Global Healthcare IT Market to Grow at 11.2% During 2023-2028, Propelled by Rising Healthcare Consumerism

As per the latest report by IMARC Group, titled “Healthcare IT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global healthcare IT market size reached US$ 292.0 Billion in 2022. Healthcare IT (HCIT) refers to an area of information technology that involves the use of various technology tools and electronic systems in healthcare processes. It is widely utilized by health administrators, government entities, insurance companies, physicians, nurses and patients to collect, store, analyze and share health information. Some commonly used HCIT tools include electronic healthcare records (EHRs), personal healthcare records (PHRs), electronic prescribing (e-prescribing), and health-related mobile applications. In recent years, HCIT has gained traction as it assists in streamlining operations, minimizing errors, securing information exchange, reducing costs, and ensuring hassle-free patient admissions. It also facilitates better follow-ups, and improves the overall patient care quality. 

Global Healthcare IT Market Trends:

The rising healthcare consumerism and the increasing need for the confidentiality and safety of patient information represent the primary factors driving the market growth. Additionally, governments of various nations are taking favorable initiatives to improve the healthcare infrastructure and IT implementations in the existing facilities. This, in confluence with significant technological advancements, such as the integration of big data, artificial intelligence (AI), and the internet of things (IoT) in healthcare processes, is propelling the market growth. Besides this, the rising adoption of preventive healthcare and the widespread prevalence of chronic diseases that require constant medical attention is catalyzing the product demand. Furthermore, the recent coronavirus disease (COVID-19) outbreak has led to a rise in the adoption of digital healthcare and online medical consultations due to the high internet and smartphone penetration rates. Other factors, including the growing geriatric population, surging demand for home healthcare, increasing consumer expenditure capacities and improving network coverage and infrastructure, are also providing a positive market outlook. Looking forward, IMARC Group expects the market to grow at a CAGR of 11.2% during the forecast period (2023-2028). 

Market Summary:

• Based on the product and services, the market has been divided into healthcare provider solutions (clinical and 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, and other payer solutions), and healthcare IT outsourcing services (provider HCIT outsourcing services market, payer IT outsourcing services, and operational IT outsourcing services). 
• The market has been classified based on the component into software, hardware and services. 
• Based on the delivery mode, the market has been bifurcated into on-premise and cloud-based. 
• On the basis of the end-user, the market has been segmented into healthcare providers (hospitals, ambulatory care centers, home healthcare agencies, nursing homes, and assisted living facilities, diagnostic and imaging centers, and pharmacies), healthcare payers (private and public payers), and others. 
• Region-wise, the market has been segregated into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. 
• The competitive landscape of the market has also been analyzed, with some of the key players being 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., and Infor, Inc.

Report Scope:

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