Healthcare IT Market Growing At Remarkable CAGR of 29.3% by 2030

Healthcare IT Industry Overview

The global healthcare IT market size is expected to reach USD 1,305.1 billion by 2030 and is expected to expand at a CAGR of 29.3% in the forecast period, according to a new report by Grand View Research, Inc. Growing digitalization of healthcare, increasing digital literacy, the emergence of startups, growing government funding & support, increasing smartphone penetration, growing IT spending, improving network connectivity, and advancing infrastructure is driving the development & growth of the industry.

 

Healthcare IT Market Segmentation

Grand View Research has segmented the global healthcare IT market based on application, and region:

 

Based on the Application Insights, the market is segmented into Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems and Tele-healthcare.

• Tele-healthcare dominated the healthcare IT market in 2021 and accounted for a revenue share of 41.2%. Increased penetration of smartphones and superior internet connectivity has widened the scope of the healthcare value chain. Economic development in emerging economies has led to high adoption of these technologies, to revolutionize the telehealthcare market by accelerating the adoption of telehealth technologies and applications. Furthermore, increased consciousness amongst the consumers towards their health and well-being is contributing to the growth and development of this market.
• In addition, the tele-healthcare segment is further anticipated to register the fastest growth rate over the forthcoming years. The shortage of medical practitioners, nurses, and hospital beds is increasing the burden on healthcare systems. Moreover, the rapidly growing geriatric population, increasing prevalence of diseases, rising healthcare costs, and lack of healthcare infrastructure, especially in rural areas, are driving the demand for affordable and quality healthcare in the region.
• In recent years, the penetration of smartphones and the internet is growing. Moreover, overall digital infrastructure is improving, primarily driven by the digitization initiatives undertaken by local governments. All the aforementioned parameters are estimated to drive the telehealthcare market. The majority of the telehealth platforms provide online consultations, prescriptions, remote monitoring, and appointment booking services, among others.

 

Healthcare IT Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

Key players are focusing on their technological collaborations, partnerships, and merger & acquisitions strategies to gain a competitive edge and expand their product portfolio & business footprint. The ongoing Covid-19 pandemic burdened the care systems across the globe and drove market players to innovate products for untapped opportunities such as virtual health and telecare.

Some of the key players operating in the global healthcare IT market include:

• Philips Healthcare
• Agfa Healthcare
• Hewlett-Packard Enterprise
• Carestream Health
• GE Healthcare
• E-MDS, Inc.
• Athenahealth, Inc.
• eClinicalworks
• McKesson Corporation

 

Order a free sample PDF of the Healthcare IT Market Intelligence Study, published by Grand View Research.