Healthcare IT Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Cha

Healthcare IT Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-Use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The healthcare information technology (IT) market is expected to grow enormously through 2030 owing to expanding elderly population across the world. In addition, soaring prevalence of chronic diseases, along with high adoption of electronic health records in emerging economies, is likely to propel market expansion over the forecast period.

The COVID-19 pandemic has been lucrative for the industry as a result of the strong government role in elevating the adoption of digital solutions like telemedicine, particularly in developing nations. For instance, in January 2022, the Government of India introduced the Ayushman Bharat Digital Mission to deliver Health ID to the public that comprises their health records. This notable shift toward digital healthcare was foreseen to make healthcare accessible and usable for citizens.

Moreover, major participants are focusing on creating innovative solutions and establishing strategic collaborations with public and private companies to strengthen their market stances, thereby accelerating overall business growth. To cite an instance, in September 2022, Siemens Healthineers, a German medical device company, announced a partnership deal with Healthcare Global Enterprises, Naryana Health, and the Indian Institute of Science to broaden its technical capabilities in order to combat the most threatening diseases.

The healthcare information technology (IT) market has been bifurcated in terms of solutions, end-use, and region.

Based on solutions, the healthcare IT market has been divided into supply chain management, radiology information systems, fraud management, electronic health record, mHealth, healthcare analytics, vendor neutral archives, telehealth, computerized physician order entry, customer relationship management, picture archiving & communication systems, and revenue cycle management.

The healthcare information technology (IT) market size from the radiology information systems segment was recorded at over $4.5 billion in 2021 and is set to observe steady progress through 2030 as they can manage medical imagery and related information. These systems provide several advantages, such as enhanced healthcare efficiency, minimal room for error, and better patient management, among others.

On the other hand, the electronic health record (EHR) segment is poised to reach nearly $189 billion in revenue by the end of 2030 as it reduces the need for paper-based documentation and helps healthcare professionals invest more efforts in diagnostic procedures. Meanwhile, in 2021, the vendor neutral archives segment exceeded $2.5 billion in revenue as a result of its advantageous qualities that help healthcare facilities in storing, organizing, managing, and controlling imaging data by streamlining workflows across systems.

In the regional context, the Middle East & Africa healthcare information technology (IT) market accounted for a valuation of more than $8 billion in 2021 driven by promising efforts toward developing the healthcare infrastructure in the region to promote medical tourism. Additionally, the need to offer global standards of healthcare services is bolstering the uptake of healthcare IT solutions, which is set to foster MEA regional growth.