Healthcare IT Market to surpass USD 395 Billion by 2030 from USD 185 Billion in terms of value growing at a CAGR of 15.7% throughout the forecast period, i.e., 2020-30. To strengthen Chronic Disease Management (CDM) due to the growing prevalence of chronic diseases globally, the implementation of healthcare IT systems has gained traction in recent years. The market growth is boosted by growing demand for preventive care coupled with an increase in funding for multiple mHealth startups. Continuous changes in the infrastructure of the network and increasing coverage of the network further generate multiple growth opportunities for market players. Moreover, growing demand for cost-cutting healthcare and workflow productivity drives demand for remote monitoring solutions, which in turn has a positive effect on business growth.
Healthcare refers to medical or disease diagnosis, treatment and prevention, and other physical and mental impairments. Together with information technology (IT the healthcare industry operates to administer, control, and mechanize operations in medical organizations. In the health and wellness field, the use of modern methods provides an efficient patient-centered approach to medical care and allows for smooth contact between physicians, patients, and other interested individuals. Computerized physician order entry systems, electronic health management, and medical record keeping are also included in the healthcare IT infrastructure. Governments around the world are investing in digital health to enhance health service quality and to establish and enforce various roadmaps and national strategies.
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Healthcare IT Market: Key Players
- GE Healthcare
- Philips Healthcare
- Siemens Healthcare
- Cerner Corporation
- Allscripts Healthcare Solutions Inc.
- Oracle Corporation
- SAS Institute Inc.
- Dell Technologies Inc.
- Mckesson Corporation
Healthcare IT Market: Segments
Services Segment to grow with the highest CAGR of 12.2% during 2020-30
Healthcare IT Market is segmented by components as Hardware, services, and software. The services segment is estimated to lead the market with a market share of over 12.2% in 2020. The volume of data has been rising continuously since the introduction of IT in healthcare; data storage and maintenance costs have risen over the last few years. Besides, to manage this huge amount of data, healthcare institutions lack trained IT professionals. As a result, rising prices, along with the shortage of trained personnel, have forced many institutions to opt for the maintenance and support services offered by IT companies in the healthcare sector. Services rendered by IT businesses in healthcare. The share of the services sub-segment has risen dramatically with the growth and deployment of cloud-based technology in healthcare.
Electronic Health Records Segment to grow with the highest CAGR during 2020-30
Healthcare IT Market is segmented by Application into Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems, and Tele-healthcare. The EHR segment accounted for the largest revenue share of 12.2% in 2020. mainly due to the increase in demand for EHR-integrated instruments, EHR streamlining and information technology advances. Growing acceptance in healthcare centers and an increasing number of programs promoting the introduction of EHR are driving the EHR sector. During the forecast era, e-prescription systems are anticipated to be the fastest-growing market. One of the major factors driving demand for e-prescription services on the market is rising demand for better patient care and decreasing medical errors.
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Healthcare IT Market: Market Dynamics
Rise in the Demand for Paper-less Technology
Some of the major factors responsible for the current growth of the market studied are the rise in demand for paperless technology, the advent of social media, and its impact on the healthcare IT industry. The other factors contributing to the growth of the sector include increased government support, numerous measures taken by associations to enhance healthcare facilities and infrastructure, and a strong return on investment.
Increased Government Funding on Healthcare Services and Infrastructure
Since the healthcare industry is moving towards digitization, electronic medical record (EMR) systems are becoming increasingly popular. The growth of the EMR market is motivated by many government initiatives, such as encouraging doctors to follow electronic health records, investing in training healthcare information technology staff, and setting up regional extension centers to provide technical and other advice. Over the forecast period, increasing healthcare spending is expected to fuel the growth of the global electronic medical records market. It is also predicted that the growing prevalence of chronic diseases and the evolving healthcare sector in emerging economies will give market players lucrative growth opportunities over the forecast period.
Lack of Skilled Labor
One of the major obstacles to the healthcare IT sector is the expense of implementation and maintenance of digital health applications such as EHR and EMR. The introduction of an EMR system could cost a single doctor up to millions of euros. Besides, high-security risks and privacy problems are leading to a growing cost structure. The average cost of data breaches has been unpredictable in the healthcare sector and has risen dramatically over the years. This could seriously hamper organizational credibility and performance as well as consumer trust.
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Healthcare IT Market: Regions
Healthcare IT Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Healthcare IT Market in North America led the market with a lion share of more than 40.3% in 2020 and is projected to maintain its lead over the forecast period. The regional market is driven by the growing introduction of IT solutions and services by health care providers to provide improved patient care at lower prices, combined with the existence of major manufacturing hubs. Besides, an increase in the number of hospitals, universities, advanced research centers, and manufacturers of medical devices has further propelled the growth of the market in this region. During the forecast era, the Asia Pacific market is expected to expand at the highest CAGR. The growth of the APAC market is driven by factors such as large patient populations, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and increasing knowledge of advanced technologies.
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