Healthcare IT Market to Reach USD 961.1 Billion by 2032 | CAGR: 18.7% | DataHorizzon Research

Fort Collins, Colorado, Sept. 15, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Healthcare IT Market Size, Growth, Share, Statistics Report, By Type (Healthcare Provider Solution, Healthcare Payer Solution, Outsourcing) By Component (Hardware, Software, Services), By End-use (Healthcare Providers, Healthcare Payers, Others), By Region, and Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The healthcare IT market size was valued at USD 174.2 Billion in 2022 and is expected to reach USD 961.1 Billion by 2032 at a CAGR of 18.7%. The rise in the adoption of digital technologies for disease detection, and the increasing demand for mobile healthcare facilities has led to market growth.

The wider adoption of healthcare IT services has helped the geriatric population to obtain treatment right away from home without having the need to visit a physician. Also, the initiatives by governments across the globe have created the scope for growth in the market. The Pradhan Mantri Digital Health Mission allows patients and even medical professionals to access their medical records.

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Report Snapshot:

Segmentation Overview:

The healthcare IT market has been segmented into type, product, deployment, end-use, and region. Based on the type, the healthcare provider solution segment holds the majority of market share. The growth of segment is attributed to the adoption of EHR in hospitals and medical facilities, contributing to its growth. The healthcare payers segment is anticipated to grow significantly during the forecast period.

Based on the product, the market has been segmented into hardware, software & services. The software & service segment dominates the healthcare IT market. Medical billing businesses, hospitals, and physicians all need the software for their day-to-day operations, such as keeping a check on the inventories. The hardware segment is a fast-growing segment during the forecast period.

Based on deployment, the cloud segment holds the largest market share. The cloud segment eases the core operations in the medical field as it allows institutions and professionals to store the data and access it from anywhere around the globe, it has low operational cost compared to other mediums. The on-premise segment grows at a significant pace, the data stored here is critical and cannot be shared with anyone, hence it is adopted by banking and financial institutions.

Based on the end-use, the healthcare providers held the largest market share. The segment’s growth is attributed to the increase in the number of private clinics and multi-specialty hospitals which offer services right from small operations to complex surgeries.

Geographically, Asia Pacific dominates the healthcare IT market, the reason being the region is home to 60% of the world’s population base and provides a larger consumer base for the market to expand. Moreover, the support from the governments of different countries contributes towards the market growth.

The market in North America is growing at a significant pace. Advanced healthcare solutions, along with the early adoption of advanced technology, have played a significant role in the growth of the region.

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Healthcare IT Market Report Highlights:

• The healthcare IT market is projected to attain a CAGR of 18.7 % by 2032.

• Healthcare provider solution segments dominate the market based on the type. The healthcare payers are expected to have a steady growth.

• Based on product, the software & services dominate the market. The medical billing business and hospitals all utilize the billing software.

• The cloud segment dominates the healthcare IT market based on deployment. It allows medical professionals to access the data from anywhere.

• Based on end-use, healthcare providers dominate the market. The increase in the number of private clinics contributes towards the segment's growth.

• Asia Pacific is a dominant region in the healthcare IT market, the growth in the region is attributed to the larger population base and the supporting initiatives and collaborations among the players.

• North America region grew at a significant pace in 2022. The region’s growth is attributed to the presence of new technologies and the faster adoption of the same. Moreover, the recent acquisitions in the region have led to the region's growth.

• The prominent players in the Healthcare IT market report are Allscripts Healthcare, Philips, Oracle, United Health Group, Athena Healthcare, Epic Systems Corporation, HP, eclinical works, Avantas, Cognizant, and others.

Key Developments in the Industry:

• The blueshield of California has announced the new CRM tool, which reduces the processing time for operations from 24 hours to 5 minutes. The new customized sales force care management system will help expand the self-service capabilities for the employers.

• Cognizant has expanded its generative AI partnership with Google Cloud and is working on the development of healthcare large language model solutions. The major focus of the program is transforming the administrative processes such as appeals, public grievances, grants, and others, such as appeals, public grievances, grants, and others, into building enterprise healthcare solutions.

• Optum has acquired Change Healthcare. The acquisition is focused on connecting and simplifying the clinical, administrative, and payment processes, which results in lower costs and better experience for the stakeholders.

• HCA Healthcare is expected to spend around $4.6 billion for building the new hospital and outpatient network and also for relieving the capacity constraints at the existing facilities.

• NVIDIA has collaborated with Medtronic, the world’s leading healthcare tech supplier to accelerate the development of AI in healthcare systems and introduce innovative AI-based solutions for patient care. It is the first FDA-approved AI colonscopy technology which assists the clinicians in the detection of poly's which can lead to colorectal cancer. 

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Healthcare IT Market Report Segmentation:

Healthcare IT Market, By Type (2023-2032)

• Healthcare Provider Solution
• Healthcare Payer Solution

Healthcare IT Market, By Product (2023-2032)

• Software
• Services

Healthcare IT Market, By Deployment (2023-2032)

• On-premise
• Cloud

Healthcare IT Market, By End-use (2023-2032)

• Healthcare Providers
• Healthcare Payers

Healthcare IT Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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