Global Healthcare IT Market is valued at USD 329.3 Billion in 2021 and is expected to reach USD 1,676.3 Billion by 2028 with a CAGR of 19.8% over the forecast period.
Global Healthcare IT Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: Increasing awareness about digital health, rising healthcare expenditure, elevating consumer demand for efficient healthcare along with the advent of advanced treatment solutions are some of the major factors driving the growth of the Healthcare IT Market.
Scope-
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.
COVID-19 Impact-
In late December, the coronavirus (COVID-19) was discovered in the Chinese city of Wuhan's Hubei province. SARS-CoV-2, the virus responsible for severe acute respiratory syndrome, spreads from person to person and is extremely infectious. All businesses operating have been impacted by the worldwide lockdowns brought on by the COVID-19 epidemic. All members of society are at risk from the COVID-19 pandemic, according to a report by the United Nations Human Rights. As a result, healthcare systems are impacted, and it is now more difficult than ever to provide all patients with adequate medical care and treatment.
Key Players-
• Philips Healthcare
• Agfa Healthcare
• Hewlett-Packard Enterprise
• Carestream Health
• GE Healthcare
• E-MDS Inc.
• Athenahealth Inc.
• eClinicalworks
• McKesson Corporation
Segmentation-
By Component: • Services • Software • Hardware
By Delivery Mode: • On-premise • Cloud-based
Vendor Neutral Archive (VNA)
Mobile Health (mHealth) Solutions
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By Product: • Healthcare Provider Solutions
Clinical Solutions
Electronic Health/Medical Records
Computerized Physician Order Entry
Clinical Decision Support Systems
Radiology Information Systems
Radiation Dose Management Solution
Specialty Management Information Systems
Medical Image Processing & Analysis Solution
Healthcare IT Integration Systems
Practice Management Systems
Laboratory Information Systems
Digital Pathology Solutions
Telehealth Solutions • Non-clinical Solutions
Pharmacy Information Systems
Medication Management Systems
Healthcare Asset Management
o Workforce Management Systems o Revenue Cycle Management o Financial Management Systems o Medical Document Management Systems o Healthcare Information Exchanges o Population Health Management o Supply Chain Management o Healthcare Analytics o Customer Relationship Management • Healthcare Payer Solutions o Pharmacy Analysis and Audit o Claims Management o Fraud Management o Computer-assisted Coding Systems o Payment Management o Provider Network Management o Member Eligibility Management o Customer Relationship Management o Medical Document Management o Other • HCIT Outsourcing Services o Provider HCIT Outsourcing Services • Payer HCIT Outsourcing Services o Claim Management o Customer Relationship Management Services o Billing System o Fraud Detection o Others • Operational HCIT Outsourcing Services o Supply Chain Management Services o Business Process Management Services o Others • IT Infrastructure Management Services By End-User: • Healthcare Providers o Hospitals o Ambulatory Care Centers o Diagnostic & Imaging Centers o Pharmacies
o Others
• Healthcare Payers
o Private Payers
o Public Payers
By Regional & Country Level:
• North America
o U.S. o Canada
• Europe o U.K. o France o Germany o Italy
• Asia Pacific o China o Japan o India o Southeast Asia
• Latin America o Brazil o Mexico
• Middle East and Africa o GCC o Africa o Rest of Middle East and Africa
Market Drivers:
Increasing Awareness About Digital Health is Expected to Boost Healthcare IT Market Growth:
Healthcare IT solutions assist enterprises in establishing a paperless workplace, giving doctors constant access to patients’ medical records. For doctors, this leads to better judgment and fewer medical mistakes; for hospitals, it simplifies the exchange of health information, improves workflow management, and lowers total operating costs associated with providing treatment.
Geography Analysis:
North America is expected to Capture a Major Share of the Global Healthcare IT Market:
North America held a revenue share of 47.1% in 2021 and is expected to dominate the healthcare IT Market in the coming years. The market is expanding due to factors such as rising smartphone adoption, enhanced internet access, rising healthcare IT investment, infrastructure improvements, rising levels of digital literacy, and the presence of major companies. The North American healthcare market is expanding as a result of the industry's quick adoption and implementation of its services to enhance patient care while concurrently bringing down medical expenses.
News-
• Modmed introduced an OBGYN-specific software bundle set in May 2022. Obstetrics and gynecology will see practice and workflow innovation owing to ModMed OBGYN, an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solutions.
• Garden Plot by Epic was introduced in March 2022. For independent medical groups seeking to employ Epic HER solutions, it is software-as-a-service (SaaS).
• In order to increase their market share in the clinical decision support system market, Epic Systems Corporation, a U.S.-based healthcare company, partnered with Foundation Medicine, Inc. in August 2021. This was done by integrating Foundation Medicine, Inc.'s Comprehensive Genomic Profiling (CGP) platform with Epic Systems Corporation's medical record system. This made it easier for healthcare providers to access a wide range of oncological data and records from a single platform, improving the quality of therapy.
