Healthcare IT Market to Expand at 17.9% CAGR During the Forecast Period 2023-2030

Posted on 2023-04-03 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 03, 2023 — /EPR Network/ —

Healthcare IT Industry Overview

The global Healthcare IT Market size is expected to reach USD 609.1 billion by 2030 and is expected to expand at a CAGR of 17.9% 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.

Tele-healthcare dominated in 2022 and accounted for a revenue share of 52.2%. Tele-healthcare comprises both telehealth and telecare services. The growing number of patients suffering from various conditions requiring Long-Term Care such as Alzheimer’s disease, diabetes, cancer, and cardiovascular diseases is one of the major factors driving the growth of the telehealthcare market. According to Pharmaceutical Services Negotiating Committee, in 2018, over 26 million people in England had at least one LTC condition. LTC conditions are a major economic burden on hospitals and clinics, thereby driving the demand for telehealthcare services for physician consultation of long-term care patients and remote monitoring. According to NHS England, in 2018, LTC accounted for 64% of all hospital outpatient appointments. High internet usage and growing penetration of connected home services are among the major factors driving the tele-healthcare market.

North America dominated in 2022 and accounted for the largest revenue share of 52.0% owing to the availability of adequate infrastructure, increasing funding & investment, growing healthcare IT spending, presence of well-established care facilities & advanced research centers, presence of key players, increasing smartphone penetration, established internet connectivity, and growing burden of chronic diseases. The growing demand for value-based care coupled with the growing demand to minimize increasing medical expenses is driving the growth of the region.

The Covid-19 pandemic burdened the existing healthcare systems and exposed the shortcoming present in the system. Simultaneously, the pandemic boosted the adoption of virtual care and telehealth services across the globe and drove key players to focus on their product innovation strategies to serve the growing demand. Changing consumer behavior towards technology and growing digital literacy is expected to propel the development & growth of the industry in the forthcoming years. According to a Deloitte survey conducted in 2020, telehealth services witnessed a surge in adoption and rose to 28.0% in April 2020 as compared to 15.0% in 2019.

Healthcare IT Market Segmentation

Grand View Research has segmented the 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 2022 and accounted for a revenue share of 52.2%. Increased penetration of smartphones and superior internet connectivity has widened the scope of the healthcare value chain.
The tele-healthcare segment is further anticipated to register the fastest growth rate of 23.5% 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.

Healthcare IT Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

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 prominent players 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.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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