The global healthcare IT market size was valued at USD 278.00 billion in 2023. The market is projected to grow from USD 312.92 billion in 2024 to USD 981.23 billion by 2032, exhibiting a CAGR of 15.4% during the forecast period. North America dominated the global market with a share of 42.16% in 2023.
The healthcare sector has observed significant growth in blockchain technologies, artificial intelligence, and the internet of things. Emerging devices and infrastructures provide doctors, healthcare organizations, and patients with immediate access to healthcare information, enabling better decision-making and treatment options. This increased demand for advanced healthcare solutions such as mHealth, telemedicine, e-prescribing, and others is driving the growth of the healthcare IT market.
Furthermore, integrating healthcare information technology offers several opportunities, such as improving clinical outcomes, reducing human error, improving practice efficiencies, and facilitating care coordination.
- In October 2023, Augmedix entered into a collaboration agreement with The Sullivan Group. This collaboration aims to improve the value delivered to health systems by offering high-quality solutions that integrate medical documentation with a reduction in doctor’s exposure to diagnostic-related errors through the Clinical Decision Support System (CDSS).
The COVID-19 pandemic slowed the healthcare IT market growth in 2020 as the healthcare industry largely relied on conventional methods and equipment for several healthcare procedures. However, in 2021, there was a slight increase in the adoption of advanced technologies due to their potential to enhance healthcare delivery. Virtual care, telehealth, digital therapeutics, and other advancements have made healthcare more accessible globally, playing crucial roles in monitoring, diagnosing, and managing COVID-19 cases.
- In 2021, Cerner Corporation experienced a 4.7% revenue increase, driven by heightened implementation activity across its business.
Healthcare IT Market Trends
Increasing Investments by Companies for Advancing Healthcare Infrastructure Globally
Pharmaceutical and biotechnology companies are continually striving to provide essential services and advanced treatment to patients. Many have integrated digital analytics into early-stage clinical and drug development processes to reduce timelines and increase success rates.
- In November 2023, GE HealthCare received the U.S. FDA authorization for its latest version of the digital expert access device. This device facilitates remote patient scanning and is compatible with GE HealthCare magnetic resonance technology.
Furthermore, several companies are securing funding to enhance their healthcare infrastructure. For instance, in May 2021, Huma Therapeutics Limited received USD 130.0 million in funding to digitalize its healthcare platform and support pharmaceutical industries in conducting decentralized clinical trials. This platform combines real-world data, digital biomarkers, and predictive algorithms to advance proactive research.
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Healthcare IT Market Growth Factors
Growing Prevalence of Chronic Diseases is Driving Market Growth
The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and others has boosted the demand for healthcare IT for better treatment options. Moreover, the rising number of patient visits in hospitals is raising awareness about the potential applications of these technologies, thereby further fueling the market growth. According to the data published by the CDC in August 2023, six in ten adults in the U.S. have chronic diseases. Additionally, with the aging population in the U.S., the prevalence of diseases is expected to rise, further driving growth in the healthcare IT market.
- According to the data published by the U.S. Centers for Disease Control and Prevention, in 2019, 54.1 million U.S. adults were 65 years and older, which represents 16% of the total population. In addition, by 2040, the number of geriatric population is projected to reach 80.8 million.
Furthermore, chronic disease management is a top priority for the healthcare system due to complexity and high cost associated with managing such conditions. Therefore, integrating EMRs is deemed the most effective approach to enhance information workflow efficiently.
- In July 2022, MyHealthcare launched a single-screen EMR in India, a system that allows clinicians and doctors to enter all patient’s medical records on a single screen.
Increasing Number of Product Launches Fuels Market Growth
Technology has revolutionized the way healthcare providers treat, diagnose, and manage patient care. The introduction of artificial intelligence and telemedicine is improving medical diagnosis and treatment significantly. Advanced imaging technologies are enabling minimally invasive procedures with higher precision, aiding in proper diagnosis and treatment. Integration of technology with pharmaceutical research is leading to the development of personalized medicine and targeted therapies.
- In September 2022, RxDefine launched the telehealth product for the life sciences brand, aiming to assist individuals in their health decisions, improving the consumer experience.
Thus, the increase in new product launches by key market players in healthcare IT is projected to impact market growth during the forecast period positively.
RESTRAINING FACTORS
Shortage of Skilled Workers to Operate Advanced Devices is Projected to Limit Market Growth
Recent advances in the technology field are driving a substantial demand for skilled technology workers. However, the ongoing shortage of healthcare workers poses a significant challenge for healthcare organizations. Factors such as staff burnout, overflow of appointments, stagnant growth, and inefficient processes have adverse effects on patient outcomes.
- According to the data published by Oracle in 2023, the healthcare industry was projected to witness a substantial shortage of upto 124,000 physicians by 2033.
Furthermore, rural areas face a significant shortage of skilled workers due to limited healthcare infrastructure quality. These workforce shortages contribute to increased errors and hinder adoption of advanced technologies. Consequently, these factors are expected to restrict the market growth during the forecast period.
Healthcare IT Market Segmentation Analysis
By Solution Analysis
Increasing Demand for Cost-effective Care is Boosting the Demand for Telehealth Solutions
By solution, the market is segregated into clinical solutions and non-clinical solutions. The clinical solutions segment is further segmented into Electronic Health Records (EHR), population health management solutions, mobile health applications, telehealth solutions, and others. The non-clinical solutions segment is further segmented into revenue cycle management, customer relationship management solutions, healthcare interoperability solutions, supply chain management solutions, and others.
Clinical solutions dominated the market in 2023, owing to constant technological development coupled with growing patient care and safety and the growing need for integrated healthcare systems. Moreover, the increasing use of EHR by several entities such as hospitals, primary care physicians, and insurance companies has boosted its demand. The growing focus on patients accessing their healthcare data to keep themselves updated has led to more personal use of EHR. Thus, ease of access to these clinical solutions among patients and healthcare providers is contributing to the segmental growth.
- According to the survey published by Independa in January 2023, 90% of Americans use telehealth services. Moreover, some of the services include teledentistry, vision appointments, and doctor appointments.
By Component Analysis
Increasing Adoption of Digital Technologies is Fueling the Demand for Services and Software
By component, the market is segmented into hardware and software & services.
The software & services segment dominated the market for healthcare IT in 2023. Healthcare organizations increasingly rely on digital solutions to streamline their operations, improve patient care, and enhance overall efficacy. Electronic health record systems, revenue cycle management tools, and other digital platforms assist hospitals to automate data collection, provide instant access to information, and make faster decisions. These factors are driving growth in the segment.
- In April 2022, Emmaus Life Sciences, Inc. partnered with Bioservices Corporation, UpScriptHealth, and Asembia LLC to launch an advanced full-service telemedicine solution. The program is further expanding the telemedicine service for providers and patients in the U.S.
The hardware segment is projected to witness considerable growth during the forecast period. Increasing demand for advanced diagnostic and patient monitoring devices to provide proper patient outcomes has contributed to the segment’s growth. In addition, the increasing number of internet users is boosting the demand for hardware products.
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By End-User Analysis
Growing Number of Patient Visits in the Hospitals are Contributing to the Healthcare Providers Segment Growth
By end-user, the market is segmented into healthcare providers and healthcare payers. The healthcare providers are further segmented into hospitals & ASCs, diagnostic imaging centers, and pharmacies. The healthcare payers are further segmented into private payers and public payers.
Healthcare providers dominated the market in 2023 owing to increasing spending by healthcare providers on IT and software, which has advanced the existing technologies and product offerings. Moreover, constant technological advancements and the availability of new solutions mainly focused on patient engagement and cybersecurity have further contributed to the segmental growth.
- In August 2023, HCA Healthcare collaborated with Google Cloud to use AI technology, which focuses to enhance workflows on time-consuming tasks, such as clinical documentation.
Healthcare payers segment is projected to grow at a nominal rate in the coming years as most of the payors are focusing on offering enhanced services to the patients. Several medicare companies are integrating Virtual Reality (VR) and Artificial Intelligence (AI) into their existing portfolio. The advancement focuses on shifting from managing healthcare payments and claims to a more comprehensive patient care management approach.
REGIONAL INSIGHTS
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America Healthcare IT Market Size, 2023 (USD Billion)
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North America dominated the healthcare IT market share, generating a revenue of USD 117.21 billion in 2023. The region’s growth is attributed to growing awareness regarding digital health, integration of big data in healthcare management, and an increasing shift toward value-based care. Furthermore, a growing government initiative to promote e-health technology in the U.S. is further driving the country’s market growth.
- For instance, in September 2023, Oracle launched new cloud-based EHR capabilities. Healthcare providers and clinicians can leverage AI integrated with voice commands to reduce manual work. Moreover, the platform would assist in ordering medication and scheduling appointments.
Europe accounted for a substantial market share in 2023 and is expected to witness considerable growth during the forecast period. Growing R&D expenditure by biotechnology and pharmaceutical companies and the introduction of new technologies in the region are contributing to the region’s healthcare IT market growth.
Moreover, Asia Pacific is expected to expand at the fastest CAGR during the forecast period. The growing prevalence of chronic diseases, increasing adoption of digital technologies, and continuous advancement by key market players are contributing to the growth of the market.
The Latin America and the Middle East & Africa are projected to witness lucrative growth during the forecast period. Increasing healthcare expenditure by the government and private sector in these regions is boosting the demand for advanced technologies.
- In March 2023, according to the data published by HSBC, Saudi Arabia had the highest number of ongoing healthcare projects, accounting for 12.9%, followed by Kuwait and Oman.
List of Key Companies in Healthcare IT Market
Companies are Focused on New Products Launches to Expand its Current Product Portfolio
Epic Systems, Cerner Corporation, Allscripts, Meditech, Health Catalyst, Inc., and Athenahealth, Inc. are some of the market players that captured a considerable market share in 2023.
- For instance, in March 2023, Epic Systems and Microsoft Corp. expanded their collaboration to integrate AI into healthcare by combining Epic’s Electronic Health Record (EHR) software with Azure OpenAI Service. This will improve patient care and enhance financial stability.
Similarly, Meditech captured a considerable market share in 2023 owing to a strong brand presence and a robust product portfolio. Moreover, the company is also focusing on developing highly efficient and advanced healthcare IT solutions.
Other prominent players operating in the market, such as Health Catalyst, Inc., Athenahealth, Inc., InterSystems Corporation, Arcadia Solutions, LLC, and Capsule Technologies, Inc., emphasize several strategic developments, including partnerships, collaborations, and service expansion, which are some of the major factor expected to fuel the market shares of these companies in healthcare IT.
LIST OF KEY COMPANIES PROFILED:
KEY INDUSTRY DEVELOPMENTS:
- December 2023 – Epic Systems partnered with Qualtrics to offer software solutions that provide proper patient information to doctors, health systems, and hospitals. Moreover, the platform assists organizations to receive feedback about the consumer experience.
- October 2023 – Veradigm LLC collaborated with First Databank, Inc. to join the ePrescribing network. Veradigm will integrate the network into its available solutions and expand its dynamic community of companies, providing innovative insights, data-driven solutions, and advanced technologies.
- May 2023 – Doximity, Inc. integrated MEDITECH’s Electronic Health Record (EHR) systems. The integration assists healthcare professionals in launching a Doximity Dialer video or voice telehealth visit directly from the app.
- April 2023 – LifeOmic announced the launch of the patient mobile app, which provides a two-way connection between the patient and the healthcare team. Healthcare providers have access to highly configurable solutions that integrate into existing workflows.
- July 2021 – Population Health Management Solutions launched Value Optimizer, a population health management solution that identifies valuable opportunities for Value-Based Care (VBC) performance improvement.
REPORT COVERAGE
An Infographic Representation of Healthcare IT Market
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The healthcare IT market report provides a detailed competitive landscape. It includes a number of key industry developments such as partnerships, mergers, and acquisitions. Additionally, it focuses on key points such as new product launches in the market. Furthermore, the report covers regional analysis of different segments, company profiles of key market players, market trends, and the impact of COVID-19 on the market. The report consists of quantitative and qualitative insights that contribute to the market’s growth.
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Report Scope & Segmentation
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ATTRIBUTE
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DETAILS
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Study Period
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2019-2032
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Base Year
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2023
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Estimated Year
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2024
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Forecast Period
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2024-2032
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Historical Period
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2019-2022
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Growth Rate
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CAGR of 15.4% from 2024-2032
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Unit
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Value (USD Billion)
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Segmentation
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By Solution
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By Component
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By End-User
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By Region
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