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The Healthcare IT Market size is estimated to grow by USD 168.86 billion between 2022 and 2027, accelerating at a CAGR of 10.89% during the forecast period.
The Healthcare IT Industry plays a crucial role in enhancing the processing, storage, retrieval, sharing, and utilization of healthcare data for patient treatment and patient safety. Investing in IT hardware and software has reduced the workload on hospital staff, improving treatment quality. Medical software systems aid decision-making, automate schedules, and minimize human intervention, reducing service delivery time. Electronic medical records (EMRs) are a key component of healthcare IT systems, allowing for digital storage and management of patient information. Digitalization and EHR systems enable hospitals to comply with guidelines and streamline processes. The integration of Artificial Intelligence (AI), machine learning and big data in healthcare IT is opening new opportunities, leading to increased adoption and growth in the global healthcare IT market.
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Technavio has segmented the market into end-user, components, and geography.
The Healthcare IT market caters to the needs of healthcare providers, offering advanced technologies such as telehealth, electronic health records (EHRs), and analytics. These solutions improve patient care and efficiency, with providers adopting them to record, manage, and share health information. Devices like tablets and computers facilitate remote patient care, while cloud-based systems ensure accessibility and data security. Provider organizations invest in these innovations to enhance healthcare services and deliver better outcomes.
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The healthcare providers segment was valued at USD 132.52 billion in 2017 and continued to grow until 2021. The inclusion of IT in healthcare has several advantages, which include improved quality of care, accuracy, reduced costs, and seamless collaboration. Pharmacies are also increasingly adopting IT in their effective and efficient operations. For instance, digital messaging increases the possibility that the care team can resolve any concerns before the patient even reaches the pharmacy counter because it enables pharmacists to connect with doctors much faster and more directly than with faxes. With the use of technology, pharmacies can operate more quickly and have access to vital patient and medical data. Thus, the increasing implementation of IT in different healthcare settings or providers will boost the growth of the market through the healthcare providers segment during the forecast period.
Based on components, healthcare Information sfotware services holds the largest market share. Healthcare IT services include consulting services, learning and training, development and integration, hardware maintenance and support, IT management, process management, and software support. The major growth areas are consulting and software support. End-users of such services could include large hospitals, tissue and blood processing organizations, to rural medical centers, from individual doctors' offices to full-service hospitals and multi-location clinics.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The consistent year-over-year (YOY) growth of the North American market can be attributed to several key factors, namely the rise in data integration, government initiatives, an aging population, and the increasing use of mHealth applications. Both the United States and Canada have always upheld strong and stringent public health policies, allocating substantial budgets to the healthcare sector.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Oracle Corp.- The company offers healthcare IT such as Oracle cloud healthcare infrastructure.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a dynamic and innovative industry that continues to evolve with the integration of electronic records, telemedicine, and advanced technology solutions. The market is characterized by the development and implementation of interoperable systems, mobile devices, and cybersecurity measures to ensure the secure exchange and management of data.
Electronic records have revolutionized patient management, enabling healthcare providers to access and analyze data in real-time, leading to improved patient outcomes and more efficient care. Telemedicine, fueled by mobile technology and software, allows for remote consultations and monitoring, expanding access to healthcare services. Cybersecurity is a critical component of the market, as the digital storage and exchange of sensitive patient data necessitate robust security measures. Innovation in this area includes the use of analytics and data systems to detect and respond to cyber threats. The market is expected to grow significantly in the coming years, driven by the increasing adoption of digital solutions and the need for more efficient and effective patient care. Key players in the market include device manufacturers, software developers, and technology companies, all working to provide interoperable and secure systems to meet the demands of the healthcare industry.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The healthcare industry is experiencing a surge in automation due to increasing average lifespans, rising chronic diseases, and a global population leading to more patients and longer treatment times. Health awareness and healthy living trends also necessitate continuous health monitoring. IT solutions, including interoperability technology, software, electronic records, data systems, telemedicine, cybersecurity, analytics, and digital healthcare innovation, are essential for automating patient admission, medical data collection and storage, examination, transcription, pharmaceutical workflow, follow-ups, and medical record transfers.
Automation in healthcare reduces costs, time, and effort while enhancing treatment quality and efficiency. The growing demand for these solutions drives the expansion of the global healthcare IT market, which includes telemedicine, mobile applications, patient management infrastructure, artificial intelligence, and digital healthcare devices. Key components are interoperability technology for seamless data exchange, cybersecurity for data protection, and analytics for informed decision-making.
Healthcare providers and government agencies leveraging social media analytics is a popular trend in the market. Social media has become a ubiquitous platform offering valuable insights to healthcare providers and patients. Doctors are utilizing tools like Twitter and Facebook to connect with specialists, discuss medical cases, and learn from peers' experiences. They also access social media content from pharmaceutical companies to stay updated on ongoing clinical trials. Government agencies worldwide leverage social media analytics to gather accurate public health data. For instance, the Centers for Disease Control and Prevention (CDC) in the US has a comprehensive social media strategy and engages with users on platforms like Twitter, Instagram, and Facebook. CDC employs podcast tools, widgets, and e-cards to interact and gather information from responses. This aids in the real-time detection and tracking of infectious disease outbreaks at a minimal cost. These advancements will contribute to the growth of the market in the forecast period.
The increasing need for intense training is a major factor hindering the growth of the market. The market encompasses hardware, software, and services, which require specialized training and skills to ensure efficient and error-free operations. Medical transcriptionists, for instance, need extensive training to accurately transcribe audio files and understand healthcare terminologies. Certification from organizations like AHDI is necessary for compliance and data privacy. Additionally, proofreaders and editors play a vital role in ensuring error-free medical transcriptions. It is crucial for stakeholders to ensure that individuals operating healthcare IT systems have the necessary qualifications and training. These factors pose challenges and may hinder the growth of the market in the forecast period.
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The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
The market is experiencing significant developments, driven by the increasing demand for advanced healthcare provider solutions. Telehealth, a key component of these solutions, is revolutionizing healthcare services by enabling remote patient monitoring and consultations. Companies like GE Healthcare are at the forefront of this innovation, providing health records software and IT solutions to improve healthcare delivery. Telemedicine and artificial intelligence are adding value to healthcare IT by increasing access to patient information and enabling more accurate diagnoses. The implementation of these technologies is being facilitated by government initiatives aimed at improving population health and reducing the burden on hospitals.
Healthcare payers and organizations are recognizing the importance of interoperability in smart healthcare IT, leading to the addition of cybersecurity measures to ensure the secure exchange of patient data through digital healthcare industry. The healthcare it solutions is expected to see an increase in demand for mobile devices and software products as more healthcare providers seek to leverage technology to enhance their services. The healthcare organizations market is undergoing transformative changes, driven by the need for efficient, secure, and accessible solutions. Telehealth, artificial intelligence, and cybersecurity are some of the key areas of innovation, and their implementation is being facilitated by government initiatives and the adoption of mobile technologies.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industry Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.89% |
Market growth 2023-2027 |
USD 168.86 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
9.48 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 46% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 company Landscape
12 company Analysis
13 Appendix
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