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, Payer), Application (EHR, CPOE, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Tele-healthcare) – Industry Trends and Forecast to 2030.
Healthcare Information Technology (IT) Market Analysis and Size
The demand for technology in the healthcare industry is anticipated to enhance in the upcoming years due to the benefits associated with these technologies in healthcare. Increasing smartphone penetration and enhanced internet coverage are directly leading to the adoption of healthcare IT solutions. As per Data Report January 2022 statistics, around 5.31 billion individuals are unique mobile phone users and around 4.95 billion individuals are internet users globally.
Data Bridge Market Research analyses that the healthcare information technology (IT) market which was USD 380.8 billion in 2022, would rise up to USD 1319.28 billion by 2030, and is expected to undergo a CAGR of 16.8% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Healthcare Information Technology (IT) Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, 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, Payer), Application (EHR, CPOE, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Tele-healthcare)
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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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McKesson Corporation (US), Oracle (U.S.), Parexel International Corporation (U.S.), OpenClinica, LLC (U.S.), IQVIA (U.S.), Dassault Systèmes (U.S.), Clario (U.S.), Signant Health (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), General Electric (U.S.), Allscripts Healthcare, LLC (U.S.), Koninklijke Philips N.V. (Netherlands), Cognizant (U.S.), athenahealth, Inc. (U.S.), UnitedHealth Group. (U.S.), 3M (U.S.), Advantech Co., Ltd (Taiwan), Agfa-Gevaert Group (Belgium), Avantas, LLC. (U.S.), Avhana Health, Inc. (U.S.), BLACK BOOK RESEARCH, LLC (U.S.)
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Market Opportunities
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Market Definition
Healthcare Information Technology (IT) is the study of information technology and its wide applications in the healthcare industry. These are very beneficial to make better decisions and enhance the profit potential. Clinical informatics (IT) is used in a large scale of healthcare settings, which includes research institutes, hospitals, physician practices, the military, and others. It has been witnessed that tele-healthcare dominated the healthcare IT market in 2022 and resulted in a revenue share of 52.2%.
Global Healthcare Information Technology (IT) Market Dynamics
Drivers
- Increasing Number of Clinical Trials
The increasing number of clinical trials is boosting the market growth. For instance, currently, clinical Trials lists 430,269 studies with locations in all 50 states and 221 countries. Around 430,269 studies had been registered as of October 2022, with 55,700 studies having posted results. This increasing number of clinical trials demand the use of IT applications which provide ease to the researchers. These are the certain factors which helps the market to grow. Thus, this factor boost the market growth.
- Increasing Technological Advancements by Market Players
Several market participants' are developing efficient healthcare information technology (IT) platforms that are helping to boost the market growth. For instance, in 2020, Mednet which is a healthcare technology company, will launch software with extended electronic patient reported outcomes (ePRO) capabilities. The ePRO module was created to surge patient engagement and enable for remote participation. In another case, Dassault Systèmes acquired Medidata Solutions, Inc in 2020. These are the initiatives that are helping in the market expansion.
Opportunities
- Growing Demand of Information Technology (IT)
There is an increasing demand of information technology which is enhancing the market growth. The high adoption rate of digitalization tools such as artificial intelligence, telehealth, and others in healthcare organizations is on the rise. These technologies help to improve the systems, eases out the workflow, and reduces inaccuracy, increase patient outcomes, and lower the cost of services. Thus, this factor boost the market growth.
- Growing Rate of Government Initiatives
There are several initiatives taken by the governments of numerous nations to influence digital health which are contributing to the growth of the market. For instance, the Indian Prime Minister rolled out the Pradhan Mantri Digital Health Mission in 2021. The main aim was to digitalize healthcare practices across the nation, making a country-wide digital health ecosystem that will allow patients to store, access, and agree to share health records. Thus, it is helping in the market growth.
Restraints/Challenges
- Issue With Data Invasion and Privacy
Although, these consulting services are in higher demand but still there is a big issue with data invasion. For instance, there is a constant risk of hacking that puts the data at risk which lets the decreased adoption of the solutions. Thus, this acts as a major factor in the market hindrance.
- High Cost of IT Solutions
The high cost associated with the installation and purchase of different equipments hamper hamper the market growth. For instance, as per HealthIT Gov, the cost of buying and installing an electronic health record (EHR) system varies between $15,000 and $70,000 for each provider. Thus, as a result, the security risk and cost impede the growth of the healthcare information technology (IT) market.
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.
Recent Development
• In 2022, Sharecare launched Smart Omix that allows real-world data collection and digital biomarker creation with the help of mobile research studies. Smart Omix's capabilities play an essential role in evolving relevance, equity, and data integrity in clinical research across the healthcare continuum.
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, end-users. application. 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
Clinical Solutions
- 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 Solutiond
- 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
- Practice Management Systems
Non-Clinical Solutions
- 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
- Healthcare Quality Management Solutions
- Healthcare Payer Solutions
- 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
- Payment Management Solutions
- Healthcare Information Technology Outsourcing Services
Provider Healthcare Information Technology Outsourcing Services
- Revenue Cycle Management Services
- Laboratory Information Management Services
- Emr/Medical Document Management Services
- Others
Operational Healthcare Information Technology Outsourcing Services
- Business Process Management Services
- Supply Chain Management Services
- Others
Payer Healthcare Information Technology Outsourcing Services
- Claims Management Services
- Billing And Accounts Management Services
- Fraud Analytics Services
- Provider Network Management Services
- Others
IT Infrastructure Management Services
Components
- Services
- Software
- Hardware
Delivery Mode
- On-Premise
- Cloud-Based
End User
- Providers
- Ambulatory Centers
- Diagnostic Centers
- Home Healthcare And Assisted Living Centers
- Hospitals
- Pharmacies
- Payer
- Private Payers
- Public Payers
Application
- HER
- CPOE
- Electronic Prescribing Systems
- PACS
- Lab Information Systems
- Clinical Information Systems
- Tele-healthcare
Healthcare Information Technology (IT) Market Regional Analysis/Insights
The healthcare information technology (IT) market is analyzed and market size insights and trends are provided by product and services, components, delivery mode, end-users. application 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 due to the strong base of healthcare facilities, increasing investment from major market players in the growth of the advanced devices, higher number of procedures associated with drug development, and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth due to the growth in government initiatives to promote awareness, increase in medical tourism, increasing 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 2011-2021.
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:
- Oracle (U.S.)
- Parexel International Corporation (U.S.)
- OpenClinica, LLC (U.S.)
- IQVIA (U.S.)
- Dassault Systèmes (U.S.)
- Clario (U.S.)
- Signant Health (U.S.)
- Cerner Corporation (U.S.)
- McKesson Corporation (U.S.)
- General Electric (U.S.)
- Allscripts Healthcare, LLC (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Cognizant (U.S.)
- athenahealth, Inc. (U.S.)
- UnitedHealth Group. (U.S.)
- 3M (U.S.)
- Advantech Co., Ltd (Taiwan)
- Agfa-Gevaert Group (Belgium)
- Avantas, LLC. (U.S.)
- Avhana Health, Inc. (U.S.)
- BLACK BOOK RESEARCH, LLC (U.S.)
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