Press Release

Healthcare IT Market to Grow with a CAGR of 17.90% through 2028

Technological advancements and the growing demand for improved healthcare services is expected to drive the Global Healthcare IT Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “Healthcare IT Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Healthcare IT Market stood at USD 172.50 billion in 2022 and is anticipated to grow with a CAGR of 17.90% in the forecast period, 2024-2028. 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.

Moreover, 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 overall market is experiencing growth driven by several key factors. The increased prevalence of smartphones, a rising demand for remote patient monitoring to improve care beyond hospital walls, the presence of advanced healthcare IT infrastructure, and substantial investments supporting eHealth initiatives are all contributing to this expansion. An illustrative example of such advancements can be seen in the collaboration between Microsoft and BeeKeeperAI in May 2022. Their partnership brought the advantages of confidential computing to healthcare AI solutions for Microsoft Azure users, further propelling the industry's growth. Moreover, governments worldwide are taking steps to encourage the adoption of advanced systems, particularly in addressing critical healthcare challenges such as COVID-19. India, for instance, introduced the Pradhan Mantri Digital Health Mission in September 2021, aimed at digitizing healthcare services across the nation, ensuring secure and accessible digital healthcare systems for storing, accessing, and authorizing the sharing of health records. The market is also expanding due to the user-friendly nature, cost-effectiveness, and time-saving benefits of healthcare IT adoption in hospital settings. Leading industry players are continually enhancing their services to meet consumer demands, such as Change Healthcare's introduction of its cloud-based software as a service (SaaS) solution, Change Healthcare Stratus Imaging PACS, tailored for radiological practices. This innovative solution, currently in beta testing, is set to expand into hospitals in the coming years. The increasing penetration of smartphones and improved internet coverage directly contributes to the adoption of healthcare IT solutions. Mobile phone usage is expected to reach 5.31 billion unique users by the beginning of 2022, covering over two-thirds of the global population. Furthermore, at the start of 2022, the global internet user count reached 4.95 billion, indicating that 62.5 percent of the world's population had internet access. The growing demand for centralized medical records, particularly in developed economies like the U.S., where there is a shift towards value-based care, is fueling the adoption of health management systems like Electronic Health Records (EHR). An instance of this trend is the collaboration between Google Health and MEDITECH in March 2022, which leveraged search and summarization capabilities within MEDITECH's Expanse EHR platform to provide clinicians with quick and easy access to information from multiple sources, ultimately enhancing care delivery.

                                                                                             

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The Global Healthcare IT Market is segmented into application, end user, regional distribution, and company. Based on its application, telehealthcare has emerged as the dominant segment. This upsurge can be attributed to the rising demand for more efficient electronic healthcare systems, advancements in healthcare IT, and the need for technology-integrated tools. Additionally, the increasing awareness of health matters, a growing demand for cost-effective care, and the expanding elderly population are key factors propelling the growth of telehealthcare. For instance, Independa, a company specializing in remote engagement, care, and education through TV-based platforms, conducted a survey in November 2022 to examine the behavior and attitudes of smart TV users towards telehealth. The findings, released in March 2023, indicated that over 90% of Americans had utilized telehealth services in the past year, with a satisfaction rate of 90%. These services included doctor's appointments, teledentistry, and vision appointments. The survey also underscored the significance of increased smartphone usage, as 71% of users accessed telehealth services through their smartphones. These findings demonstrate a growing awareness and positive reception of telehealth, which is expected to drive market growth, as the adoption of telehealth continues to rise in the foreseeable future.

On the other hand, the electronic prescribing system segment is expected to witness the fastest CAGR during the forecast period. The growing awareness of the benefits of e-prescribing is driving the adoption of e-prescribing systems. A study titled "Perception of physicians towards electronic prescription system and associated factors at resource-limited settings," published in PLOS ONE in March 2021, revealed that survey participants had a favorable attitude towards electronic prescriptions, with 76.5% showing a positive outlook. Additionally, about 70.8% of participants had more than 5 years of experience in using computers. The study also disclosed that nearly 90% of participants found their electronic prescriptions to be legible. Furthermore, within the medical imaging information systems segment, there are subdivisions like radiology information systems, monitoring analysis software, and picture archiving and communication systems (PACS). Factors such as the growing need for streamlining healthcare operations, increased awareness about these systems for tracking billing information and radiology imaging orders, and the rising prevalence of chronic diseases on a global scale are substantial contributors to the overall growth of the medical imaging information systems segment.

Based on end user, Hospitals are poised to dominate the global healthcare IT market for several compelling reasons. Firstly, hospitals are at the forefront of patient care and clinical data management, making them central hubs for the adoption of healthcare information technology. The increasing emphasis on digitizing medical records, optimizing patient care through electronic health records (EHR), and streamlining administrative tasks has led hospitals to heavily invest in cutting-edge IT solutions. Additionally, the global healthcare landscape is witnessing a shift towards value-based care and patient-centric approaches, necessitating advanced IT systems to enhance care coordination and improve outcomes. Hospitals, with their substantial resources and patient volumes, are better positioned to invest in and harness the potential of healthcare IT innovations. Moreover, the ongoing digital transformation within the healthcare sector, coupled with the need for interoperability and data security, places hospitals in a pivotal role in shaping the future of healthcare IT on a global scale.

 

Major companies operating in Global Healthcare IT Market are:

  • Philips Healthcare Ltd
  • AGFA-Gevaert NV
  • Hewlett Packard Enterprise Development LP
  • Carestream Health Inc
  • GE Healthcare Inc
  • e-MDs Inc
  • athenahealth Inc
  • eClinicalWorks LLC
  • McKesson Corporation
  • Veradigm Inc

 

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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 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, By Competition Forecast & Opportunities, 2018-2028F”, 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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