Healthcare IT Market to Reach USD 880,688.75 Million by 2030, Registering a CAGR of 13.3% | Valuates Reports

BANGALORE, India, July 19, 2022 /PRNewswire/ -- Healthcare IT Market is segmented By Product (Healthcare Provider Solutions, Non-clinical Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services, Payer HCIT Outsourcing Services, Operational HCIT Outsourcing Services, IT Infrastructure Management Services), By End User (Healthcare Providers, Healthcare Payers): Opportunity Analysis and Industry Forecast, 2022–2028.

The global Healthcare IT market was valued at USD 250,577.15 Million in 2020 and is projected to reach USD 880,688.75 Million by 2030, registering a CAGR of 13.3% from 2021 to 2030.

Major Factors Driving the Growth of Healthcare IT Market

The surge in acceptance of mHealth and telehealth practices, and the adoption of cloud-based HCIT systems will drive the growth of the market.

Government initiatives, the increasing trend of outsourcing healthcare activities, and the emergence of EHR( Electronic Health Records) and electronic billing systems will fuel the growth of the market during the forecast period. 

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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE IT MARKET

Digital health trends like telemedicine are helping improve health equity worldwide. People want a seamless experience to schedule appointments, get medication and receive essential advice on their health. Through the use of digital technologies like computers, mobile phones, and tablets affordable after-hour medical coverage at nursing facilities are now available. Deployed as intuitive voice-activated home tools for remote monitoring and distance-based consults, telehealth is reaching remote inaccessible areas at just the moment it is needed the most. These factors will fuel the growth of the healthcare IT market in the coming years.

The growing penetration of smartphones has given rise to the use of mHealth apps. Patients can contact their doctors anytime anywhere in the world. Physicians are able to record patient history with minimal errors. These apps automate a lot of the paperwork and free up a doctor's time thereby reducing errors in diagnosis. As bedside tools, the devices identify symptoms of pathogens and infectious diseases quickly. Moreover, mobile apps can run checks on prescriptions to decrease prescription errors. Patients and healthcare professionals can communicate with each other virtually and access information on their portable devices. This in turn will drive the demand in the healthcare IT market during the forecast period.

Electronic medical billing systems reduce processing time and enable quick payments. The data stored in Electronic Health Records( EHR) enable quick retrieval of lab results using computerized entries that reduce duplication and human errors. Furthermore electronic medical records enable doctors to verify the insurance eligibility of patients. This improves the efficiency of the insurance claiming process. The software sequentially maintains information about relevant patients so that they can be treated as per their preferred doctors. It automatically removes the data of patients who are dead or no longer beneficial to the hospital. This will drive the growth of the healthcare IT market in the coming years.

Several healthcare reforms such as the Patient Protection and Affordable Care Act( PPACA) are underway as government authorities strive to provide improved quality of healthcare services at affordable prices. Cloud-based HCIT systems provide high computing power. All the Electronic Health Records, patient lists, test results, and other relative documents are stored and analyzed through internet-connected devices. Cloud-based messaging and collaboration services are critical for supporting large database management, clinical decision-making, and treatment time shortening. Using these tools healthcare providers can exchange information, improve the quality of patient care and promote the development of medical sciences. These factors are expected to drive the growth of the healthcare IT market during the forthcoming years.

Clinical services, diagnostic imaging, and patient care services are being outsourced to expand the ability of hospitals without making substantial investments to upgrade in-house equipment. IT administration is the most outsourced area in the industry. The cost of highly skilled full-time payroll staff can be exponentially higher than the cost of an outsourcing company. Highly skilled industry experts can be hired at a lower cost. This leads to efficient compliance and improved staff productivity. Costly billing issues are avoided. These ongoing developments will push the healthcare IT market forward during the forecast period.

Patients and healthcare professionals rely on data to make treatment decisions. Without adequate security protocols, patients' sensitive data on connected medical devices can be altered which can lead to the wrong diagnosis. This is expected to hamper the growth prospects of the healthcare IT market in the upcoming years.

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HEALTHCARE IT MARKET SHARE ANALYSIS:

Based on end-user, the healthcare payers segment is expected to maintain dominance in the healthcare IT market share from 2020 to 2030. In healthcare providers, the hospital segment is expected to grow the highest due to the growing demand for HCIT solutions to manage the increasing burden of patient information and the rising prevalence of chronic diseases.

Based on product type, Healthcare provider solutions are expected to be the largest segment in the healthcare IT market share due to large-scale adoption of Electronic Health Records(EHR) and other hospital information systems. The market is expected to grow due to the surging use of mHealth, Telehealth practices, cloud technology, and government initiatives for healthcare development.

Based on region, Asia-Pacific is expected to witness considerable growth in the healthcare IT market share owing to rapid penetration of IT services, stringent healthcare reforms, and demand for healthcare safety.

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Healthcare IT Market Segments

By Product 

• Healthcare Provider Solutions
• Clinical Solutions
• Electronic Health/Medical Records
• Vendor Neutral Archive (VNA)
• Computerized Physician Order Entry
• Clinical Decision Support Systems
• Radiology Information Systems
• Radiation Dose Management Solution
• Specialty Management Information Systems
• Medical Image Processing & Analysis Solution
• Healthcare IT Integration Systems
• Practice Management Systems
• Laboratory Information Systems
• Digital Pathology Solutions
• Mobile Health (mHealth) Solutions
• Telehealth Solutions
• Non-clinical Solutions
• Pharmacy Information Systems
• Medication Management Systems
• Electronic Medication Administration Records
• Barcode Medication Administration
• Medication Inventory Management Systems
• Medication Assurance Systems
• Healthcare Asset Management
• Equipment Management Systems
• Patient Tracking and Management
• Temperature and Humidity Monitoring
• Workforce Management Systems
• Revenue Cycle Management
• Admission Discharge Transfer/Registration
• Computer Assisted Coding Systems
• Patient Scheduling
• Patient Billing and Claims Management Solutions
• Electronic Data Interchange
• Financial Management Systems
• Medical Document Management Systems
• Healthcare Information Exchanges
• Population Health Management
• Supply Chain Management
• Procurement Management
• Inventory Management
• ○ Healthcare Analytics
• Clinical Analytics
• Financial Analytics
• Operational and Administrative Analytics
• Customer Relationship Management
• Healthcare Payer Solutions
• Pharmacy Analysis and Audit
• Claims Management
• Fraud Management
• Computer-assisted Coding Systems
• Payment Management
• Patient Billing Management
• Provider Billing Management
• Provider Network Management
• Member Eligibility Management
• Customer Relationship Management
• Medical Document Management
• Other
• HCIT Outsourcing Services
• Provider HCIT Outsourcing Services
• Medical Document Management Services
• Pharmacy Information Management Services
• Laboratory Information Management Services
• Revenue Cycle Management Services
• Others
• Payer HCIT Outsourcing Services
• Claim Management
• Customer Relationship Management Services
• Billing System
• Fraud Detection
• Others
• Operational HCIT Outsourcing Services
• Supply Chain Management Services
• Business Process Management Services
• Others
• IT Infrastructure Management Services

By End-User

• Healthcare Providers
• Hospitals
• Ambulatory Care Centers
• Diagnostic & Imaging Centers
• Pharmacies
• Others
• Healthcare Payers
• Private Payers
• Public Payers

Key Companies:

• McKesson Corporation (U.S.)
• United Healthcare Group(U.S.)
• Allscripts Healthcare Solutions, Inc. (U.S.)
• Athenahealth, Inc. (U.S.)
• Epic Systems Corporation (U.S.)
• GE Healthcare (UK)
• Cerner Corporation (U.S.)
• Oracle Corporation (U.S.)
• Koninklijke Philips N V
• INFOR
• Wolters Kluwer
• IBM
• 3M health Information Systems
• Conifer Health Solutions
• Kronos Incorporated
• Anthelio Healthcare Solutions Inc
• Lexmark Healthcare
• Orian Health
• Wipro Technologies
• CSI Healthcare IT
• Syntel
• Spok.

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-  The Global Electronic Health Records market  size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.

-  The Global Electronic Health Records market size is projected to reach USD 47.25 Billion by 2027, from USD 29.16 Billion in 2020, at a CAGR of 7.14% during 2021-2027.

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