Major Growth Driving Factors:
The growth in the healthcare IT market is mainly driven primarily by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.
Market growth is hindered due to IT infrastructural constraints in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers.
Covid-19 Impact on the Healthcare IT Market:
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters.
The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.
Major Revenue Growth Expectations:
The global healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
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Geographical Growth Dynamics:
North America accounted for the largest share of the Healthcare IT market in 2020. This can be attributed to stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in North America. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
The high growth in this regional market can be attributed to rising medical tourism, the implementation of new ICT guidelines in Japan, investments and reforms to modernize China’s healthcare infrastructure, the rapidly growing healthcare industry in India, and the implementation of IT programs in Australia and New Zealand. In addition, government initiatives for the adoption of HCIT, the growth of the geriatric population, the rising prevalence of chronic diseases, soaring healthcare expenditure, and the growth of purchasing power of consumers will also propel the market.
Based on products and services, the healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment accounted for the largest share of the global healthcare IT market in 2020. The large share of this segment is attributed to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.
In the HCIT outsourcing services segment, the largest contribution was IT infrastructure management services. The growth of this segment is driven by the growing demand for various HCIT solutions and the increasing use of cloud-based technologies.
Objectives of the Study:
# To define, describe, and forecast the global healthcare IT market by products and services and region.
# To provide detailed information about the significant factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall healthcare IT market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the healthcare IT market in five major regions along with their respective key countries (Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa).
# To profile the key players in the global healthcare IT market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as product launches, expansions, and R&D activities of the leading players in the Healthcare IT market.
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