Market Research Report
Healthcare IT Market Size By Solution, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Healthcare IT Market Size By Solution, By End-use, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: November 18, 2021
Global Market Insights Inc.
Content info: 230 Pages
Delivery time: 2-3 business days
The healthcare information technology (IT) market is projected to garner substantial gains by 2027 owing to rising investment towards the healthcare infrastructure across key regions. Additionally, increasing adoption of AI in the healthcare sector is estimated to drive market expansion over the forecast timeline.
Healthcare information technology refers to the systematic storage, processing, and exchange of health-related data electronically. The extensive use of healthcare IT across the healthcare sector has improved various operational aspects by boosting administrative capabilities, reducing medical errors, lowering healthcare costs, and strengthening overall healthcare quality. Moreover, widespread integration of AI technology has augmented market expansion in recent years.
Notably, industry players have been implementing strategic initiatives to capitalize on emerging trends in the market, which have strengthened the overall business scenario. For instance, in October 2021, Allscripts Healthcare Solutions, Inc., a U.S.-based healthcare IT company, launched an AI-enabled scheduling application, dubbed Allscripts Guided Scheduling, which utilizes industry data, practices, and real-time providers to optimize healthcare providers' days. The system analyzes operational and clinical metrics, allowing users to schedule each patient visit and prioritize high-need patients accordingly.
To cite another instance, in July 2021, Cerner Corporation, a key healthcare technology company, announced the extension of its two-decade-long partnership with Baystate Health, a not-for-profit healthcare system, with the introduction of a digital healthcare platform to combine financing and care delivery systems to enhance patient care.
This digital healthcare platform has been developed to give clinicians a better picture of patient demographics, increase patient access to individualized treatment, and leverage data to promote more effective disease management and virtual health experiences.
The healthcare information technology (IT) market has been segregated on the basis of end-use, solutions, and region.
With respect to solutions, the market has further been categorized into mHealth, revenue cycle management, vendor neutral archives, radiology information systems, fraud management, electronic health record, customer relationship management, picture archiving and communications systems, supply chain management, computerized physician order entry, telehealth, healthcare analytics, and others. The customer relationship management sub-segment is speculated to witness sturdy growth by 2027, expanding at around 15.2% CAGR over the review period.
In terms of end-use, the healthcare information technology market has been bifurcated into healthcare payers and healthcare providers. In 2020, the healthcare payers sub-segment held a notable market share of nearly 36.9% and is expected to showcase a strong growth trajectory through the assessment period.
From the regional point of view, the Latin America healthcare information technology market is set to attain a valuation of more than USD 50.3 billion by the end of 2027. Meanwhile, the Middle East & Africa healthcare information technology market is anticipated to progress at a CAGR of approximately 15% over the study timeline.