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HomeBusiness NewsHealthcare IT Market to Hit US$ 585.7 Billion by 2028: IMARC Group

Healthcare IT Market to Hit US$ 585.7 Billion by 2028: IMARC Group

According to IMARC Group, the global healthcare IT market size reached US$ 292.0 Billion in 2022. Looking forward, the market is expected to reach US$ 585.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

The report has segmented the market by product and services (healthcare provider solutions, healthcare payer solutions, healthcare IT outsourcing services), component(software, hardware, services), delivery mode(on-premise, cloud-based) and end-user(healthcare providers, healthcare payers, others) and region.

Factors Affecting the Growth of the Healthcare IT Industry:

  • Digital Transformation in Healthcare:

The healthcare industry is undergoing a profound digital transformation which is propelling the growth of the market across the globe. The shift from paper-based records to electronic health records (EHRs) and the adoption of healthcare IT systems are central to this transformation. Healthcare providers are increasingly recognizing the benefits of digitizing patient data, streamlining workflows, and improving access to critical information. Electronic health records not only enhance data accuracy and accessibility but also facilitate seamless communication among healthcare professionals. Digital transformation also encompasses telehealth and remote monitoring solutions, which gained significant traction. These technologies allow for virtual consultations, remote patient monitoring, and improved healthcare access, which is contributing to the growth of the healthcare IT market.

  • Focus on Patient-Centric Care and Population Health Management:

The healthcare industry is placing a stronger emphasis on patient-centric care and population health management. Healthcare IT plays a pivotal role in achieving these goals by providing tools for care coordination, patient engagement, and population health analytics. Healthcare organizations are leveraging healthcare IT solutions to better understand patient populations, identify at-risk individuals, and implement preventive care measures. Population health management requires the aggregation and analysis of large datasets, and healthcare IT systems are indispensable in this process. Moreover, patient portals and mobile apps are enhancing patient engagement and enabling individuals to actively participate in their healthcare, which is further contributing to the growth of the healthcare IT market.

  • Regulatory Mandates and Incentives:

Government regulations and incentives are significant drivers of healthcare IT adoption. In many countries, governments are implementing regulations to promote the adoption of EHRs and ensure the secure exchange of healthcare information. For instance, the Health Information Technology for Economic and Clinical Health (HITECH) Act in the United States provides financial incentives to healthcare providers for adopting certified EHR systems. These regulatory mandates and incentives encourage healthcare organizations to invest in healthcare IT solutions to comply with standards, enhance data security, and improve patient care.

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Healthcare IT Market Report Segmentation:

The report is organized into distinct sections as follows:

Breakup by Product and Services:

  • Healthcare Provider Solutions
    • Clinical Solutions
    • Nonclinical Healthcare IT Solutions 
  • Healthcare Payer Solutions
    • Pharmacy Audit and Analysis Systems
    • Claims Management Solutions
    • Analytics and Fraud Management Solutions
    • Member Eligibility Management Solutions
    • Provider Network Management Solutions
    • Billing and Accounts (Payment) Management Solutions
    • Customer Relationship Management Solutions
    • Population Health Management Solutions
    • Other Payer Solutions
  • Healthcare IT Outsourcing Services
    • Provider HCIT Outsourcing Services Market
    • Payer IT Outsourcing Services
    • Operational IT Outsourcing Services

Healthcare provider solutions are the largest product and services segment in the healthcare IT market as they encompass a wide range of technologies and software that enhance patient care, streamline operations, and improve efficiency in healthcare organizations, thus making them indispensable for modern healthcare delivery.

Breakup by Component:

  • Software
  • Hardware
  • Services

Services are the largest component segment in the healthcare IT market as they encompass essential offerings such as consulting, implementation, training, and support services, which are critical for the successful integration and utilization of healthcare IT solutions by healthcare providers.

Breakup by Delivery Mode:

  • On-Premises
  • Cloud-Based

Cloud-based solutions are the largest delivery mode segment in the healthcare IT market due to their scalability, cost-effectiveness, and accessibility, thus making them the preferred choice for healthcare organizations seeking flexible and efficient ways to manage and share patient data and applications securely.

Breakup by End-User:

  • Healthcare Providers
  • Hospitals
  • Ambulatory Care Centers
  • Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
  • Diagnostic and Imaging Centers
  • Pharmacies
  • Healthcare Payers
    • Private Payers
    • Public Payers
  • Others

Healthcare providers are the largest end user segment in the healthcare IT market as they encompass a broad spectrum of organizations, including hospitals, clinics, and physician practices, all of which rely heavily on healthcare IT solutions to improve patient care, streamline operations, and comply with regulatory requirements in the ever-evolving healthcare landscape.

Regional Insights:

  • Europe
  • North America
  • Asia Pacific
  • Middle East and Africa
  • Latin America

North America is the largest region in the healthcare IT market due to its well-established healthcare infrastructure, substantial healthcare spending, robust adoption of advanced technologies, and stringent regulatory requirements, which are driving the demand for innovative healthcare IT solutions and services.

Global Healthcare IT Market Trends:

The widespread adoption of electronic health records (EHRs) continues to rise as healthcare providers seek to digitize patient information for improved data management and patient care which is influencing the growth of the healthcare IT market across the globe. Moreover, there is a growing emphasis on telehealth and remote monitoring solutions, which is driving the need for integrated healthcare IT systems that support virtual care.

The market is also driven by the rising use of artificial intelligence (AI) and machine learning (ML) in healthcare IT, with applications in diagnostics, predictive analytics, and personalized medicine. Additionally, the increasing focus on interoperability and data exchange between healthcare systems and stakeholders is driving the demand for robust healthcare IT infrastructure and standards.

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Leading Companies Operating in the Global Healthcare IT Industry:

  • General Electric Company
  • Koninklijke Philips N.V.
  • Siemens Healthineers AG
  • Cerner Corporation
  • Allscripts Healthcare Solutions, Inc.
  • Wipro Limited
  • Oracle Corporation
  • International Business Machines (IBM) Corporation
  • SAS Institute Inc.
  • Dell Technologies Inc.
  • McKesson Corporation
  • Epic Systems Corporation
  • Athenahealth, Inc.
  • abd Infor, Inc.

Other Key Points Covered in the Report:

  • COVID-19 Impact
  • Porters Five Forces Analysis
  • Value Chain Analysis
  • Strategic Recommendations 

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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