Healthcare IT Market is expected to be worth USD 1,797.8 Billion by 2033 | At Healthy CAGR 17%
The Healthcare IT industry has experienced substantial growth due to the widespread adoption of Electronic Health Records (EHRs). These digital records enhance efficiency, improve patient care, and reduce errors.
New York, Jan. 29, 2024 (GLOBE NEWSWIRE) -- According to Market.us the Global *Healthcare IT Market* size is projected to surpass around *USD 1,797.8 Billion* by 2033, and it is poised to reach a CAGR of
Healthcare IT refers to the use of technology, information systems, and digital tools to manage, store, and exchange health-related data and information. It plays a crucial role in improving the efficiency, quality, and safety of healthcare delivery. Aided by information technology and its vast applications in healthcare industry, Healthcare IT enhance profit potentials. Large scale clinical settings, such as military, research institutes and hospitals make use of clinical informatics. The rise in government initiatives to promote HCIT and improve patient health quality, increasing partnerships and fundings and rise in demand for quality healthcare solutions boosts the dimensions of Healthcare IT market.
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*Key Takeaway:*
· Based on product type, the healthcare provider solutions dominate the market in 2023.
· Online payment services fostered the Healthcare IT market, based on component analysis.
· The on premise segment holds a moderate revenue share by virtue of reduced risk of data breach.
· High hacking risk can result in reduced adoption of the solutions, hindering the market during the forecast period.
*Factors affecting the growth of the Healthcare IT industry*
Various factors influence the growth of Healthcare IT market are;
· *High demand for medical health records: *The use of Healthcare IT helps in maintaining medical health records, decreasing the time necessary or care processing steps, especially when retrieving information.
· *Least medical errors: *The use of this technology by physicians to access diagnostic data or to prescribe medicine for transaction via healthcare systems results in least medical errors.
· *Competitive Landscape:* The presence of established manufacturers and new entrants in the market drives competition. It can lead to product innovation, cost-effective solutions, and competitive pricing, all of which influence market dynamics.
*Market Growth*
Healthcare IT is projected to have double digit growth over the next decade. There is continuous increased adoption of digital technologies by healthcare players as they continue to look for ways to improve patient care and reduce costs. Adoption of big data analytics by payers, providers, and pharma is steadily increasing. Although telehealth usage is normalizing post COVID-19, the pandemic induced usage boost has seen it increase access to care and productivity.
*Regional Analysis*
Owing to the improved internet connectivity, smartphone penetration, digital literacy, healthcare IT solutions, presence of key players, the North America region is accounted to hold the large market share of *52%*, dominating the Healthcare IT market in 2023. In addition to this, the region is also leveraged by advancement in infrastructure, reduction of healthcare cost, making North America to rapidly implement and adopt IT services, enhancing the market growth.
Increased adoption of artificial intelligence and rise in prominent market players makes Europe the fastest growing region during the forecast period.* *
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*Scope of the Report*
*Report Attributes* *Details*
Market Value (2023) USD 374 Billion
Forecast Revenue 2033 USD 1,797.8 Billion
CAGR (2023 to 2033) 17%
North America Share 52%
Base Year 2023
Historic Period 2018 to 2022
Forecast Year 2024 to 2033
*Market Drivers*
The development of adept healthcare IT platform for enhancing the market growth of Healthcare IT is the significant focus by major market players. For example, a software including extended ePRO (electronic patient-reported outcomes) to enable remote participation and upscale patient involvement was launched by Mednet, a healthcare information technology company. This factor, proficiently drives the market share of Healthcare IT, leading to sky rocketing revenue generation.
*Market restraints*
Invasion of data and privacy is the huge declining factor for the excellence of healthcare IT market. The data is at risk due to a continuous rise in hacking, resulting in reduction in adoption of the solutions. Thus, the invasion of data can raise critical issues, hindering the market during the forecast period.
*Opportunities*
The digital health is influenced by various government initiatives in order to propel the market of Healthcare IT. To illustrate, with the intention to digitalize healthcare practices in the nation, the Indian Prime Minister rolled out the Pradhan Mantra Digital Health Mission. Furthermore, the rising demand for information technology elongates the global healthcare IT market growth. The implementation of telehealth services and artificial intelligence serving as a digitalization tool, helps to propel the market and provide lucrative opportunities for enhancing the market shares in the future.
*Latest Trends*
The adoption of value based payment models and accountable care organizations are exploring the industry trends towards joint partnership, ventures and payer provider mergers in order to promote care coordination and focus on patient cantered care. Thus a close alignment is formed between providers, patients and payers. For example, CVS health completed its asset of Aetna.
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*Report Segmentation of the Healthcare IT Market *
*Product type analysis*
Based on product type, the Healthcare IT market is segmented into healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services. Amongst all segments, healthcare provider solution segment is accounted to hold a large market share of *38%*. The healthcare providers are involved in implementation of electronic health records and other hospital information systems, making the segment to dominate in 2023. The increased demand for quality healthcare and adoption of cloud technology is the added advantage to uphold the segment in the market place.
*Component analysis*
The Healthcare IT market is segmented into software, hardware and services, based on component analysis. The service segment holds the largest global revenue share of *52%*, dominating the other segments. The provision of several services by Healthcare IT involves the support towards hospitals, medical billing businesses and also the physician groups. In addition to this, the online payment services fostered the Healthcare IT market revenue share in 2023.
*Deployment mode analysis*
Based on deployment mode analysis, the market is bifurcated into on premise and cloud based segments. A moderate share of *71.3%* Healthcare IT market is held by on premise segment owing to the security, as the full instance of software stays on organisation’s ground. For security reasons, the extra sensitive data is perfectly managed by on premise segment.
*End user analysis*
Based on end use, the market is segmented into healthcare providers and healthcare payers. The healthcare payer segment is accounted to hold the large revenue share *63.2%*, as the payers are extensively partnering with Medicaid and Medicare agencies, offering integrated and secure electronic health information infrastructure to healthcare professionals, patients and facilities.
*Impact of macroeconomic factors*
Despite inflation receding, post-COVID-19 recovery is challenged by a range of macroeconomic and geopolitical challenges. Inflation will be tamed in 2024, but its impact on the healthcare IT market will still be elevated. Although the situation has improved in most of the countries, risings costs still triggered patients to postpone or stop treatments in H2 2023.
*Recent Developments in the Healthcare IT Market*
*In May 2022:* Modmed launched an OBGYN specific software, which is all in one EHR, patient engagement, image and inventory management and payments, making gynecology and obstetrics to have a smooth workflow innovation.
*In September: *Sharecare launched Smart Omix. Digital biomarker creation and real-world data collection is made possible with this digital clinical research solution.
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*Market Segmentation*
*By Product Type*
· Healthcare provider solutions
· Healthcare payer solutions
· HCIT outsourcing services
*By Component*
· Software
· Hardware
· Services
*By Deployment mode*
· On premise
· Cloud based
*By End-User*
· Healthcare providers
· Healthcare payers
*By Geography*
*North America*
· US
· Canada
*Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
*Asia Pacific*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of APAC
*Latin America*
· Brazil
· Mexico
· Rest of Latin America
*Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
*Competitive Landscape*
The Healthcare IT market is extremely profitable one. Thus, this has led to intense competition among the prominent players in the industry, with the businesses competing for a monopoly in the market.
· GE Healthcare Technologies Inc.
· Koninklijke Philips N.V.
· eClinicalWorks
· Carestream Health
· McKesson Corporation
· Agfa Healthcare
· Oracle Corporation
· Advantech Co., Ltd.
· Other Key Players
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