Healthcare IT Market Size To Attain USD 1069.13 Bn By 2032

The global healthcare IT market was valued at USD 200 billion in 2022 and is projected to reach around USD 1069.13 billion by 2032, poised to grow at a CAGR of 18.30% from 2023 to 2032.

The global healthcare IT global market is driven by various factors such as surge in agreement of telehealth and mHealth practices, rise in demand for quality healthcare solutions and services, increase in government initiatives to promote HCIT and surge in demand for improved patient safety and patient care. The growing disposable income, favorable government regulations, growing urban population, improved infrastructure and ease of doing business are the major factors that has augmented the growth of the global healthcare IT market. As surge in concerns towards the patient data security & safety serve as the major restraint in the healthcare IT market owing to the growth in global cyber-attacks, protecting the patient information is a huge challenge faced by the healthcare key players.

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Report Highlights

Based on the type, the healthcare provider solution segment dominated the market, garnering a market share of around 53% in 2020. This is attributed to the rise in adoption of electronic health records (EHR) and other hospital information systems by healthcare providers.
Based on the end user, the healthcare provider segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the higher profitability, ease of operations, low operational costs that favors the growth of the healthcare IT market.

Regional Snapshot

Asia Pacific region dominated the global healthcare IT market in 2020. The presence of around 60% of the global population in the region has presented lucrative growth opportunities for the market players. Moreover, the rising government investments in the infrastructural developments, urbanization, electrification, and development of IT and telecommunications infrastructure has prominently contributed towards the growth of the Asia Pacific healthcare IT market. The rising disposable income, increased popularity of healthcare IT among the patients, improved access to the internet, and growing number of hospitals are some of the major factors that drives the market growth.

North America was the second-largest market in 2020. The North American healthcare industry is displaying transformation value-based from volume-based business. Enhanced fraud detection, quality healthcare, prevention of novel diseases and reduced length-of-stay in hospitals are the major demands put forth by providers and payers. In addition, the government is further providing payments incentive for the healthcare providers in order to use EMRs and has further taken essential actions to release data from agencies, like the FDA, Centers for Medicaid and Medicare Services, and Centers for Disease Control.

Table of Contents

Report Scope of the Healthcare IT Market

Report Coverage	Details
Market Size	USD 1069.13 Billion by 2032
Growth Rate	CAGR of 18.30% from 2023 to 2032
Base Year	2022
Largest Market	Asia Pacific
Fastest Growing Market	North America
Forecast Period	2023 to 2032
Segments Covered	Product, End Use, Region

Market Dynamics

Driver: Rising use of big data

In the past many times, the capacity of electronic data produced in the market of healthcare has expanded to petabytes and terabytes, primarily owing to the digitization of clinical, executive, and fiscal information. With the volume rising nearly double every time, it’s anticipated to reach Exabyte and indeed zettabytes in the forecast period. In addition to the rising volume, the absolute diversity of healthcare data presents a various challenge for healthcare providers. In addition, the extent of the data and its diversity make healthcare data more complex market, service providers are decreasingly opting healthcare analytics and data management solutions.

Restraint: IT infrastructural constraints in developing countries

Cost issues are one of the major barriers to the adoption of healthcare IT solution. The software updating and maintenance costs of these systems are more than the price of the software. Support and conservation services, which comprise of software upgrades as per altering requirement of the user, represent a recreating expenditure amounting to nearly 30% of the total cost of ownership. Also, the absence of internal IT expertise in the market of healthcare makes the training necessary for end users to maximize the effectiveness of numerous healthcare IT solutions thereby adding to the cost of power of these systems. The perpetration cost of healthcare IT solutions in healthcare systems of rising economies is even more as they also bear capital for erecting a structure demanded for enforcing healthcare IT solution. Therefore, the high cost of deployment and conservation restricts lower healthcare associations from investing in healthcare IT results, especially in the arising requests across the Latin America and Asia-Pacific.

Opportunity: Rising use of healthcare IT solutions in outpatient care facilities

In response to the growing pressures over the systems of health to lower the cost of care, the industry is shifting towards inpatient settings to reduce the care cost. Moreover, convenience is also an essential factor driving the rise of healthcare. With the rise in the number of inpatient settings and patient affluence, the demand and operation of healthcare IT results in inpatient settings will increase.

Challenge

Costly healthcare

Another rising issue in this industry is the growing cost of healthcare. In addition, healthcare is going through an extremity of cost and these impacts all the stakeholders in the value chain. This means everyone from insurance policy providers to medical medicine manufacturing companies and ultimately, patients get affected. Most essentially the rising healthcare coast resists the patients from having routine health checks and keeping the follow-ups. Therefore, it becomes delicate to help, control and cover health- related problems.

Key Market Developments

In October 2021, the key player named Medtronic introduced its new Open Innovation Platform (OIP) in order to come across the patient requirements in the Asia-Pacific region. The major aim of the OIP is at bringing collaboration which is strategies in healthcare technologies from uncountable stakeholders and innovators across the Asia-Pacificre gions in the areas of medical technology and digital health. This strategy is likely to bring an add-on value to the business portfolio and also it will maintain business relations long term in nature, thereby firming its presence in market.

Some of the prominent players in the global healthcare IT market include:

Allscripts healthcare solutions Inc.
AthenahealthInc.
Cerner corporation
Epic system corporation
General electric company
Infor, inc.
KoninklijkephilipsN.V.
Mckesson corporation
Oracle corporation
Unitedhealthgrowp

Segments Covered in the Report

By Type

Healthcare Provider Solutions
- Clinical Solutions
- Electronic Health/Medical Records
- Vendor Neutral Archive (VNA)
- Computerized Physician Order Entry
- Clinical Decision Support Systems
- Radiology Information Systems
- Radiation Dose Management Solution
- Specialty Management Information Systems
- Medical Image Processing & Analysis Solution
- Healthcare IT Integration Systems
- Practice Management Systems
- Laboratory Information Systems
- Digital Pathology Solutions
- Mobile Health (mHealth) Solutions
- Telehealth Solutions
Healthcare Payer Solutions
- Pharmacy Analysis and Audit
- Claims Management
- Fraud Management
- Computer-assisted Coding Systems
- Payment Management
- Patient Billing Management
- Provider Billing Management
- Provider Network Management
- Member Eligibility Management
- Customer Relationship Management
- Medical Document Management
- Other
HCIT Outsourcing Services
- Provider HCIT Outsourcing Services
  - Medical Document Management Services
  - Pharmacy Information Management Services
  - Laboratory Information Management Services
  - Revenue Cycle Management Services
  - Others
IT Infrastructure Management Services
Operational HCIT Outsourcing Services
- Supply Chain Management Services
- Business Process Management Services
- Others
Payer HCIT Outsourcing Services
- Claim Management
- Customer Relationship Management Services
- Billing System
- Fraud Detection
- Others

By End User

Healthcare Providers
- Hospitals
- Ambulatory Care Centers
- Diagnostic & Imaging Centers
- Pharmacies
- Others
Healthcare Payers
- Private Payers
- Public Payers

By Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa