Healthcare IT Market worth $974.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 9, 2023 /PRNewswire/ -- Healthcare IT Market is projected to reach USD 974.5 billion by 2027 from USD 394.6 billion in 2022, at a CAGR of 19.8% during the forecast period according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for HCIT solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.

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Healthcare IT Market Scope:

The services segment accounted for the largest share in the healthcare IT market, by component

The healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the introduction of complex software and the need to ensure integration and interoperability of software, which requires extensive training and regular upgrades. Moreover, the need to implement software updates and upgrades, given the changing healthcare regulations, is further fueling the demand for HCIT services.

By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period

The clinical HCIT solutions segment is projected to register the highest growth in the healthcare IT market. The need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors is a major driver for the growth of this market. However, high installation costs and a shortage of skilled medical professionals are restraining the growth of this market.

Asia Pacific is expected to exhibit the highest growth during the forecast period

The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC HCIT market.

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Healthcare IT Market Dynamics:

Drivers:

1. Government mandates & support for HCIT solutions
2. Rising use of big data
3. High returns on investment associated with HCIT solutions
4. Need to curtail escalating healthcare costs
5. Growing adoption of e-prescribing, telehealth, mHealth, and other HCIT solutions due to COVID-19
6. Growing mHealth, telehealth, and remote patient monitoring markets

Restraints:

1. IT infrastructural constraints in developing countries
2. High cost of deploying HCIT solutions in small and medium-sized hospitals in emerging countries
3. Resistance from traditional healthcare providers

Opportunities:

1. Rising use of HCIT solutions in outpatient care facilities
2. Cloud-based EHR solutions
3. Shift toward patient-centric healthcare delivery

Challenges:

1. Security concerns
2. Interoperability issues

Key Market Players:

Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

Recent Developments:

• In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
• In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth's digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR's patient portal.
• In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

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