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Healthcare IT Market Size
Healthcare IT Market size was worth USD 303.4 billion in 2022 and is anticipated to exhibit over 13.5% CAGR from 2023-2032 owing to rising investments in healthcare infrastructure in Asian countries.
The ongoing developments in healthcare infrastructure and the hefty investments from governments worldwide, particularly in APAC countries will positively influence the healthcare information technology industry outlook. With the emergence of novel epidemics and pandemics as well as the growing concerns associated with infectious disease outbreaks, multiple governments are working towards increasing access to healthcare services.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 303.4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 13.5% |
| 2032 Value Projection: | USD 1.1 Tillion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 358 |
| Segments covered: | Solutions, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Data security concerns may impede the adoption of healthcare IT solutions
Growing security and privacy concerns associated with electronic health records (EHR) will act as a major restraint in the healthcare IT industry. EHRs contain large volumes of personal information including social security numbers, insurance IDs, and medical history. In the recent past, IT infrastructures have reported the dramatic influx in the number of data breaches and thefts, putting patient information at risk. Hence, security threat is a major roadblock limiting the adoption of IT frameworks across healthcare facilities. These surging concerns associated with data privacy are also prompting industry players to develop more robust and advanced IT solutions.
Healthcare IT Market Analysis
Healthcare IT market valuation from revenue cycle management solutions is estimated to reach more than USD 174.3 billion by 2032. Healthcare facilities are investing heavily in novel solutions for enabling revenue cycle management as they help streamline clinical and administrative tasks associated with revenue generation, claims processing, and payments. The surging number of hospital admissions and the advent of automated technologies in hospitals are also fostering lucrative demand for healthcare revenue cycle management (RCM) software and solutions. Furthermore, RCM software offers multiple benefits, including reduced operational costs, digitization & automation of workflow, steady revenue cycles, and minimized incidence of denials & rejections from payers.
Healthcare IT market from healthcare providers crossed USD 191 billion in 2022. A large number of healthcare providers, from diagnostic laboratories to hospitals, and ambulatory clinical units are leveraging IT tools and services to improve the overall patient experience. IT infrastructure allows healthcare providers to perform large-scale operations effectively and achieve multifunctionality whilst ensuring cost-efficiency, thus spurring demand for healthcare IT. The increasing dependence on automation stack for physician credentialing and nonvertical processes such as running IT helpdesks will further emphasize the need for robust healthcare IT, driving the industry dynamics.
North America healthcare IT market size is poised to record USD 367.7 billion by 2032. The surging hospital admissions, growing patient pool, and presence of leading industry players will push the market expansion in the region. Additionally, hefty investments for the development of healthcare infrastructure to eliminate disparity and address unmet medical needs will complement the industry outlook. For instance, according to the Healthcare Information and Management Systems Society, the U.S. needs to commit an investment of USD 36.7 billion over the forthcoming decade to upgrade State, Territorial, Local, and Tribal (STLT) public health infrastructure.
Healthcare IT Market Share
Some of the leading companies in the global healthcare information technology market include :
- Allscripts Healthcare Solution, Inc.
- Agfa Healthcare
- Athenahealth
- Cerner Corporation
- Carestream Health
- eMDs, Inc.
- eClinicalWorks
- Epic System Corporation
- Experian Information Solution, Inc.
- Oracle Corporation
- GE Healthcare
- NextGen Healthcare Inc.
- SAP
- Koninklijke Philips N.V.
- Siemens Healthineers.
These firms are focusing on strategic alliances to strengthen their product portfolio.
Impact of the COVID-19 pandemic
The COVID-19 crisis had a positive impact on the market as it helped catalyze the digitization of the healthcare sector, thus representing a robust demand for digital solutions. Telehealth and telemedicine trends witnessed rapid adoption due to the growing patient preference for teleconsultation to prevent the spread of infection, further complementing the healthcare IT industry. Moreover, several developed and developing economies introduced reformed regulations for the effective integration of IT technologies in the field of healthcare, realizing the current need for at-home consultation and digitized medical records to streamline the healthcare operations.
The healthcare IT market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Solutions
- 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
- Others
By End-use
- Healthcare providers
- Hospitals
- Pharmacies
- Diagnostic and imaging centers
- Ambulatory clinical units
- Others
- Healthcare payers
- Private
- Public
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Poland
- Switzerland
- Netherlands
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Singapore
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Iraq
- Israel
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