market due to several reasons that align with the increasing priorities and needs of healthcare providers. Among others, the EHR systems are the basics of advanced healthcare IT. Adopting these systems help simplify patient care coordination, improve precision of medical records, and enhance care coordination. Hence, increasing use and demand for these systems is driving the segment growth.
Conversely, the healthcare payer solutions segment is expected to grow at a considerable pace in the forthcoming years owing to better management and claims processing. These solutions efficiently automate and simplify insurance claims processing like payment and adjudication, which are important for payer companies.
Global Healthcare IT Market Size By Component
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Healthcare IT Market Regional Insights
Region-wise, North America is dominating the healthcare IT market owing to advanced healthcare infrastructure. The region holds well-established healthcare machines, mainly in the United States and Canada. This comprises a wide ecosystem of clinics, hospitals, and several healthcare facilities who are early adopters of improved IT solutions. This is majorly driving the regional growth. McKesson, athenahealth, and Cerner Corporation among others, are some of the healthcare IT companies operating in the region.
Asia-Pacific is expected to be the fastest-growing segment owing to the rising healthcare needs. The region is experiencing major population growth, which ultimately raises the demand for efficient healthcare management services and solutions. Moreover, the growing senior population in China, India, and Japan is fueling the demand for better healthcare services and management systems comprising the ones offered by healthcare IT. This is driving the market growth in Asia-Pacific.
Global Healthcare IT Market Size By Region
- Largest
- Fastest
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Healthcare IT Market Dynamics
Drivers
Remote Monitoring and Telemedicine
- The recent years have experienced great rise in telemedicine and remote monitoring. Especially after the COVID-19 pandemic, the demand and growth of RPM and telemedicine has accelerated. Moreover, the growing number of chronic illnesses, mainly among the geriatric population, is fueling the demand for remote monitoring. This is fueling the need for advanced healthcare IT systems, thereby driving the market.
Funding and Investment by Private Equity Firms
- Growing investments and funding for more improvement of healthcare IT systems by private equity companies are among the key drivers of the market. These companies offer financial assistance required for development and innovation in the healthcare IT space. These factors are driving the healthcare IT market growth.
Restraints
Data Security and Privacy Issues
- One of the major concerns is the promise of privacy and security of sensitive patient data. Healthcare IT systems should essentially comply with the strict regulations and avoid data leaks and breaches, which might have severe consequences in future. Hence, data security and privacy factors are impeding market growth.
Resistance to Adoption Might Hamper the Market Growth
- Healthcare professionals might be hesitant to implement novel technologies because of issues with changes in workflow, usability, or supposed complexity of novel systems. To overcome this hesitation, training and support are critical, which could hamper adoption, hence the market growth.
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Healthcare IT Market Competitive Landscape
Healthcare IT manufacturers should focus on minimizing the risks and costs associated with production to maximize their profits. Developing new Healthcare IT with better finishes and prints to attract new customers will also be a key strategy for all Healthcare IT companies. Creating Healthcare IT with sustainable materials could also pay off big time for Healthcare IT manufacturers in the long run. Launching new products will help Healthcare IT providers stay competitive in this highly saturated market.
Top Player’s Company Profiles
- Optum (US)
- Cerner Corporation (US)
- Cognizant (US)
- Change Healthcare (US)
- Philips (US)
- Epic Systems Corporation (US)
- Dell Technologies (US)
- Allscripts Healthcare Solutions, Inc. (US)
- Athenahealth (US)
- GE Healthcare (US)
- Oracle Corporation (US)
- Wipro (India)
- IBM(US)
- eClinicalWorks (US)
- Infor Systems (US)
- Conduent (US)
- Conifer (US)
- Nuance (US)
- 3M (US)
- SAS (US)
Recent Developments
- In May 2024, Athenahealth, a prominent EHR vendor, recently declared the availability of EHR solutions designed to meet the growing needs of women’s health and crucial care companies.
- In June 2024, NextGen Healthcare increased competencies of AI-based ambient listening tech for large and mid-sized businesses, NextGen® Ambient Assist. It launched NextGen® Office Ambient Assist, a tailored platform for small businesses.
- In April 2024, Philips unveiled a new research and development center to increase its Healthcare Innovation Centre (HIC) in Maharashtra in Pune city. This center will be operational in a couple of years and will provide R&D groups from the company’s Precision Diagnosis, Image Guided Therapy, and Monitoring and Sleep & Respiratory companies.
Healthcare IT Key Market Trends
- Steady Adoption of Connected Care Enablers: Connected digital technologies play a key role in connected care by offering providers and patients simplifying care variety. Disease screening, patient training or education, digital therapeutics, and navigation can be enhanced with digital technologies. Wearables can today monitor patients’ A1C, BP, and more in real-time and transfer readings to the healthcare provider.
Healthcare IT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing focus on patient engagement and increasing healthcare costs are fueling the adoption of advanced healthcare systems, thereby driving the Healthcare IT market. Nonetheless, implementation complexity and regulatory compliance issues are a few hurdles to the growth of the Healthcare IT market. North America is expected to lead the market due to regulatory policy and support and rising investment and funding. Moreover, constant healthcare reforms and initiatives for enhancing efficiency are the opportunities seen in the healthcare IT market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 168.51 Billion |
| Market size value in 2031 | USD 736.09 Billion |
| Growth Rate | 17.80% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Healthcare IT Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Healthcare IT Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Healthcare IT Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare IT Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare IT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare IT Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Healthcare IT Market Report Snapshots
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