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Healthcare IT Market Size, Share, and Industry Report [2031]

Healthcare IT Market

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Segments - by Applications (Clinical Information Systems, PACS, Computerized Provider Order Entry Systems, Tele-healthcare, Laboratory Information Systems, Electronic Prescribing Systems, and Electronic Health Records) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Raksha Sharma

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Vishal Golekar

Report Description

The global healthcare IT market size was valued at USD 74.17 billion in 2020 and is projected to reach USD 165.8 billion by 2028, expanding at a CAGR of 10.5 % during the forecast period, 2021-2028. The growth of the market is attributed to the increasing funding for various mobile health startups along with high adoption and demand of preventive care.

Healthcare information technology (IT) is a branch of IT, which comprises of creating, maintaining, designing, and developing of information systems in clinics, hospitals, and other healthcare industries. It is a multitude of technology tools used by government entities, physicians, insurance companies, nurses, patients, health administrators, and others to store, collect, analyze, mange, and share health information. This system is implemented for transforming and improving healthcare. Healthcare IT offers several benefits and opportunities, such as tracking data over time, improving clinical outcomes, facilitating care coordination, reducing human errors, and improving practice efficiencies. Health-related smartphone apps, electronic health records, electronic prescription services, personal health records, and others are some of the tools for healthcare IT.

The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, the need of healthcare IT solutions, such as telehealth solutions and remote patient monitoring increased for the timely and accurate exchange of patient health records. Additionally, exponentially rising COVID cases and change in preference towards home-care from the outpatient services, which is driving the demand of healthcare IT solutions.

Market Trends, Drivers, Restraints, and Opportunities

Rising network coverage and improvements in network infrastructure is one of the key factors driving the market growth.
Increasing awareness regarding upgraded and new technologies along with surging consumer demand for efficient and effective treatment is projected to boost the market during the forecast period.
High cost associated with adoption, maintenance, and software update acts as a major challenge that can restrict the market growth in the coming years.
Lack of internal IT experts in healthcare sector is expected to hamper the market growth during the projected timeline.
Escalating advantageous initiatives by the governments across many regions for the developments of IT implementation and healthcare infrastructure in the present establishments is anticipated to create significant growth opportunities for the market.

Scope of the Report

The report on the global healthcare IT market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Healthcare IT Market - Global Industry Analysis, Growth, Share, Size, Trends, And Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Applications (Clinical Information Systems, PACS, Computerized Provider Order Entry Systems, Tele-healthcare, Laboratory Information Systems, Electronic Prescribing Systems, and Electronic Health Records)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Agfa Healthcare; Carestream Health; E-MDS, Inc.; eClinicalworks; Philips Healthcare; McKesson Corp.; Hewlett-Packard Enterprise Co.; GE Healthcare; and Athenahealth, Inc.

Market Segment Insights

EHR segment to grow at rapid pace

On the basis of applications, the market is divided into clinical information systems, PACS, computerized provider order entry systems (CPOE), tele-healthcare, laboratory information systems, electronic prescribing systems, and electronic health records (EHR). The electronic health records segment is expected to grow at a rapid pace during the forecast period owing to the rising demand for streamlining EHR and advancements in IT sector. Additionally the segment growth is further accelerated due to rising adoption of EHR systems from healthcare professionals and government initiatives across various regions for implementation of EHR. On the other hand, the electronic prescribing systems segment is expected to expand at a substantial growth rate in the coming years attributed to the growing emphasis of doctors and other healthcare professionals for reducing the medical and prescribing errors.

North America to constitute a key market share

In terms of region, the global healthcare IT market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the increasing implementation and adoption of IT solutions and services by healthcare providers for delivering enhanced patient care at lower expenses in the region. Moreover, rise in the number of advanced research centers, hospitals, and universities is driving the regional growth further. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the rising investment for modernizing the healthcare infrastructure, favorable government initiatives, growing geriatric population, and rising prevalence of chronic diseases in the region.

Segments

Segments Covered in the Report
The global healthcare IT market has been segmented on the basis of

Applications

Clinical Information Systems
PACS
Computerized Provider Order Entry Systems
Tele-healthcare
Laboratory Information Systems
Electronic Prescribing Systems
Electronic Health Records

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

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

Competitive Landscape

Key players competing in the global healthcare IT market are Agfa Healthcare; Carestream Health; E-MDS, Inc.; eClinicalworks; Philips Healthcare; McKesson Corp.; Hewlett-Packard Enterprise Co.; GE Healthcare; and Athenahealth, Inc. Companies are focusing on providing technologically advanced and cloud-based IT services for healthcare and other sectors to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.

For instance, in June 2020, Athenahealth, Inc. a US based network-enabled service provider for healthcare sector announced the launch of athenaTelehealth, a telehealth solution. In May 2021, Bassett Healthcare Network and Optum, a US based health care provider formed a collaboration for enhancement of Bassett's operational and clinical performance and offer the affordable, high-quality, and convenient healthcare practices for patients across Central New York.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Healthcare IT Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Healthcare IT Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Healthcare IT Market - Supply Chain
  4.5. Global Healthcare IT Market Forecast
     4.5.1. Healthcare IT Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Healthcare IT Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Healthcare IT Market Absolute $ Opportunity
5. Global Healthcare IT Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Healthcare IT Market Size and Volume Forecast by Applications
     5.3.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Healthcare IT Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Healthcare IT Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Healthcare IT Demand Share Forecast, 2019-2026
7. North America Healthcare IT Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Healthcare IT Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Healthcare IT Market Size and Volume Forecast by Applications
     7.4.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Healthcare IT Demand Share Forecast, 2019-2026
8. Latin America Healthcare IT Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Healthcare IT Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Healthcare IT Market Size and Volume Forecast by Applications
     8.4.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Healthcare IT Demand Share Forecast, 2019-2026
9. Europe Healthcare IT Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Healthcare IT Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Healthcare IT Market Size and Volume Forecast by Applications
     9.4.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Healthcare IT Demand Share Forecast, 2019-2026
10. Asia Pacific Healthcare IT Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Healthcare IT Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Healthcare IT Market Size and Volume Forecast by Applications
     10.4.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Healthcare IT Demand Share Forecast, 2019-2026
11. Middle East & Africa Healthcare IT Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Healthcare IT Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Healthcare IT Market Size and Volume Forecast by Applications
     11.4.1. Clinical Information Systems PACS Computerized Provider Order Entry Systems Tele-healthcare Laboratory Information Systems Electronic Prescribing Systems
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Healthcare IT Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Healthcare IT Market: Market Share Analysis
  12.2. Healthcare IT Distributors and Customers
  12.3. Healthcare IT Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Agfa Healthcare Carestream Health E-MDS, Inc. eClinicalworks Philips Healthcare McKesson Corp.

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