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Healthcare IT Market Is Estimated To Show A CAGR Of 29.3% In The Forecast Period

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Jyoti Waghmare

Healthcare IT Industry Overview

 

The global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% in the forecast period. The growing trend of digitalization in healthcare, rising demand for preventive care solutions, the emergence of various entrepreneurship ventures, and growing partnerships & funding are propelling the market growth.

 

Furthermore, the evolution and advancements in network connectivity and development of network infrastructure coupled with increased healthcare IT spending are driving the market growth. Key participants are focusing on innovative product development strategies and are making constant technological advancements with support from improving IT infrastructure. Market players are integrating big data, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global Healthcare IT Market

 

Growing healthcare expenditure coupled with rising consumer demand for efficient, effective, and advanced treatment solutions is supporting the development and growth of the market. Increasing consumer awareness towards innovative and upgraded solutions is boosting market growth over the forthcoming years. As per a Healthcare IT News article published in 2020, healthcare IT services have witnessed an upsurge in adoption over the past years, whilst remote monitoring services recorded an increment in adoption from 13% in 2016 to 22% in 2019.

 

Growing smartphone penetration and improving internet coverage are directly contributing to the adoption of healthcare IT solutions. According to Data Report January 2022 estimates, 5.31 billion individuals globally are unique mobile phone years and approximately 4.95 billion individuals are internet users. In addition, as per The Mobile Economy 2020 estimates, the unique mobile phone users are expected to reach 5.8 billion by 2025. In addition, the number of internet users across the globe increased by 192 million in 2021 in comparison to 2020, and globally, the number of internet users is growing at 4% annually. Furthermore, technological advancements in the field of smartphones and internet connectivity to improve clinical outcomes, patient experience, and patient engagement is expected to accelerate market growth.

 

Browse through Grand View Research's Healthcare IT Industry Research Reports.

  • Telehealth Market - The global telehealth market size was valued at USD 62.4 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 36.5% from 2022 to 2028. The rising penetration of internet networks and innovation in the smartphone space to enhance global connectivity has enabled addressing gaps in care delivery and availing telehealth services more conveniently.
  • Artificial Intelligence Market - The global artificial intelligence market size was valued at USD 93.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.1% from 2022 to 2030.

 

Healthcare IT Market Segmentation

Grand View Research has segmented the market based on application, and region:

Healthcare IT Application Outlook (Revenue, USD Million, 2016 - 2030)

  • Electronic Health Records
  • Computerized Provider Order Entry Systems
  • Electronic Prescribing Systems
  • PACS
  • Laboratory Information Systems
  • Clinical Information Systems
  • Tele-healthcare

Healthcare IT Regional Outlook (Revenue, USD Million, 2016 - 2030)

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

 

Key Companies profiled:

Some prominent players in the global healthcare IT market include

  • Philips Healthcare
  • Agfa Healthcare
  • Hewlett-Packard Enterprise
  • Carestream Health
  • GE Healthcare
  • E-MDS, Inc.
  • Athenahealth, Inc.
  • eClinicalworks
  • McKesson Corporation

 

Order a free sample PDF of the Healthcare IT Market Intelligence Study, published by Grand View Research.

 

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