Dublin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The "Healthcare IT Market by Solution (Provider, Payer; Clinical; Nonclinical), Service, End user - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Healthcare IT market is projected to reach USD 834.35 billion by 2029 from USD 420.23 billion in 2024, at a CAGR of 14.7% from 2024 to 2029.
The widespread adoption of technology advancement solutions is accelerating the growth of the healthcare IT market. According to the Healthcare article published in August 2024, AI-powered clinical decision support systems assist oncologists by making evidence-based therapy recommendations. It was found that AI helped in improving the dignaostics accuracy by 10 - 15%. Moreover, increased adoptions of EHRs improve data accessibility and drive the demand for advanced healthcare IT solutions.
The telehealth solutions segment is projected to be the largest segment in the clinical healthcare IT market
Based on the type of clinical HCIT solutions, the telehealth solutions segment is projected to be the largest segment during the forecast period. The COVID-19 pandemic has been a catalyst for significant changes in many sectors, particularly in the healthcare industry. One of the most notable transformations has been the rapid adoption and scaling up of telehealth solutions. This is majorly attributed to the government initiatives for eHealth across the globe. For instance, the WHO Global Strategy on Digital Health 2020-2025, the Slaintecare Action Plan, the HSE Corporate Plan, and Healthy Ireland government initiatives are promoting the development of telehealth solutions. Thus, there is an increasing need to improve the quality of care, growing consolidation among healthcare providers, and the rising adoption of digital and connected healthcare technologies.
Healthcare Providers was the largest segment by the end user of healthcare IT market in 2023
Healthcare providers segment is projected to grow at the highest growth rate in the healthcare IT market in 2023. Providers face high demand for digitized, personalized service with staffing challenges. At the same time, health systems strive to advance patient acquisition, proactive care engagement and commitments to their communities. Achieving long-term visions for financially sustainable value-based care and population health management requires healthcare information technology solutions that can improve the patient and employee experience while allowing providers to focus on what they do best - care. Thus, there is a rising demand for healthcare IT solutions to improve patient care while increasing operational efficiency.
APAC to witness the highest growth rate during the forecast period
In this report, the healthcare IT market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The healthcare IT market in APAC is projected to register the highest CAGR rate during the forecast period. The growth in the APAC market is mainly driven by factors such as the improving healthcare infrastructure, adoption of technology solutions and government initiatives for the adoption of HCIT solutions.
For instance, the recent initiatives by the National Accreditation Board for Hospitals (NABH) to establish standards and guidelines for Hospital Information Systems (HIS) and Electronic Medical Records (EMR) are significantly driving the demand for healthcare technology solutions in India. Launched in September 2023, these digital health standards have already seen 275 hospitals apply for certification, with 100 achieving it. This regulatory push is not only fostering a robust market for healthcare IT solutions but also positioning India to enhance its healthcare delivery through advanced digital infrastructure.
Optum, Oracle and Citiustech are some of the key players in the healthcare IT market. The study includes an in-depth competitive analysis of these key players in the healthcare IT market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the healthcare IT market by solution & service (healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services), by component (services, software, and hardware), by end-user (Payers, Providers, and Life Sciences Industry), and by region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa).
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the healthcare IT market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. new product & service launches, mergers and acquisitions, and recent developments associated with the healthcare IT market. Competitive analysis of upcoming startups in the healthcare IT market ecosystem is covered in this report.
The report provides insights on the following pointers:
- Analysis of key drivers (Government mandates & support for HCIT solutions, rising use of big data, high returns on investments associated with HCIT solutions, need to crucial escalating healthcare costs, growing adoption of 2-prescribing, telehealth, mhealth, and other HCIT solutions) restraints (IT infrastructural constraints in developing countries, high cost of deploying HCIT solutions in small and medium-sized hospitals in emerging countries, resistance from traditional healthcare providers) opportunities (rising use of HCIT solutions in outpatient care facilities, cloud-based EHR solutions, shift towards patient-centric healthcare delivery challenges (security concerns, interoperability issues) influencing the growth of the healthcare IT market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the healthcare IT market
- Market Development: Comprehensive information about lucrative markets - the report analyses the healthcare IT market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the healthcare IT market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Optum, Inc. (US), Cognizant (US), Koninklijke Philips N.V. (Netherlands), Oracle (US), GE Healthcare (US), Dell Inc. (US), Wipro (India), eClinicalWorks (US), SAS Institute Inc. (US), Inovalon (US); among others in the healthcare IT market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 633 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $420.23 Billion |
| Forecasted Market Value (USD) by 2029 | $834.35 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Key Topics Covered:
MARKET DYNAMICS
DRIVERS
- Government mandates & support for HCIT solutions
- Rising use of big data in healthcare
- High returns on investment associated with HCIT solutions
- Growing mHealth, telehealth, and remote patient monitoring markets
RESTRAINTS
- Infrastructure constraints in developing countries
- High cost of deployment in small and medium-sized hospitals in emerging economies
- Resistance from traditional healthcare providers
OPPORTUNITIES
- Rising use of HCIT solutions in outpatient care facilities
- Cloud-based EHR solutions
- Shift toward patient-centric healthcare delivery
CHALLENGES
- Rising data breach concerns
- Interoperability issues
- Limited availability of skilled personnel
CASE STUDY ANALYSIS
- Healthcare Analytics - Data and Analytics Platform Drives Annual Savings and Boosts Improvement Capacity in Healthcare System
- VNA & PACS - Effortless Integration and Instant Data Access Provided by SYNAPPS VNA
- Health Information Exchange - HealthInfonet and Orion Health Collaborate for Rapid Delivery of HIE Services to Patients and Healthcare Providers
- Radiation Dose Management - Focus on Reducing Radiation Dose
COMPANY PROFILES
KEY PLAYERS
- Optum
- Cognizant
- Koninklijke Philips.
- DELL Technologies
- GE Healthcare
- Oracle
- WIPRO
- EClincialWorks
- SAS Institute
- Inovalon
- INFOR
- Conifer Health Solutions
- Nuance Communications
- 3M
- Merative
- Epic Systems
- InterSystems
- Veradigm
- Salesforce
- Citiustech
OTHER PLAYERS
- Conduent
- CareStream Health
- Practice Fusion
- TATA Consultancy
- Elsevier
- MedeanAnalytics
- Medecision
- Surgical Information Systems
- Chartis
- Clearwave
For more information about this report visit https://www.researchandmarkets.com/r/2h88uu
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