Healthcare IT market size to grow by USD 168.86 billion from 2023 - 2027 : The increasing focus on improving the quality of services and efficiency to drive the market growth - Technavio

NEW YORK, Dec. 3, 2023 /PRNewswire/ -- The healthcare IT market is estimated to grow at a CAGR of 10.89% between 2022 and 2027. The size of the market is forecast to increase by USD 168.86 billion. The healthcare IT market is segmented based on end-user, component , and geography. The increasing focus on improving the quality of services and efficiency is notably driving market growth. The workload of medical professionals has decreased due to IT hardware and software solutions, which has enhanced the level of treatment. By eliminating human intervention and shortening the time needed to provide patient services, medical software systems are also facilitating decision-making, offering electronic reminders, and managing each staff member's schedule automatically.In-depth analysis provided in the report includes:

• Current and future market trends to highlight market conditions
• Comparative analysis of the market and its segments for the historic period of 2017 - 2021
• Market drivers and market impediments and their impact on market growth
• Positioning of market players and their business strategy analysis
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 Global healthcare IT market size & segmentation analysis

• Based on end user, the healthcare IT market is segmented into healthcare providers and healthcare payers .
• Based on component, the healthcare IT market is segmented into services, software, and hardware.
• Based on geography, the healthcare IT market is segmented into North America, Europe, APAC, South America, and Middle East and Africa.

Healthcare IT market: Country-level analysis

The countries covered in the healthcare IT market report are the US and Canada (North America); the UK, Germany, and France (Europe); China and India(APAC); Saudi Arabia and South Africa (Middle East & Africa); and Chile, Brazil, and Argentina (South America).

• North America will account for 46% of the market's growth during the forecast period. The largest geographical segment of the global healthcare IT market is North America, and this trend will continue during the projected period. This is due to the availability of an integrated healthcare infrastructure (hospitals, clinics, and pharmacies), a sizable number of market vendors, and a high level of acceptance of contemporary medical technology (especially in the US).
• Healthcare facilities will update their current equipment or purchase new software as new technical developments hit the market. The regional market will grow throughout the forecast period as a result of healthcare service providers' continued investment in IT services to support their operations.

The geographic landscape of the report also provides market-impacting factors and changes that impact current and future trends. For detailed information, Request a sample!

Global healthcare IT market: Dynamics & insights

Technavio's research report on healthcare IT market provides analysis and insights about the various drivers, along with key challenges, that impact the market throughout the forecast period.

However vulnerability of EMRs to cybercrime is a major challenge impeding the market. Computer and internal software hacking, as well as entry into intranet portals, are examples of cybercrime incidents. Data from the healthcare sector, such as doctor's medical transcriptions, patients' personal and insurance information, and details about their treatments and medications, are private and crucial to hospitals and patients. Through cyberattacks, data can be hacked, modified, or misused. Therefore, the worldwide healthcare information technology (IT) market would face a serious threat from cybercrime vulnerability and inadequate security systems.

Healthcare IT market: Competitive landscape and vendor analysis

Technavio's report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Some of the major players operating in the healthcare IT market are 3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., and Wipro Ltd. among others. For insights on the vendor offerings, Download a PDF sample!

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by End-user
7. market Segmentation by Component
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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