Healthcare IT Market Analysis and Overview:
The Healthcare IT Market size is expected to grow from USD 361.14 billion in 2022 registering a CAGR of 16.7% during the forecast period, 2022-2031.
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Healthcare IT is the application of information processing involving computer hardware and software that deals with the storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making.
The usage of the internet and the digitalization of healthcare processes have become essential for developing a better understanding of healthcare information technologies and their impact on health communication. Additionally, the high adoption of healthcare IT by hospitals is driven by the advantages, such as ease of use and saving time, labor, and space. The continuous upgradation of the solutions provided by the market players to better benefit the users is also propelling the growth of the market.
Healthcare IT Market Latest Trends:
Segmentation:
The Global Healthcare Information Technology Market is Segmented
By Business Segment :
- Laboratory Information Systems (LIS)
- Picture Archiving and Communication System (PACS)
- Vendor Neutral Archive (VNA)
- Radiology Information Systems (RIS)
- Cardiovascular Information System (CVIS)
- Electronic Health Records (EHR)
- Telemedicine
- Clinical Decision Support System (CDSS)
Solutions :
- Claims Management Solutions
- Population Health Management Solutions
- Fraud Analytics
- Provider Management Services
- Billing
- Accounts Management Services
- Other
Component :
- Software
- Hardware
- Services
Delivery Mode :
- On-premise
- Cloud-based
End User :
- Payers
- Providers
Geography :
- North America
- Europe
- Asia-Pacific
- Middle East
- Africa
- South America
The report offers the value (in USD million) for the above segments.
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Drivers:
In August 2021, Change Healthcare introduced Change Healthcare Stratus Imaging PACS, a new, comprehensive cloud SaaS solution for radiology practices in beta testing with plans to extend to hospitals in the future. Stratus Imaging PACS is one of the latest solutions to be introduced by Change Healthcare's rapidly growing cloud imaging business, which includes image archiving, analytics, universal viewers, and sharing solutions.
Furthermore, initiatives taken by the governments of various nations to promote digital health are also contributing to the growth of the market. For instance, in September 2021, the Indian Prime Minister rolled out the Pradhan Mantri Digital Health Mission. It is aimed at digitalizing healthcare practices across the nation, creating a country-wide digital health ecosystem that will enable patients to store, access, and consent to share health records.
Also, the growing burden of chronic diseases globally plays a vital role in the growth of the studied market. For instance, in December 2021, research published by Jhumki Kundu and Sampurna Kundu reported that for older persons aged 45 and over, the overall self-reported prevalence of diagnosed cardiovascular diseases (CVDs) was 29.4% and the prevalence rate rose with age, from 22% in the 45–54 age group to 38% in the 70+ age group which shows that the geriatric population is at high risk of having chronic diseases like CVDs, which is expected to have a positive impact on the studied market since healthcare IT solutions minimize the risk of misplacing medical records and help in the remote access of patients' health reports globally.
Segmental Analysis :
The Services Segment is Expected to Hold a Significant Market Share in the Component Segment Over the Forecast Period
In the component segment of the healthcare IT market, services are believed to have a significant market share over the forecast period. The pandemic has heightened the need for telemedicine and mHealth technologies to become a reality in the healthcare profession, as correct patient data, linked patient records, and interoperability of the patient's health records were a few of the major concerns amid the outbreak.
North America Expected to Hold a Major Share in the Market and is Expected to do the Same in the Forecast Period
North America, being the developed region, is currently dominating the healthcare IT market and is expected to hold a significant market share for a few more years. The major factors responsible for the region's largest market share are the well-established healthcare industry and the early adoption of IT services across healthcare settings.
The United States is a major market in the North American region due to the higher adoption of digital healthcare in the country, along with the high concentration of key market players and increased government funding for healthcare services and infrastructure. Moreover, in April 2021, a binding contract was signed between Microsoft Corp. and Nuance Communications, Inc. With this, Microsoft has accelerated its efforts to provide industry-specific cloud offerings to support customers and partners as they respond to disruption and new opportunities in healthcare. Such partnerships are expected to drive market growth in North America due to the rise in the adoption of these offerings.
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Healthcare IT Market Competitive Landscape:
The healthcare IT market is highly competitive and consists of several major players. In terms of market share, a few major players currently dominate the market. However, with technological advancements and product innovations, midsize to smaller companies are increasing their market presence by introducing new services at affordable prices. Some of the companies in this market include
Key Players :
- GE Healthcare
- Koninklijke Philips NV
- Siemens Healthineers
- Oracle (Cerner Corporation)
- Allscripts Healthcare Solutions Inc.
- Altera Digital Health Inc.
- Others.
Recent Development:
- In September 2022, Sharecare launched Smart Omix, its proprietary digital clinical research solution that enables real-world data collection and digital biomarker creation through mobile research studies. Smart Omix's capabilities play an important role in advancing relevance, equity, and data integrity in clinical research across the healthcare continuum.
- In May 2022, Modmed launched an OBGYN-specific software suite. ModMed OBGYN is an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solution that will bring practice and workflow innovation to obstetrics and gynaecology.
Frequently Asked Questions (FAQ) :
Q1. How big is the Healthcare IT Market ?
The Healthcare IT Market size is expected to grow from USD 361.14 billion in 2022 registering a CAGR of 16.7% during the forecast period, 2022-2031.
Q2. What is the Growth Rate of the Healthcare IT Market ?
Healthcare IT Market is registering a CAGR of 16.7% during the forecast period, 2022-2031.
Q3. What segments are covered in the Healthcare IT Market Report?
Healthcare IT Market Report coveres segments like - By Business, Solution, Component, Delivery Mode, End User and Geography
Q4. Which Region is expected to hold the higest Market share?
North America Expected to Hold a Major Share in the Market
Study Assumptions and Market Definition
Scope of the Study
RESEARCH METHODOLOGY
EXECUTIVE SUMMARY
MARKET DYNAMICS
Market Overview
Market Drivers
Rise in the Demand for Paper-less Technology
Increased Government Funding on Healthcare Services and Infrastructure
Market Restraints
Lack of Skilled Personnel and High Maintenance Costs
Porter's Five Force Analysis
Threat of New Entrants
Bargaining Power of Buyers/Consumers
Bargaining Power of Suppliers
Threat of Substitute Products
Intensity of Competitive Rivalry
MARKET SEGMENTATION (Market Size by Value - USD million)
By Business Segment
Laboratory Information Systems (LIS)
Picture Archiving and Communication System (PACS) and Vendor Neutral Archive (VNA)
Radiology Information Systems (RIS)
Cardiovascular Information System (CVIS)
Electronic Health Records (EHR)
Telemedicine
Clinical Decision Support System (CDSS)
Claims Management Solutions
Population Health Management Solutions
Fraud Analytics
Provider Management Services
Billing and Accounts Management Services
Other Business Segments
By Component
Software
Hardware
Services
By Delivery Mode
On-premise
Cloud-based
By End User
Payers
Providers
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America
COMPETITIVE LANDSCAPE
Company Profiles
CVS Health Corporation
Cigna Corporation (Express Scripts Holdings)
Giant Eagle Inc.
Optum Rx Inc.
The Kroger Co.
Walgreen Boots Alliance (Walgreen Co.)
Amazon.com Inc.
Axelia Solutions (Pharmeasy)
Apex Healthcare Berhad (Apex Pharmacy)
Apollo Pharmacy
DocMorris (Zur Rose Group AG)
Netmeds.com
MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
