Healthcare IT Market to be Worth $907.18 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 28, 2024, 10:31 ET

REDDING, Calif., May 28, 2024 /PRNewswire/ -- According to a new market research report titled, 'Healthcare IT Market by Product (EHR, CDSS, CPOE, Telehealth, Financial Analytics, Claims Management Services, mhealth, RCM, Analytics, CRM, Population Health, LIS, PACS, VNA) Deployment Mode (On-Premise, Cloud) Component & End User - Global Forecast to 2031,' published by Meticulous Research^®, the healthcare IT market is projected to reach $907.18 billion by 2031, at a CAGR of 13.2% during the forecast period.

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Health information technology (HCIT) comprises various technologies that gather, store, analyze, and represent information for various areas in the healthcare sector. Over the years, the global healthcare IT industry has transitioned from the application of IT solutions from basic administrative functions to core clinical tasks. The increased amount of data gathered through patient records has now led to the deployment of advanced IT solutions in the healthcare sector. This includes the deployment of advanced analytics solutions, population health management solutions, and AI solutions for a variety of clinical and non-clinical applications.

Today, the rising cost of healthcare is prompting healthcare providers & payers to adopt HCIT solutions that can reduce costs of care delivery and efficiently transform the clinical and non-clinical workflows to manage increasing patient flow. These healthcare IT solutions help increase patient engagement, facilitate better quality care, and improve operational and clinical efficiencies.

The transition to value-based care is also one of the key factors driving stakeholders to adopt various healthcare IT solutions. Government regulations and initiatives aimed at digitizing the workflows of the healthcare industry are also prompting healthcare providers and payers to adopt various healthcare IT solutions, which in turn is contributing to the growth of the global healthcare IT market.

The growth of the healthcare IT market is driven by rising awareness regarding digital health, government mandates and incentives for healthcare IT and infrastructure development, the shift toward value-based care, the growing utilization of big data in the healthcare sector, the high returns on IT investments in the healthcare industry, and the increasing number of patient visits. However, the high costs of implementing and maintaining healthcare IT infrastructure, financial constraints in developing countries, and restricted budgets of small and medium-sized healthcare facilities restrain the growth of this market.

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Additionally, the growing focus on cloud-based solutions, the rising adoption of AI & IoT technologies in healthcare, and emerging economies such as India and China with increasing per capita healthcare expenditures are expected to offer significant growth opportunities for the stakeholders in this market. However, interoperability issues, data security & privacy concerns, and the shortage of trained IT professionals are major challenges impacting the market's growth.

Moreover, the increasing use of Virtual Reality (VR) and Augmented Reality (AR) for physical and surgical procedures, the increasing demand for healthcare IT solutions in the field of genomics and personalized medicine, increasing access to virtual hospitals, and the rising demand for remote patient monitoring and telemedicine solutions are prominent trends in the healthcare IT market.

Increasing Awareness about Digital Health is Driving the Market's Growth

Healthcare IT solutions facilitate the transition to a paperless environment, allowing physicians seamless access to patient's medical records as needed. This accessibility enables physicians to make informed decisions and minimizes medical errors. Similarly, hospitals benefit from improved efficiency and streamlined health information transfer, enhancing overall workflow management and reducing operational costs.

Healthcare software enables high-quality and error-free care delivery. Electronic health records provide safer transmission of patient information and access to more reliable prescriptions for physicians. They also help with legible and complete documentation of patients' medical history. With connected infrastructure, HCIT solutions enable easier tracking of unforeseen drug interactions and also help to improve decision support. Healthcare institutions across the globe are focusing on automating their systems and operational workflows with the incorporation of a variety of HCIT tools and solutions.

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The benefits of healthcare IT solutions in reducing the cost of care delivery and improving the efficiency of healthcare systems to accommodate the expanding patient populations have prompted numerous government and multilateral institutions and agencies to actively promote the adoption of digital health solutions. As a result, they are undertaking various initiatives aimed at raising awareness and promoting the utilization of such technologies. For instance, in August 2023, the World Health Organization (WHO) and G20 India Presidency jointly announced the Global Initiative on Digital Health to bolster the implementation of the Global Strategy on Digital Health 2020–2025. As part of this initiative, the WHO will act as the Secretariat for strategy implementation, facilitating the aggregation of global standards, resources, and best practices aimed at expediting the transformation of digital health systems worldwide.

Additionally, in December 2021, the French President inaugurated the Council of the European Union (PFUE), with digital health being part of the project. The inauguration includes the draft for the European Health Data Space (EHDS), which will govern digital health for all EU Member States and serve as a guide to transform the way digital health is implemented across the European Union. Similar initiatives aimed at promoting digital health are also underway across many countries across the globe. Thus, the increasing awareness about digital health is enhancing the adoption of health IT solutions and related infrastructure across the globe, driving the growth of the healthcare IT market.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players over the past three to four years. Some of the key players operating in the Healthcare IT market are International Business Machine Corporation (IBM) (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Infor, Inc. (A Subsidiary of Koch Industries, Inc. (U.S.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), athenahealth, Inc. (A Subsidiary of Veritas Capital) (U.S.), Dell Technologies, Inc. (U.S.), Unitedhealth Group (Optum, Inc.) (U.S.), Nuance Communications, Inc. (U.S.), 3M Company (U.S.), Conifer Health Solutions, LLC. (A subsidiary of Tenet Healthcare Corporation (U.S.)), NextGen Healthcare, Inc. (A subsidiary of Thoma Cressey Bravo, Inc. (U.S.)), PointClickCare Technologies Inc. (U.S.), and eClinicalWorks (U.S.).

Among the products covered in this report, in 2024, the healthcare IT provider solutions segment is expected to account for the larger share of the healthcare IT market. Healthcare IT providers include hospitals, ambulatory centers, home healthcare & assisted living centers, diagnostic centers, and pharmacies. These providers utilize HCIT solutions in order to improve the quality and effectiveness of healthcare services, support individual & public health while increasing the accuracy of diagnoses, and reduce costs & medical errors while improving the efficiency of clinical processes. The rising adoption of HCIT solutions among these providers contributes to the significant market share of this segment.

Among the deployment modes covered in this report, in 2024, the web & cloud-based segment is expected to account for the larger share of the healthcare IT market. The large market share of this segment can be attributed to the benefits offered by web & cloud-based deployment, including on-demand self-service, minimal maintenance costs, lower upfront and storage costs, and storage flexibility. Moreover, the enhanced security features in private clouds and automated update capabilities offered by web and cloud solutions are anticipated to drive the growth of this segment.

Among the components covered in this report, in 2024, the services segment is expected to account for the largest share of the healthcare IT market. The large market share of this segment is attributed to the increasing need to reduce healthcare costs, the growing need to minimize paperwork, and the rising demand for easy access to affordable care. Moreover, the shift to cloud services is further expected to increase funding to develop cost-effective services, which, in turn, is expected to boost the growth of the healthcare IT services market.

Among the end users covered in this report, in 2024, the healthcare providers segment is expected to account for the larger share of the healthcare IT `market. The large market share of this segment can be attributed to improvements in healthcare infrastructure, the proliferation of tertiary/specialty care hospitals, the surge in chronic diseases, the growing demand for high-quality healthcare services, and the increasing initiatives aimed at promoting the adoption of eHealth solutions. Furthermore, initiatives like the Affordable Care Act in the U.S. and the increasing need for managing extensive patient data drive the adoption of HCIT solutions in hospitals worldwide.

Based on geography, the global healthcare IT market is segmented into North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global healthcare IT market. North America's significant market share can be attributed to factors such as the high adoption of various healthcare IT solutions by healthcare providers to ensure compliance with stringent regulatory requirements for patient care and safety, a large population with insurance coverage, government regulations and mandates promoting the adoption of HCIT solutions, the transition towards value-based care, the need to mitigate rising healthcare costs, the presence of prominent HCIT vendors in the region, and the growing emphasis on enhancing healthcare quality while optimizing the operational efficiency of healthcare organizations. However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.

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Scope of the Report:

Healthcare IT Market Size & Trend Analysis—by Product

Healthcare IT Provider Solutions

Clinical Healthcare IT Solutions

Electronic Health Records (EHR)
PACS & VNA
Computerized Physician Order Entry (CPOE) Solutions
Clinical Decision Support Systems (CDSS)
E-Prescribing Systems
Patient Engagement Solutions
RIS (Radiology Information Systems)
RDM (Radiation Dose Management) Solutions
Specialty Information Systems
Medical Image Analysis
Population Health Management Solutions
Care Management Solutions
Patient Registry Software
Laboratory Information Systems (LIS)
mhealth Solutions
Telehealth
Healthcare Integration Solutions
Infection Surveillance Solutions
Practice Management Software

Non-Clinical Provider Healthcare IT Solutions

Pharmacy Information Systems
Healthcare Asset Management Solutions
Healthcare Workforce Management Solutions
Revenue Cycle Management Solutions

Front-end RCM
Mid-end RCM
Back-end RCM

Medical Document Management Solutions
Healthcare Information Exchanges
Supply Chain Management Solutions
Healthcare Analytics

Clinical Analytics
Financial Analytics
Operational & Administrative Analytics

Customer Relationship Management Solutions
Medication Management Systems

Electronic Medication Administration Systems
Barcode Medication Administration Systems
Medication Inventory Management Systems
Medication Assurance Systems

Healthcare Quality Management Solutions
Healthcare Interoperability Solutions
Financial Management Solutions (Accounting & Billing)

Healthcare Payer Solutions

Claims Management Solutions
Customer Relationship Management
Fraud Analytics Solutions
Provider Network Management
Pharmacy Audit & Analysis Solutions
Member Eligibility Management Solutions
Population Health Management Solutions
Payment Management Solutions

Healthcare IT Outsourcing Services

Provider HCIT Outsourcing Services

Revenue Cycle Management Services
EMR/Medical Document Management Services
Laboratory Information Management Services
Other Provider HCIT Outsourcing Services

Payer HCIT Outsourcing Services

Claims Management Services
Provider Network Management Services
Billing & Accounts Management Services
Fraud Analytics Services
Other Payer HCIT Outsourcing Services

Operational HCIT Outsourcing Services

Business Process Management Services
Supply Chain Management Services
Other Operational IT Outsourcing Services

IT Infrastructure Management Services

Note: Other provider HCIT outsourcing services include PACS data management, CPOE data management, care management solutions and analytics, and pharmacy information management practices.

Note: Other payer HCIT outsourcing services include HR activities and workforce analytics, among others.

Note: Other operational IT outsourcing services include the development and implementation of custom applications, financial data management outsourcing, and maintenance of applications or systems.

Healthcare IT Market Size & Trend Analysis—by Deployment Mode

Web & Cloud-based
On-premise

Healthcare IT Market Size & Trend Analysis—by Component

Services
Software
Hardware

Healthcare IT Market Size & Trend Analysis—by End User

Healthcare Providers

Hospitals
Ambulatory Centers
Home Healthcare & Assisted Living Centers
Diagnostic Centers
Pharmacies

Healthcare Payers

Private Payers
Public Payers

Healthcare IT Market Size & Trend Analysis—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Switzerland
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa

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