Market Research Report
Healthcare IT Market by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services), and End User (Healthcare Providers and Healthcare Payers): Global Opportunity Analysis and Industry Forecast, 2021-2030
|Healthcare IT Market by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services), and End User (Healthcare Providers and Healthcare Payers): Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: July 1, 2021
Allied Market Research
Content info: 279 Pages
Delivery time: 2-3 business days
The global healthcare IT market was valued at $250,577.15 million in 2020, and is projected to reach $880,688.75 million by 2030, registering a CAGR of 13.3% from 2021 to 2030.
Healthcare IT (information technology) is the field of IT that includes the creation, development, design, use, and maintenance of information systems for the healthcare industry. Automated and interoperable healthcare information systems are anticipated to improve medical care, reduce healthcare costs, increase efficiency, reduce error, and improve patient satisfaction, while optimizing reimbursement for ambulatory and inpatient healthcare providers.
The market is growing significantly because of increase in demand for quality healthcare services and solutions, rise in acceptance of mHealth and telehealth practices, surge in demand for improved patient safety and patient care, and increase in government initiatives to promote HCIT. However, lack of awareness, high investment, and research & development costs are likely to restrain the market growth during the forecast period. Constant development in the HCIT domain is likely to pave the path for new opportunities. Asia-Pacific and LAMEA are the fastest growing regions and the HCIT market in these regions is at nascent stage. These regions are creating new opportunities and contribute to the growth of the market during the forecast period.
The global HCIT market is segmented on the basis of product, end user, and region. By, product; the healthcare IT market is divided into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. In 2020, the healthcare provider solution segment held the largest market share, and this was mainly due to the rise in adoption of electronic health records (EHR) and other hospital information systems by healthcare providers.
By, end user, the healthcare IT market is broadly bifurcated into healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals, ambulatory care centers, diagnostic and imaging centers, pharmacies, and others (home healthcare agencies, nursing homes, and assisted living centers). The healthcare payers segment is further bifurcated into private payers and public payers. Hospitals form the largest segment in the HCIT market. This is due to the demand for numerous HCIT solutions among hospitals to manage the increase in burden of managing patient information in hospitals.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is likely to dominate the HCIT market throughout the forecast period because of the large investment in HCIT industry. Asia-Pacific and LAMEA are expected to emerge as the regions with maximum growth potential and are likely to be the fastest growing segments during the forecast period. This is due to the surge in economies and government initiatives for the digitalizing and automating the tasks of different healthcare organizations including hospitals, pharmacies, nursing homes, and other healthcare related organizations.
By Product & Service
By End User