Healthcare IT Market Size, Share & Trends Analysis Report By Application (EHR, CPOE, Electronic Prescribing Systems, Medical Imaging Information), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Healthcare IT Market Size, Share & Trends Analysis Report By Application (EHR, CPOE, Electronic Prescribing Systems, Medical Imaging Information), By Region (North America, Europe), And Segment Forecasts, 2024 - 2030

Healthcare IT Market Growth & Trends

The global healthcare IT market size is expected to reach USD 644.9 billion by 2030, registering a CAGR of 18.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Rising demand for advanced healthcare IT solutions, including EHR, increased smartphone usage, and growing need for remote patient monitoring for improved out-of-hospital care are driving the overall market growth. For instance, a 2021 article in the Journal of Medical Internet Research titled 'Adoption of EHRs in China over the Past Decade: A Comparative Study with the U.S.' highlights increasing adoption of EHRs in both the U.S. and China. However, adoption rates vary due to different strategies at the country level. U.S. and Chinese hospitals showed 9.6% and 6.1% adoption rates, respectively. Notably, 534 hospitals, on average, adopted EHRs annually in the U.S.; in China, the number was significantly higher at 1,500, indicating a greater effort is needed in China.

A rise in healthcare spending across the globe is driving the demand for implementation of IoT solutions in the healthcare sector. According to estimates published by WHO in 2020, global spending on healthcare witnessed a significant surge, accounting for 11% of the global GDP or USD 9 trillion. Healthcare industry is evolving from a fee-for-service model to a value-based model, wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is rising globally as the cost of healthcare is increasing faster than the growth of economies.

Advancements in healthcare IT are providing opportunities to cut down healthcare spending by improving care delivery and clinical outcomes. Best possible interventions enabled through timely data aggregation coupled with an increase in patient involvement for the management of chronic care through patient engagement portals are among the factors contributing to cost reduction. IoT-enabled clinical trials also offer an opportunity for cost reduction as IoT simplifies the overall process and captures sophisticated endpoints. Remote patient monitoring solutions help in handling non-critical patients at home, which eventually reduces hospital admissions and improves workflow efficiency. In addition, IoT solutions also enhance clinical operations through asset tracking and improvement in data capturing help in significant cost savings.

Market players are focusing on innovative product development strategies. Furthermore, notable market players are integrating big data, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth. For instance, in April 2023, eClinicalWorks announced the integration of its Practice Management and EHR solutions with cognitive services, including ChatGPT and machine learning models from Azure OpenAI Service, to enhance its technology offerings. This strategic move followed eClinicalWorks' significant USD 100 million investment in Microsoft Azure cloud services, allowing the company access to the latest innovations within the Microsoft Cloud ecosystem.

Healthcare IT Market Report Highlights

• Based on application, the electronic prescribing systems segment is expected to exhibit the fastest CAGR of 26.8% over the forecast period. An increase in awareness of the advantages of e-prescribing is fueling the adoption of e-prescribing systems. In a study titled “Perception of physicians towards electronic prescription systems and associated factors at resource-limited settings" published in PLOS ONE in March 2021, survey participants expressed positive perceptions of electronic prescriptions, with 76.5% showing a favorable attitude. Furthermore, approximately 70.8% of participants had over 5 years of computer usage experience. The study also revealed that nearly 90% of participants considered their electronic prescriptions to be legible
• North America dominated the market with a revenue share of 48.0% in 2023. The region's market growth is fueled by the extensive adoption of healthcare IT solutions and services, especially in the U.S., as providers strive to enhance patient care while reducing costs
• Asia Pacific is anticipated to hold the fastest CAGR of over 22.8% during the forecast, with high demand for healthcare IT services, owing to increased government spending on healthcare

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