The healthcare information technology market is expected to reach a value of USD 320.3 million in 2023. With a linear growth pattern, it is predicted to reach USD 770 million by 2033, growing at a compound annual growth rate of 10.3% between 2023 and 2033. Healthcare IT is the study of information technology and all of its uses in the healthcare sector to increase revenue and improve decision-making. Large-scale healthcare environments, such as hospitals, research facilities, and the military, employ clinical informatics.
Global market growth is fueled by the increasing popularity of mHealth and telehealth solutions, the rise in the need for high-quality healthcare services and solutions, and the expansion of government efforts to support HCIT and enhance patient safety and health. The healthcare IT market is also being enhanced by the growing number of diverse entrepreneurial initiatives, expanding alliances and funding, improving the trend of digitization in healthcare, and growing demand for preventative care solutions.
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Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
- Oracle
- Parexel International Corporation
- OpenClinica, LLC
- IQVIA
- Allscripts Healthcare Solutions INC.
- EPIC System Corporation
- Mckesson Corporation
- Clario
- Dassault Systèmes
- Cerner Corporation
Market Challenge
Healthcare providers are moving closer to coordinated value-based care, but there are still obstacles to overcome before HCIT solutions can be implemented, mostly related to information system interoperability. In the very information-intensive healthcare sector, patient data is created in every department at every point of treatment within a healthcare institution. However, if it is not correctly integrated to build a comprehensive and accurate patient record, the utility of this information is relatively poor. There is a rising need to integrate IT systems to support correct decision-making by healthcare workers at various points of care delivery since numerous HCIT technologies are being employed inside healthcare systems. Furthermore, the complete utilization of HCIT systems is impeded by the absence of interoperability across health organizations with a regional or national health IT platform for data exchange.
Integrating the more established solutions becomes more challenging as consumer technology firms release more and more medical applications and health information exchange solutions. Numerous healthcare institutions have already made investments in a range of medical gadgets and information management systems from different manufacturers, each with their models and manufacturers. To guarantee maximum use, there is an increasing requirement to integrate multiple information technology systems into an organization’s IT architecture as healthcare organizations implement more and more varied HCIT technologies. Consequently, one of the main areas of concentration for IT infrastructure development projects is the effective integration of HCIT systems with other systems.
Opportunity
An increase in information technology demand propels the growth of the global healthcare IT industry. The industry is expanding due to the rapid rate at which digitalization techniques like artificial intelligence and healthcare services are being implemented. These innovations facilitate better workflow, enhance existing systems, reduce service costs, and enhance patient outcomes. The market is expanding as a result of all the above-mentioned aspects. The expansion of the digital health industry is being aided by the various efforts being taken by governments across different nations. For example, the Indian Prime Minister launched the Pradhan Mantra Digital Health Mission to digitize the country’s healthcare system. Patients can access, save, and share their medical records through the national digital health ecosystem.
Market Trend
To solve fragmented healthcare delivery, increase care coordination, and stress patient-centered care, the industry is trending toward joint ventures, partnerships, and payer-provider mergers, which are being fueled by value-based payment models and accountable care organizations (ACOs). As a result, it harmonizes payers, patients, and providers’ incentives and objectives. As an example, CVS Health has completed the acquisition of Aetna. By placing patients at the center of their treatment, providing more affordable, accessible healthcare, and streamlining the process, the goal is to create healthier communities and revolutionize the healthcare industry. Healthcare providers, payers, and patients—the three parties involved in the healthcare industry—benefit from this shift toward value-based compensation. Healthcare providers are encouraged to give the greatest treatment at a lower cost by value-based compensation. Patients may thereby receive excellent care at a lower cost.
Regional Analysis
With a market share of more than 48.5% worldwide, North America leads the Healthcare IT industry. The early adoption of IT services and the strong foundation of the healthcare sector are to blame for this. With more than 25% of the worldwide market share, Asia-Pacific is the second-biggest market for healthcare IT. This can be attributed to the growing population and advancements in the healthcare sector. Europe holds a 20% worldwide market share, making it the third-largest market for healthcare IT. The reason for this is the rise in investments in the healthcare sector. Latin America and the Middle East and Africa (MEA) are developing hubs for the healthcare IT sector. The need for Healthcare IT in the region is rising.
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