Healthcare IT Market Outlook

Healthcare IT is the area involving the development, design, creation, use, and maintenance of information systems for the medical industry. Automated and inter-operable techniques lower costs, increase efficiency, improve public health, reduce errors, and enhance patient satisfaction while providing restitution for ambulatory and inpatient medical care providers.

The global healthcare IT market reached a value of US$ 260.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 552.8 Billion by 2027, exhibiting at a CAGR of 13.38% during 2022-2027.

Healthcare IT consist of several components, including electronic medical record (EMR), personal health record (PHR), and health information exchange (HIE). They contain information about the health of the patient and provide it to the medical professionals. As a result, healthcare IT finds widespread applications in hospitals, clinics, research laboratories, diagnostic centers, etc., across the globe.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Healthcare IT Market Trends:

The escalating demand for preventive care solutions and the emerging trend of digitization in the medical sector are among the primary factors fueling the healthcare IT market. Besides this, the growing popularity of electronic medical record (EMR) that provides the health information digitally to the patients and the rising utilization of smartphones are further augmenting the market growth.

Moreover, the elevating advancements in web connectivity and the development of network infrastructure incorporated with increased healthcare IT spending are also catalyzing the global market. Apart from this, the introduction of innovative and latest technologies, such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI) algorithms to enhance the medical processes and deliver accurate information is anticipated to propel the healthcare IT market over the forecasted period.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Competitive Landscape with Key Players:

The report has also analyzed the competitive landscape of the market with some of the key players.

• General Electric Company
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Cerner Corporation
• Allscripts Healthcare Solutions, Inc.
• Wipro Limited
• Oracle Corporation
• International Business Machines (IBM) Corporation
• SAS Institute Inc.
• Dell Technologies Inc.
• McKesson Corporation
• Epic Systems Corporation
• Athenahealth, Inc.
• abd Infor, Inc.

Key Market Segmentation:

The report has categorized the market based on product and services, component, delivery mode and end-user.

Breakup by Product and Services:

• Healthcare Provider Solutions
  • Clinical Solutions
  • Nonclinical Healthcare IT Solutions 
• Healthcare Payer Solutions
  • Pharmacy Audit and Analysis Systems
  • Claims Management Solutions
  • Analytics and Fraud Management Solutions
  • Member Eligibility Management Solutions
  • Provider Network Management Solutions
  • Billing and Accounts (Payment) Management Solutions
  • Customer Relationship Management Solutions
  • Population Health Management Solutions
  • Other Payer Solutions
• Healthcare IT Outsourcing Services
  • Provider HCIT Outsourcing Services Market
  • Payer IT Outsourcing Services
  • Operational IT Outsourcing Services

Breakup by Component:

• Software
• Hardware
• Services

Breakup by Delivery Mode:

• On-Premises
• Cloud-Based

Breakup by End-User:

• Healthcare Providers
• Hospitals
• Ambulatory Care Centers
• Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
• Diagnostic and Imaging Centers
• Pharmacies
• Healthcare Payers
  • Private Payers
  • Public Payers
• Others

Breakup by Region:

• Europe
• North America
• Asia Pacific
• Middle East and Africa
• Latin America

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Key highlights of the report:                                                    

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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