Healthcare IT Market revenue to cross USD 603.4 Bn by 2027: Global Market Insights Inc.

APAC healthcare IT market is estimated to attain a CAGR of 17.5% through 2027 owing to the rising disposable incomes and upgradation of the healthcare infrastructure.

SELBYVILLE, Del., Nov. 22, 2021 /PRNewswire/ -- The healthcare IT market size is anticipated to record a valuation of USD 603.4 billion by 2027, according to the most recent study by Global Market Insights Inc. Asia Pacific possesses high potential for growth of industry. Countries such as China, India and South Korea are some of the rapidly developing countries in APAC region. The national governments have been constantly focusing on enhancing healthcare services and advancing healthcare infrastructure. Furthermore, implementation of advanced technologies and streamlining of healthcare processes will enable cost-saving in coming future, thereby fueling the market growth.

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mhealth segment accounted for 13% of the healthcare IT market share in 2020. mHealth industry primarily comprises health-related mobile applications and wearable devices. For instance, Kardia mobile device is the AliveCor's FDA & EU Class II approved mobile technology used in the clinical research. The device is a clinically authorized mobile ECG system that enables its users to yield an active role in their cardiac health.

Pharmacies segment is expected to reach USD 51 billion by 2027. Changing healthcare practices and increasing inclination towards utilization of health IT solutions also demands the pharmacists to employ a range of healthcare IT solutions. Additionally, electronic prescribing (e-prescribing) is a rapidly emerging system, as the system is being installed by many pharmacies across developing countries. It encourages adoption of health information technology owing to its potential to enhance patient safety by lowering medication errors. Thus, aforementioned factors are predicted to significantly foster the segment growth.

Asia Pacific healthcare IT market is poised to witness 17.5% growth rate during 2021 to 2027 led by the rising disposable incomes and upgradation of the healthcare infrastructure. Initiatives and programs launched by various governments will further offer lucrative growth in the APAC region. For instance, in July 2016, My Health Record Rule initiative launched by the Government of Australia was undertaken to authorize the population and industries digitally in the country. The initiative aimed to accumulate, organize and maintain health records of all citizens in one place. This has offered lucrative growth potential for various digital health system platform vendors in the region during the forecast period.

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A few notable companies operating in the market include McKesson Corporation, Siemens Healthineers, Oracle Corporation, Cerner Corporation, GE Healthcare, Agfa Healthcare, Allscripts Healthcare Solutions and elicnicalWorks. Industry players are focusing on various strategies such as novel product launches, acquisition and business expansion to consolidate their market presence. For instance, in November 2020, Microsoft launched its Microsoft Cloud for Healthcare to boost patient engagement, health team collaboration and improve clinical & operational insights. This helped the company to expand its business to untapped economies as well as enhance its customer base

Table of Contents (ToC) of the report:

Chapter 3 Healthcare IT Market Insights

3.1  Industry segmentation

3.2  Industry landscape, 2016 - 2027

3.3  Industry impact forces

3.3.1  Growth drivers

3.3.2  Industry pitfalls & challenges

3.4  Growth potential analysis

3.4.1  By solution

3.4.2  By end-use

3.5  COVID-19 impact analysis

3.6  Regulatory landscape

3.7  Technology landscape

3.8  Porter's analysis

3.9  Competitive landscape

3.9.1  Company matrix analysis, 2020

3.10  PESTEL analysis

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SOURCE Global Market Insights Inc.