USD 169.52 billion
Global Healthcare IT Market Size, Share, Growth Analysis, By Product Type(Healthcare provider solutions, healthcare payer solutions), By End User(Hospitals and clinics, diagnostic centers and imaging facilities) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2171 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|
Tables:
65 |
Figures:
75
Global Healthcare IT Market Insights
Global Healthcare IT Market size was valued at USD 169.52 billion in 2022 and is poised to grow from USD 199.7 billion in 2023 to USD 740.48 billion by 2031, growing at a CAGR of 17.8% in the forecast period (2024-2031).
The global healthcare IT market is a rapidly growing sector that focuses on the development and application of innovative technologies to improve healthcare outcomes. The purpose of this market is to address the challenges faced by the healthcare industry, such as rising costs, increasing demand for quality care, and the need for more efficient and effective healthcare delivery. One of the key drivers of the healthcare IT market is the growing demand for digitization and automation in healthcare. The adoption of EHRs, telemedicine, and other digital technologies has increased significantly in recent years, driven by the need to improve patient outcomes and reduce healthcare costs. However, the market is not without its challenges. The high cost of healthcare IT solutions and concerns over data security and privacy are major barriers to adoption. In addition, the lack of interoperability between different healthcare IT systems and the shortage of skilled professionals in the industry are also hindering market growth. Despite these challenges, there are several key trends and opportunities in the healthcare IT market that are driving growth. These include the increasing use of artificial intelligence (AI) and machine learning (ML) in healthcare, the rise of personalized medicine, and the growing adoption of mobile health (mHealth) and wearable devices. Moreover, the increasing demand for healthcare IT solutions in emerging economies presents a significant growth opportunity for market players.
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 (%)
Global Healthcare IT Market Size By Product Type ($ Bn)
Global Healthcare IT Market Size By Product Type (%)
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Global Healthcare IT Market Segmental Analysis
Global Healthcare IT Market is segmented on the basis of product type, end user, and region. By product type, the market is segmented into healthcare provider solutions, healthcare payer solutions, healthcare infrastructure systems, and others. By 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.
Healthcare IT Market Analysis by Product Type
Healthcare provider solutions segment dominated the global market. Healthcare provider solutions include electronic health records (EHRs), computerized physician order entry (CPOE), clinical decision support systems (CDSS), and others. The adoption of healthcare provider solutions has significantly increased in recent years due to the numerous benefits they offer, such as improved patient outcomes, streamlined healthcare processes, and reduced healthcare costs.
The healthcare payer solutions segment is the fastest-growing segment due to the rising demand for cost-effective healthcare solutions and the need to comply with stringent regulations. Healthcare payer solutions include claims management solutions, payment management solutions, and fraud detection solutions. The increasing adoption of healthcare insurance and the need for efficient management of healthcare claims are the primary factors driving the growth of this segment.
Healthcare IT Market Analysis by End User
The hospitals and clinics segment accounts for the largest share of the market, and is expected to continue its dominance throughout the forecast period. The growing demand for advanced healthcare infrastructure, along with the increasing need for streamlining workflow and reducing healthcare costs, is driving the adoption of healthcare IT solutions in hospitals and clinics. Additionally, the rising prevalence of chronic diseases and the aging population further emphasize the need for effective healthcare management and patient care, which can be achieved through the implementation of healthcare IT solutions. The hospitals and clinics segment is expected to account for the largest share of the market, with North America being the largest regional market due to the presence of advanced healthcare infrastructure and early adoption of healthcare IT solutions.
The fastest-growing segment in the healthcare IT market is the diagnostic centers and imaging facilities. This can be attributed to the increasing demand for efficient and accurate diagnosis, as well as the advancements in imaging technologies such as MRI, CT, and PET scans. The segment is expected to grow at a significant CAGR during the forecast period, driven by the rising prevalence of chronic diseases and the increasing number of imaging procedures being performed worldwide.
Global Healthcare IT Market Size By Product Type (%), 2023 (%)
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Global Healthcare IT Market Regional Insights
North America dominated the global healthcare IT market. The region is expected to continue its robust growth in the coming years, driven by factors such as the growing penetration of smartphones, increased healthcare IT spending, and the presence of key players in the market. Additionally, the adoption of IT services by the North American care industry to enhance patient care experience and reduce medical costs is fueling the demand for healthcare IT solutions. The presence of renowned care facilities and research centers in the region is also driving market growth.
MEA is expected to register the fastest growth rate in the healthcare IT market due to the steady development of healthcare facilities in emerging economies and the increase in healthcare expenditure. Countries such as Saudi Arabia and UAE have exhibited significant growth and major changes in healthcare facilities, with the Saudi Arabian government taking various efforts to implement IT systems in the healthcare sector. The COVID-19 pandemic has also had a positive impact on the adoption of healthcare IT technologies in South Africa, with initiatives such as mobile health applications, telehealth, remote patient monitoring systems, and interactive dashboards contributing to the growth of the market.
Global Healthcare IT Market Size By Geography, 2024-2031
- Largest
- Fastest
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Global Healthcare IT Market Dynamics
Healthcare IT Market Drivers
Growing demand for telemedicine
- The COVID-19 pandemic has accelerated the adoption of telemedicine, enabling remote consultations, monitoring, and diagnosis. Healthcare IT solutions have played a critical role in supporting telemedicine, including video conferencing, remote patient monitoring, and telehealth platforms. For instance, companies like Teladoc Health and Doctor on Demand have experienced a surge in demand for their telemedicine services, indicating the growing need for remote healthcare delivery.
Advancements in big data analytics
- Big data analytics is increasingly being used in healthcare to improve patient outcomes, optimize healthcare delivery, and reduce costs. Healthcare IT solutions are facilitating the collection, storage, and analysis of large volumes of healthcare data, enabling healthcare providers to make informed decisions. For example, IBM Watson Health's big data analytics solutions help healthcare providers to identify at-risk patients, improve clinical decision-making, and optimize population health management.
Healthcare IT Market Restraints
High implementation costs
- Healthcare IT solutions require a significant upfront investment in hardware, software, and infrastructure. The high costs of implementation can be a significant barrier to adoption, particularly for small and medium-sized healthcare providers. The cost of maintaining and upgrading these solutions can also be substantial, adding to the financial burden on healthcare providers.
Data privacy and security concerns
- Healthcare IT solutions store and process sensitive patient data, making them vulnerable to cyber-attacks and data breaches. The potential for data breaches and unauthorized access to patient data is a significant concern for healthcare providers, who must comply with strict regulations on data privacy and security, such as the Health Insurance Portability and Accountability Act (HIPAA).
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Global Healthcare IT Market Competitive Landscape
The Global Healthcare IT Market is highly dynamic and evolving. The market is characterized by the presence of numerous key players, including both established companies and emerging startups. These players compete based on factors such as product offerings, pricing, technological innovation, partnerships, and geographical presence. Some of the prominent companies operating in the global healthcare IT market offer a wide range of healthcare IT solutions and services, such as electronic health records (EHR), picture archiving and communication systems (PACS), telehealth solutions, healthcare analytics, revenue cycle management, and population health management. To gain a competitive edge, market players often engage in strategic initiatives, such as mergers and acquisitions, collaborations, and partnerships, to expand their product portfolios, enhance their technological capabilities, and strengthen their market presence. Additionally, investments in research and development activities are crucial for staying at the forefront of innovation in this rapidly evolving sector.
Healthcare IT Market Top Player’s Company Profiles
- McKesson Corporation (US)
- UnitedHealth Group (US)
- Athenahealth, Inc. (US)
- GE Healthcare (US)
- Philips Healthcare (Netherlands)
- Siemens Healthineers AG (Germany)
- Agfa Healthcare (Belgium)
- Cognizant Technology Solutions Corporation (US)
- Dell Technologies Inc. (US)
- IBM Corporation (US)
- Infosys Limited (India)
- Koninklijke Philips N.V. (Netherlands)
- NextGen Healthcare, Inc. (US)
- Oracle Corporation (US)
- Wolters Kluwer N.V. (Netherlands)
- Wipro Limited (India)
- 3M Health Information Systems (US)
Healthcare IT Market Recent Developments
- In July 2023, Medanta with GE HealthCare launched the Medanta e-ICU, which aims to provide advanced tele-ICU services in India. The initiative will enable 24/7 staffed Medanta e-ICU command centres equipped with technology from GE HealthCare for remote patient monitoring, allowing early interventions that improve clinical outcomes.
- In September 2022, Sharecare announced the launch of Smart Omix, a proprietary digital clinical research solution that enables real-world data collection and digital biomarker creation through mobile research studies. This technology is designed to improve the relevance, equity, and data integrity of clinical research across the healthcare continuum. Smart Omix's capabilities are expected to benefit clinical research by enabling more efficient data collection and biomarker creation, leading to more accurate diagnoses and better patient outcomes.
Global Healthcare IT Key Market Trends
- Growing adoption of cloud-based solutions: Cloud-based healthcare IT solutions are gaining popularity due to their scalability, cost-effectiveness, and ease of use. Cloud-based solutions offer several advantages over on-premises solutions, such as easy access to data from anywhere, lower upfront costs, and faster implementation times. For instance, Athenahealth and Cerner offer cloud-based EHR solutions that are widely used in the healthcare industry.
- Increasing use of artificial intelligence (AI) and machine learning (ML): AI and ML are increasingly being used in healthcare IT to improve diagnosis, treatment, and patient outcomes. Healthcare providers are using AI and ML to analyze large volumes of patient data, identify patterns, and make accurate predictions. For example, GE Healthcare's Critical Care Suite uses AI to analyze chest X-rays and detect pneumothorax, a potentially life-threatening condition. AI and ML are also being used to develop personalized treatment plans, improving patient outcomes.
- Increase in demand for telemedicine: The increase in demand for telemedicine, is one of the major factors for the growth of the market. The virtual care solutions and telemedicine experience rapid adoption which offer remote access to consultation and healthcare services.
- Advancement in technology in healthcare: The advancement of technology in the healthcare sector propels the growth of the market. The Internet of Things (IoT) and wearable device also aims to collect real-time health data.
Global Healthcare IT Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Healthcare IT Market analysis, the market is expected to experience significant growth in the coming years, driven by increasing demand for digital healthcare solutions and the need to improve patient outcomes while reducing costs. The growing adoption of electronic health records (EHRs), telemedicine, and other digital health technologies is expected to drive market growth. Additionally, the rising prevalence of chronic diseases and the aging population are increasing the demand for healthcare services, leading to a greater need for efficient healthcare IT solutions. However, concerns over data privacy and security, as well as the high cost of implementing healthcare IT systems, may pose challenges to market growth. Overall, the healthcare IT market is expected to continue to grow as healthcare providers increasingly adopt digital solutions to improve patient care and outcomes.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 169.52 billion |
| Market size value in 2031 | USD 740.48 billion |
| Growth Rate | 17.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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 Global 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 Global 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 Global 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 Global 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 Global Healthcare IT Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Healthcare IT Market Report Snapshots
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