Healthcare IT Market to Grow with a CAGR of 17.90% through 2029
Technological advancements and the growing demand for
improved healthcare services is expected to drive the Global Healthcare IT Market
growth in the forecast period, 2025-2029
According to TechSci Research report, “Healthcare
IT Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029F”, the Global Healthcare IT Market stood at USD 372.50 Billion in 2023 and is anticipated to grow with a CAGR of 17.90% in the
forecast period, 2025-2029. This can be attributed to interoperability
initiatives. Efforts are being made to improve the interoperability of
healthcare IT systems, ensuring that different healthcare providers and
institutions can seamlessly share and access patient data. This
interoperability enhances the continuity of care, reduces duplication of tests
and procedures, and ultimately improves patient outcomes.
Also, Health Information Exchange platforms are
gaining prominence as healthcare organizations seek to streamline the sharing
of patient data. HIEs enable healthcare providers to access patient records
across different systems, fostering improved care coordination and reducing
duplication of tests and procedures.
The extensive adoption of electronic health records (EHRs) and the development of health information exchange (HIE) networks are propelling the growth of the healthcare IT market. EHRs have transformed the storage, sharing, and accessibility of patient health data for healthcare providers. They enable seamless interoperability, allowing professionals to access vital patient information, such as medical history, diagnoses, medications, and lab results, in real-time. This enhances care coordination, minimizes medical errors, and boosts patient safety. Additionally, the establishment of HIE networks facilitates the secure exchange of patient data among various healthcare organizations, fostering improved care continuity and collaboration among providers.
Telehealth and remote patient monitoring (RPM) technologies are experiencing rapid expansion and are poised to be key drivers of growth in the healthcare IT market. Telehealth enables healthcare providers to offer virtual care services, such as video consultations, remote diagnosis, and monitoring, to patients across different locations. The COVID-19 pandemic has further accelerated the adoption of telehealth as healthcare organizations aimed to minimize in-person visits and ensure uninterrupted care. Telehealth offers numerous advantages, including enhanced healthcare accessibility, cost savings, and improved patient convenience. Similarly, RPM technologies enable healthcare professionals to remotely monitor patients' vital signs, chronic conditions, and post-operative recovery progress, fostering patient engagement and enabling timely intervention. The integration of telehealth and RPM platforms with electronic health record (EHR) systems is creating a comprehensive digital healthcare ecosystem, revolutionizing healthcare delivery methods.
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The Global Healthcare IT Market is segmented into
application, end user, regional distribution, and company.
Based on end user, Hospitals emerge as key players in the global healthcare IT market for several compelling reasons. Firstly, they serve as primary hubs for patient care and clinical data management, making them pivotal in the adoption of healthcare information technology. With a growing emphasis on digitizing medical records and optimizing patient care through electronic health records (EHR), hospitals are investing significantly in state-of-the-art IT solutions. Furthermore, the global healthcare landscape is transitioning towards value-based care and patient-centric approaches, driving the demand for advanced IT systems to enhance care coordination and outcomes. Given their substantial resources and patient volumes, hospitals are well-positioned to invest in and leverage the potential of healthcare IT innovations. Additionally, the ongoing digital transformation in the healthcare sector, alongside the imperative for interoperability and data security, underscores hospitals' pivotal role in shaping the future of healthcare IT worldwide.
Based on region, The Asia Pacific region is experiencing notable growth in healthcare expenditure, driven by increased government budgets in countries like China, India, and Japan. This investment aims to enhance healthcare infrastructure, expand access to healthcare services, and implement digital health initiatives. The growing healthcare IT infrastructure, encompassing electronic health records (EHRs), telehealth, and health information exchange (HIE) systems, is a significant driver of the healthcare IT market in the region. Governments are heavily investing in expanding healthcare infrastructure, including the establishment of new hospitals, clinics, and healthcare facilities, leading to a rising demand for healthcare IT solutions to streamline operations and manage patient data effectively.
Integration of digital health technologies and IT systems is a key focus in infrastructure development efforts, further fueling the growth of the healthcare IT market. The Asia Pacific region has emerged as a hub for medical tourism, attracting international patients seeking high-quality and cost-effective medical treatments. Robust healthcare IT infrastructure is essential to manage patient data, facilitate communication between healthcare providers, and ensure a seamless patient experience, supporting the growth of medical tourism. EHRs, telemedicine platforms, and online appointment systems play crucial roles in this regard. Rapid technological advancements and increased digitalization across various sectors, including healthcare, are evident in the Asia Pacific region. Governments, healthcare organizations, and technology companies are collaborating to leverage emerging technologies such as artificial intelligence (AI), machine learning (ML), and big data analytics to improve healthcare outcomes and operational efficiency. Adoption of these advanced technologies in healthcare IT solutions is expected to drive further growth in the healthcare IT market in the region.
Major companies operating in Global Healthcare IT
Market are:
- Koninklijke
Philips N.V.
- Agfa-Gevaert Group
- Hewlett
Packard Enterprise Development LP
- Carestream Health
- GE HEALTHCARE TECHNOLOGIES INC.
- athenahealth
- eClinicalWorks
LLC
- McKesson
Corporation
- Veradigm LLC
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“The Global Healthcare IT Market is on the cusp of a
new era characterized by advanced technology and innovation. Telehealth, AI,
IoT integration, blockchain, and precision medicine are just a few of the
emerging trends that will continue to shape the healthcare industry. These
trends promise to improve patient care, enhance data security, and drive
efficiency throughout the healthcare ecosystem. As healthcare IT continues to
evolve, it is vital for stakeholders to stay informed and adapt to these emerging
trends to remain at the forefront of healthcare innovation,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Healthcare IT Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, Laboratory Informatics, Clinical Information Systems, Medical Imaging Information Systems (Radiology Information Systems, Monitoring Analysis Software, Picture Archiving and Communication Systems), Tele-healthcare (Tele-care, Tele-Health)), By End User (Hospitals, Ambulatory Care centers, Others), By Region, and By Competition, 2019-2029F”, has evaluated
the future growth potential of Global Healthcare IT Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Healthcare IT Market.
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