Healthcare IT Market

Healthcare IT Market

Growth Factors of Healthcare IT Market

The healthcare IT market size was valued at USD 278.00 billion in 2023, and the market is now projected to grow from USD 312.92 billion in 2024 to USD 981.23 billion by 2032, exhibiting a CAGR of 15.4% during the forecast period of 2023-2030.

Due to the covid pandemic many companies shut down their prediction units and projects due to hindered travel acquisitions which ultimately created a decline in the healthcare IT market growth. As the companies requires workers and skilled professional to work on projects and to manage the manufacturing of products but due to covid pandemic the working scenario has been hindered to avoid social gathering and follow covid guidelines. Due to covid pandemic, the production and supply chain of the various food industries led to decline which significantly affected the market growth especially healthcare industry.

Growing number of product releases drives market expansion. Moreover, the healthcare system places a high premium on controlling chronic diseases because of their complexity and high expense. Thus, it has been determined that the best way to improve information flows is to integrate EMRs.

Growing corporate investments in global healthcare infrastructure advancement. Businesses in the pharmaceutical and biotechnology industries are always working to give patients cutting-edge care and necessary services. Many have shortened schedules and raised success rates by incorporating digital analytics into early-stage clinical and medication development processes. In addition, a number of businesses are obtaining capital to improve the infrastructure supporting healthcare. To help the pharmaceutical industry undertake decentralized clinical trials, Huma Therapeutics Limited, for example, got USD 130.0 million in funding in May 2021 to digitize its healthcare platform. This platform advances proactive research by fusing digital biomarkers, predictive algorithms, and real-world data.

Comprehensive Analysis of Healthcare IT Market

The healthcare IT market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by solution, by component and by end users. The types solution segmentation includes, Clinical Solutions {Electronic Health Records, Population Health Management Solutions, Mobile Health Applications, Telehealth Solutions} & Non-Clinical Solutions {Revenue Cycle Management, Customer Relationship Management Solutions} while by Component segmentation includes Hardware and Software & Services. However, the end users segmentation includes Healthcare Providers {Hospitals & ASCs, Diagnostic Imaging Centers, Pharmacies} and Healthcare Payers {Private Payers & Public Payers}.

The North America region lead the healthcare IT market by benefitting a market size of USD 117.21 billion in 2023 due to expanding government initiatives to support e-health technology, a growing trend toward value-based care, the integration of big data in healthcare administration, and growing awareness of digital health.

The prominent players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. A level playing field for competition is provided by these major global players, which include Epic Systems (U.S.), Cerner Corporation (U.S.), Veradigm LLC (U.S.), Meditech (U.S.), Health Catalyst, Inc. (U.S.), Athenahealth, Inc. (U.S.), InterSystems Corporation (U.S.), Arcadia Solutions, LLC (U.S.), Koninklijke Philips N.V. (Netherlands), and Innovaccer, Inc. (U.S.).

In December 2023, In order to assist physicians, health systems, and hospitals with accurate patient information, Epic Systems and Qualtrics collaborated to deliver advanced software solutions. Additionally, the platform helps businesses get input regarding the customer experience.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 15.4% from 2024-2032

Unit Value (USD Billion)

Segmentation By Solution

- Clinical Solutions

- Electronic Health Records (EHR)

- Population health management solutions

- Mobile Health Applications

- Telehealth Solutions

- Laboratory Information System

- Computerized Physician Order Entry (CPOE) Systems

- Others

- Non Clinical Solutions

- Revenue cycle management

- Customer Relationship Management Solutions

- Healthcare Interoperability Solutions

- Supply chain management solutions

- Others

By Component

- Hardware

- Software & Services

By End-User

- Healthcare Providers

- Hospitals & ASCs

- Diagnostic Imaging Centers

- Pharmacies

- Others

- Healthcare Payers

- Private Payers

- Public Payers

By Region

- North America (By Solution, Component, End-User, and Country)

- U.S. (By Component)

- Canada (By Component)

- Europe (By Solution, Component, End-User, and Country/Sub-region)

- U.K. (By Component)

- Germany (By Component)

- France (By Component)

- Italy (By Component)

- Spain (By Component)

- Scandinavia (By Component)

- Rest of Europe (By Component)

- Asia Pacific (By Solution, Component, End-User, and Country/Sub-region)

- Japan (By Component)

- China (By Component)

- India (By Component)

- Australia (By Component)

- Southeast Asia (By Component)

- Rest of Asia Pacific (By Component)

- Latin America (By Solution, Component, End-User, and Country/Sub-region)

- Brazil (By Component)

- Mexico (By Component)

- Rest of Latin America (By Component)

- Middle East & Africa (By Solution, Component, End-User, and Country/Sub-region)

- GCC (By Component)

- South Africa (By Component)

- Rest of MEA (By Component)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.