Healthcare IT Market: Tele-Healthcare Dominated And Accounted For A Revenue Share

 Healthcare IT Industry Overview

The global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% in the forecast period. The growing trend of digitalization in healthcare, rising demand for preventive care solutions, the emergence of various entrepreneurship ventures, and growing partnerships & funding are propelling the market growth. Furthermore, the evolution and advancements in network connectivity and development of network infrastructure coupled with increased healthcare IT spending are driving the market growth. Key participants are focusing on innovative product development strategies and are making constant technological advancements with support from improving IT infrastructure. Market players are integrating big data, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth.

Growing healthcare expenditure coupled with rising consumer demand for efficient, effective, and advanced treatment solutions is supporting the development and growth of the market. Increasing consumer awareness towards innovative and upgraded solutions is boosting market growth over the forthcoming years. As per a Healthcare IT News article published in 2020, healthcare IT services have witnessed an upsurge in adoption over the past years, whilst remote monitoring services recorded an increment in adoption from 13% in 2016 to 22% in 2019.

Gather more insights about the market drivers, restrains and growth of the Global Healthcare IT market

 

Growing smartphone penetration and improving internet coverage are directly contributing to the adoption of healthcare IT solutions. According to Data Report January 2022 estimates, 5.31 billion individuals globally are unique mobile phone years and approximately 4.95 billion individuals are internet users. In addition, as per The Mobile Economy 2020 estimates, the unique mobile phone users are expected to reach 5.8 billion by 2025. In addition, the number of internet users across the globe increased by 192 million in 2021 in comparison to 2020, and globally, the number of internet users is growing at 4% annually. Furthermore, technological advancements in the field of smartphones and internet connectivity to improve clinical outcomes, patient experience, and patient engagement is expected to accelerate market growth.

The growing global geriatric population coupled with increasing chronic disease burden, increasing health & medical expenses, and growing demand for home-care services such as remote patient monitoring is anticipated to support the adoption of IT services and propel market growth. The growing prevalence of chronic diseases such as diabetes, hypertension, cancer, and cardiovascular diseases is boosting the demand for advanced IT solutions. Healthcare IT provides multiple benefits such as minimized medical errors, reduced operational costs, and improvement in clinical outcomes which is driving the adoption of these technological solutions. Furthermore, growing government recognition and favorable initiatives in emerging economies to boost the adoption of IT solutions and growing infrastructure are expected to drive growth.

The ongoing Covid-19 pandemic burdened the existing care system and caused disruptions in the functioning of systems, Moreover, the pandemic drove the demand for virtual care and online consultation services across the globe. This growing demand was met with innovations and developments in the IT industry, growing digital literacy, and positive changes in consumer behavior with respect to technology.


Browse through Grand View Research's Healthcare IT Industry Research Reports.

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Healthcare IT Market Segmentation

Grand View Research has segmented the market based on application, and region:

Healthcare IT Application Outlook (Revenue, USD Million, 2016 - 2030)

  • Electronic Health Records
  • Computerized Provider Order Entry Systems
  • Electronic Prescribing Systems
  • PACS
  • Laboratory Information Systems
  • Clinical Information Systems
  • Tele-healthcare

 

Healthcare IT Regional Outlook (Revenue, USD Million, 2016 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies profiled:

Some of the key players operating in the global healthcare IT market include:

  • Philips Healthcare
  • Agfa Healthcare
  • Hewlett-Packard Enterprise
  • Carestream Health
  • GE Healthcare
  • E-MDS, Inc.
  • Athenahealth, Inc.
  • eClinicalworks
  • McKesson Corporation

 

Order a free sample PDF of the Healthcare IT Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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