Global Healthcare Information Technology (IT) Market, By Product and Services (Healthcare Provider Solutions, Healthcare Payer Solutions, Healthcare Information Technology Outsourcing Services), Components (Services, Software, Hardware), Delivery Mode (On-Premise, Cloud-Based), End-Users (Providers, Payers) – Industry Trends and Forecast to 2029.
Global Healthcare Information Technology (IT) Market Analysis and Size
Information technology has revolutionized the healthcare industry pertaining to the application of medical equipment, medical technology and medical devices. Information technology has helped the healthcare industry to manage their high volume of unstructured data and maintain the inventory of details and records.
- Data Bridge Market Research analyses that the healthcare information technology (IT) market is expected to undergo a CAGR of 16.35% during the forecast period. This indicates that the market value, which was USD 326.1 billion in 2021, would rocket up to USD 1,095.17 billion by 2029. “Healthcare Provider Solutions” dominates the product segment of the healthcare information technology (IT) market owing to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Global Healthcare Information Technology (IT) Market Definition
From the name itself, it is clear that healthcare information technology (IT) is concerned with the development, maintenance and deployment of information systems in the healthcare institutions. Healthcare information technology eliminates the need for human intervention and thereby reduces the probability of manual errors.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Product and Services (Healthcare Provider Solutions, Healthcare Payer Solutions, Healthcare Information Technology Outsourcing Services), Components (Services, Software, Hardware), Delivery Mode (On-Premise, Cloud-Based), End-Users (Providers, Payers)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Allscripts Healthcare, LLC (US), Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), Siemens Healthcare GmbH (Germany), Carestream Health (US), Agfa-Gevaert Group (Belgium), athenahealth, Inc. (US), eClinicalWorks (US), GENERAL ELECTRIC (US), GREENWAY HEALTH, LLC. (US), Infor (US), Koninklijke Philips N.V. (Netherlands), NXGN Management, LLC (US), Oracle (US), Siilo (Netherlands), BigHealth (US), Vida Health (US), SWORD Health (US), NOVIGENIX SA (Switzerland), Lantum (UK), BD (US), Bioaxis (India) and Ada Health GmbH (Germany)
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Healthcare Information Technology (IT) Market Dynamics
Drivers
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The rise in the prevalence of diseases
Surging prevalence of chronic and acute diseases all around the globe is one of the major factors responsible for fostering growth in the market value. Growing number of surgical procedures, rising awareness about the benefits of robotically assisted medical surgeries and surging number of road accidents are all responsible for boosting the market growth rate.
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Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in the healthcare facilities is also bolstering the market growth rate.
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Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities. Also, high return on investments involved with healthcare IT solutions will also work in the favour of the market.
Additionally, surge in the personal disposable income level, introduction of technologically driven products in hospitals, increasing investment for the development of advanced medical products and devices and surge in demand for telehealth and mHealth solutions from the large number of smartphone users, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities, increasing levels of hospital data, increasing awareness regarding minimally invasive surgical procedures among patients and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging number of strategic collaborations, rising internet penetration rate, growing number of hospitals and laboratories, and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges Global Healthcare Information Technology (IT) Market
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities and rising security and privacy concerns are expected to obstruct market growth. Also, lack of favourable reimbursement scenario and technology penetration in the developing economies, high cost of deployment and maintenance, interoperability issues, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2022-2029.
This healthcare information technology (IT) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare information technology (IT) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Information Technology (IT) Market
COVID-19 has significantly and positively impacted the market. Though on one side, there was a huge drop in the number of non-elective and non-essential surgical procedures, on the other hand, digital health area saw a huge spurt especially driven by digitization. Growing adoption of teleconsultation and mobile health solutions further carved the way for the growth of the market in this pandemic phase.
Recent Development
- In October 2020, Microsoft launched a Microsoft Cloud for Healthcare, which includes managed services, such as Azure, Microsoft 365, Dynamics 365, Power Platform, and partner solutions, to support healthcare firms.
Global Healthcare Information Technology (IT) Market Scope
The healthcare information technology (IT) market is segmented on the basis of product and services, components, delivery mode and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product and services
- Healthcare Provider Solutions
- Healthcare Payer Solutions
- Healthcare Information Technology Outsourcing Services
On the basis of product and services, the healthcare information technology (IT) market is segmented into healthcare provider solutions, healthcare payer solutions, and healthcare information technology outsourcing services. Healthcare provider solutions are further sub-segmented into clinical solutions and non-clinical solutions. Clinical solutions are divided into PACS and VNA, e-prescribing system, computerized physician order entry, clinical decision support system (CDSS), electronic health record (EHR), specialty information management systems, patient engagement solutions, radiology information systems (RIS), radiation dose management solutions, medical image analysis systems, care management systems, heath solutions, patient registry software, laboratory information systems, infection surveillance solutions, telemedicine, population health management solutions, healthcare information technology integration systems, and practice management systems. Non-clinical solutions are divided into healthcare workforce management solutions, medical document management solutions, healthcare asset management solutions, pharmacy information systems, healthcare analytics, revenue cycle management solutions, healthcare information exchanges, medication management solutions, supply chain management solutions, healthcare interoperability solutions, customer relationship management solutions, financial management systems and healthcare quality management solutions. Healthcare payer solutions are further sub-segmented into claims management solutions, fraud analytics solutions, pharmacy audit and analysis solutions, member eligibility management solutions, provider network management solutions, population health management solutions, customer relationship management solutions, and payment management solutions. The healthcare information technology outsourcing services are further sub-segmented into provider healthcare information technology outsourcing services, operational healthcare information technology outsourcing services, payer healthcare information technology outsourcing services, IT infrastructure management services. Provider healthcare information technology outsourcing services are divided into revenue cycle management services, laboratory information management services, EMR/medical document management services and others. Operational healthcare information technology outsourcing services are divided into business process management services, supply chain management services and others. Payer healthcare information technology outsourcing services are divided into claims management services, billing and accounts management services, fraud analytics services, provider network management services, and others.
Components
- Services
- Software
- Hardware
On the basis of components, the healthcare information technology (IT) market is segmented into services, software, and hardware.
Delivery Mode
- On-Premise
- Cloud-Based
On the basis of delivery mode, the healthcare information technology (IT) market is segmented into on-premise and cloud-based.
End-Users
- Providers
- Payers
On the basis of end-users, the healthcare information technology (IT) market is segmented into providers and payers. Providers are further sub-segmented into ambulatory centers, diagnostic centers, home healthcare and assisted living centers, hospitals, and pharmacies. Payers are further sub-segmented into private payers and public payers.
Healthcare Information Technology (IT) Market Regional Analysis/Insights
The healthcare information technology (IT) market is analysed and market size insights and trends are provided by country, product and services, components, delivery mode and end-users as referenced above.
The countries covered in the healthcare information technology (IT) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare information technology (IT) market because of the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, growing number of processes pertaining to drug development, and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The healthcare information technology (IT) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare information technology (IT) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare information technology (IT) market. The data is available for historic period 2010-2020.
Competitive Landscape and Healthcare Information Technology (IT) Market Share Analysis
The healthcare information technology (IT) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information technology (IT) market.
Some of the major players operating in the healthcare information technology (IT) market are Allscripts Healthcare, LLC (US), Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), Siemens Healthcare GmbH (Germany), Carestream Health (US), Agfa-Gevaert Group (Belgium), athenahealth, Inc. (US), eClinicalWorks (US), GENERAL ELECTRIC (US), GREENWAY HEALTH, LLC. (US), Infor (US), Koninklijke Philips N.V. (Netherlands), NXGN Management, LLC (US), Oracle (US), Siilo (Netherlands), BigHealth (US), Vida Health (US), SWORD Health (US), NOVIGENIX SA (Switzerland), Lantum (UK), BD (US), Bioaxis (India) and Ada Health GmbH (Germany) among others.
Research Methodology : Global Healthcare Information Technology (IT) Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-healthcare-it-market
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