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The healthcare IT market size is estimated to grow by USD 199.8 billion at a CAGR of 11.61% between 2023 and 2028. The healthcare sector is increasingly focusing on improving the quality of services and efficiency. This is driven by the rising need for automation across various departments, which streamlines operations and reduces manual errors. Additionally, there is a growing trend of integrating big data with healthcare IT systems. This integration enables more accurate and comprehensive data analysis, leading to better patient outcomes and more informed decision-making. By leveraging big data, healthcare providers can gain valuable insights into patient care, operational efficiencies, and potential areas for improvement. Overall, these advancements are aimed at enhancing the overall effectiveness and quality of healthcare services, meeting the evolving needs of patients and the healthcare industry.
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The healthcare IT market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The healthcare IT market caters to the needs of healthcare providers, offering advanced technologies such as telehealth, electronic health records (EHRs), and analytics. These solutions improve patient care and efficiency, with providers adopting them to record, manage, and share health information. Devices like tablets and computers facilitate remote patient care, while cloud-based systems ensure accessibility and data security. Provider organizations invest in these innovations to enhance healthcare services and deliver better outcomes.
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The healthcare providers segment was valued at USD 143.3 billion in 2018. The inclusion of IT in healthcare has several advantages, which include improved quality of care, accuracy, reduced costs, and seamless collaboration. Pharmacies are also increasingly adopting IT in their effective and efficient operations. For instance, digital messaging increases the possibility that the care team can resolve any concerns before the patient even reaches the pharmacy counter because it enables pharmacists to connect with doctors much faster and more directly than with faxes. With the use of technology such as blockchain in healthcare, pharmacies can operate more quickly and have access to vital patient and medical data. Thus, the increasing implementation of IT in different healthcare settings or providers will boost the growth of the market through the healthcare providers segment during the forecast period.
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North America is estimated to contribute 45% to the growth of the global healthcare IT market during the market growth and forecasting period. Technavio's analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The consistent year-over-year (YOY) growth of the North American market can be attributed to several key factors, namely the rise in data integration, government initiatives, an aging population, and the increasing use of mHealth applications. Both the United States and Canada have always upheld strong and stringent public health policies, allocating substantial budgets to the healthcare sector.
The healthcare IT industry is undergoing significant transformations, driven by industry trend analysis and research studies. Key developments are often shared through conferences and webinars, offering insights into financial information and R&D investments. Notably, e-prescribing and addressing interoperability issues have emerged as crucial areas. Companies are leading with innovative solutions, supported by data from various media and research centers. Digital healthcare supply chain management and the eHealth market are bolstered by advancements in electronic information systems, reflecting the integration of AI and IoT technologies. The push for current good manufacturing practice (cGMP) ensures high standards in this evolving sector. Visual aids, including diagrams and tables, highlight key metrics, with cloud-based solutions driving efficiency. Digital health initiatives are at the forefront, with IT investments focusing on cloud-based solutions and AI and IoT. The emphasis on these innovations underscores the highest revenue-generating potential within the healthcare IT landscape.
The healthcare industry is experiencing a surge in automation due to increasing average lifespans, rising chronic diseases, and a global population leading to more patients and longer treatment times. Health awareness and healthy living trends also necessitate continuous health monitoring. IT solutions, including interoperability technology, software, electronic records, data systems, telemedicine, cybersecurity, analytics, and digital healthcare innovation, are essential for automating patient admission, medical data collection and storage, examination, transcription, pharmaceutical workflow, follow-ups, and medical record transfers.
Automation in healthcare reduces costs, time, and effort while enhancing treatment quality and efficiency. The growing demand for these solutions drives the expansion of the global healthcare IT market, which includes telemedicine, mobile applications, patient management infrastructure, artificial intelligence, and digital healthcare devices. Key components are interoperability technology for seamless data exchange, cybersecurity for data protection, and analytics for informed decision-making.
Healthcare providers and government agencies leveraging social media analytics is a popular trend in the healthcare IT market. Social media has become a ubiquitous platform offering valuable insights to healthcare providers and patients. Doctors are utilizing tools like Twitter and Facebook to connect with specialists, discuss medical cases, and learn from peers' experiences. They also access social media content from pharmaceutical companies to stay updated on ongoing clinical trials. Government agencies worldwide leverage social media analytics to gather accurate public health data. For instance, the Centers for Disease Control and Prevention (CDC) in the US has a comprehensive social media strategy and engages with users on platforms like Twitter, Instagram, and Facebook.
CDC employs podcast tools, widgets, and e-cards to interact and gather information from responses. This aids in the real-time detection and tracking of infectious disease outbreaks at a minimal cost. These advancements will contribute to the growth of the market in the forecast period.
The increasing need for intense training is a major factor hindering healthcare IT market growth. The market encompasses hardware, software, and services, which require specialized training and skills to ensure efficient and error-free operations. Medical transcriptionists, for instance, need extensive training to accurately transcribe audio files and understand healthcare terminologies. Certification from organizations like AHDI is necessary for compliance and data privacy. Additionally, proofreaders and editors play a vital role in ensuring error-free medical transcriptions.
It is crucial for stakeholders to ensure that individuals operating healthcare IT systems have the necessary qualifications and training. These factors pose challenges and may hinder the growth of the market in the market growth analysis period.
The healthcare IT market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the healthcare IT market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market forecasting and growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Oracle Corp.- The company offers healthcare IT such as Oracle cloud healthcare infrastructure.
3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The healthcare IT industry is evolving rapidly, addressing security concerns while improving the quality of patient care. Healthcare organizations, ranging from smaller clinics to hospitals and ambulatory care centers, are increasingly adopting advanced IT architecture and healthcare IT solutions to enhance care delivery. Technologies such as virtual hospitals, telemedicine solutions, and remote patient monitoring are revolutionizing patient care in both outpatient and inpatient settings. In addition, advancements in clinical devices and medical equipment enable the effective monitoring and management of disease progression. Healthcare professionals are streamlining operations by utilizing tools such as ePrescriptions, electronic prior authorizations, and clinical direct messaging transaction exchanges. Solutions for hospital capacity management, along with revenue cycle management (RCM) solutions, are helping hospitals in the US optimize their resources, supported by data-driven insights from various platforms.
Moreover, innovations like virtual reality (VR) and augmented reality (AR), alongside artificial intelligence (AI) and machine learning (ML), are significantly enhancing medical imaging and workflow management. These advancements are becoming increasingly important as healthcare IT providers play a vital role in supporting the geriatric population and ensuring patient safety. As healthcare organizations continue adopting web-based management systems and cloud-based solutions, the demand for quality reporting solutions and population health management solutions is also growing, driving added value in an increasingly digital healthcare environment. This shift towards digital transformation is enabling healthcare institutions to better manage patient data, improve clinical outcomes, and streamline administrative processes. The integration of these advanced technologies is not only enhancing the operational efficiency of healthcare systems but is also laying the groundwork for a more personalized, patient-centric approach to healthcare delivery.
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Healthcare It Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.61% |
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Market growth 2024-2028 |
USD 199.8 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.11 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 45% |
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Key countries |
US, Germany, China, Japan, and UK |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our healthcare IT market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Download Sample PDF at your Fingertips
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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