Healthcare IT Market Size to Hit USD 294.97 Billion by 2030 at 13.20% CAGR – Report by Market Research Future (MRFR)

Healthcare IT Market Trends And Insights By Products and Services (Healthcare Provider Solutions, Healthcare Payer Solutions), By Component (Services, Software), By End-User (Healthcare Providers, Healthcare Payers, Research Centers), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World), Competitive Market Growth, Size, Share and Forecast to 2030

New York, USA, May 23, 2023 (GLOBE NEWSWIRE) -- Healthcare IT Market Overview 

According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare IT Market Information By Products and Services, Component, End-User and Region - Forecast till 2030”, the market is projected to reach USD 294.97 Billion by 2030 at 13.20% CAGR during the forecast period 2022-2030

Market Scope

The market is expanding due to factors such as the expanding trend of digitization in healthcare, the increased need for preventative care solutions, the creation of numerous entrepreneurial initiatives, and expanding collaborations & funding. Also, rising healthcare IT spending, changes and improvements in network connectivity and infrastructure are propelling the market's expansion, thus driving the growth of the Healthcare IT market.

Healthcare IT is the use of technology in the healthcare industry to manage, store, and transmit patient information electronically. It involves the use of electronic health records, clinical decision support systems, telemedicine, and other tools that help healthcare providers deliver better care to patients. Healthcare IT aims to improve the efficiency and effectiveness of healthcare delivery, reduce medical errors, and improve patient outcomes.

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Healthcare IT is used in a variety of settings, including hospitals, clinics, physician offices, and other healthcare facilities. It is also used in public health agencies, research institutions, and pharmaceutical companies to manage and analyze health data. The applications of healthcare IT range from patient care and population health management to clinical research and drug development.

Report Scope:

Report AttributeDetails
Market Size in 2030USD 294.97 Billion
Base Year2021
Forecast Period2022-2030
Historical Data2020
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredBy Products and Services, Component And End-User
Geographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market DriversRising demand for home health care services
Growing digital literacy, innovations and advances in the IT sector

Healthcare IT Market Competitive Landscape:

The affluent companies in the Healthcare IT industry include

  • Epic Systems Corporation
  • Cerner Corporation
  • Allscripts Healthcare Solutions Inc
  • McKesson Corporation
  • Oracle Corporation
  • Infor Inc
  • Cognizant Technology Solutions Corporation

January 2021

Cerner Corporation announced the launch of its next-generation cognitive platform, called Project Apollo, which is designed to streamline and optimize the clinical workflows of healthcare providers. The platform uses artificial intelligence and machine learning to provide predictive insights and clinical decision support to healthcare providers, enabling them to provide more personalized and efficient care to patients.

Healthcare IT Market Trends:

Market Drivers:

The growing demand for efficient and cost-effective healthcare solutions is one of the primary drivers of the healthcare IT market. Healthcare IT solutions have the potential to streamline healthcare operations and reduce costs by automating administrative tasks, improving communication between healthcare providers and patients, and reducing medical errors. Furthermore, healthcare IT solutions enable healthcare providers to access patient health records and clinical data in real time, which improves clinical decision-making and enhances patient outcomes.

The need for better patient outcomes and population health management is also driving the healthcare IT market. With the increasing emphasis on patient-centered care, healthcare providers are looking for ways to improve patient engagement and satisfaction. Healthcare IT solutions such as patient portals, telemedicine, and mobile health apps are being used to increase patient engagement and improve patient outcomes. Moreover, population health management solutions are being used to monitor and manage the health of populations, reduce healthcare costs, and improve the quality of care.

The increasing adoption of electronic health records (EHRs) and other healthcare IT solutions by healthcare providers is another factor driving the healthcare IT market. EHRs are being widely adopted by healthcare providers as they offer several benefits, such as improved patient care, increased efficiency, and reduced costs. Healthcare IT solutions such as practice management software, revenue cycle management solutions, and clinical decision support systems are also being adopted by healthcare providers to improve healthcare operations and patient outcomes.

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Market Restraints:

Despite the growth potential of the Healthcare IT market, there are some market restraints to consider, such as the high cost of implementing healthcare IT solutions, concerns about data privacy and security, and the complexity of integrating healthcare IT systems with existing healthcare infrastructure.

COVID 19 Analysis

The COVID-19 pandemic has had a significant impact on the Healthcare IT market. The pandemic has accelerated the adoption of telemedicine and other virtual care solutions, as well as the use of remote monitoring and digital health tools. The pandemic has also highlighted the need for robust public health surveillance and data analysis capabilities. In the post-COVID-19 scenario, the Healthcare IT market is expected to continue to grow as healthcare providers increasingly embrace technology to improve patient outcomes and enhance the efficiency of healthcare delivery.

Healthcare IT Market Segmentation

By Products and Services

The Products and Services in the market include Healthcare Provider Solutions, Healthcare Payer Solutions.

By Component

The Component in the market includes Services, Software.

By End-User

The End-User in the market includes Healthcare Providers, Healthcare Payers, and Research Centers.

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Healthcare IT Market Regional Insights

North America is currently the largest market for Healthcare IT, driven by the presence of major healthcare IT companies and the high adoption of electronic health records in the region. Europe is also a significant market for Healthcare IT, with a growing focus on patient-centered healthcare and the increasing adoption of healthcare IT solutions. The Asia-Pacific region is expected to witness significant growth in the Healthcare IT market, driven by the increasing demand for better healthcare infrastructure and the growing awareness of the benefits of healthcare IT solutions.

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