Healthcare IT Market (Type: Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services), and By Application (EHR, CPOE, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Tele-healthcare)(End User: Healthcare Providers and Healthcare Payers)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Healthcare IT market size is evaluated at USD 282.99 billion in 2022 and is expected to hit around USD 1,305.9 billion by 2030, growing at a CAGR of 29.30% from 2022 to 2030. 

Key Takeaways:

• By Application, the U.S. Healthcare IT market was valued at USD 49.19 Billion in 2021 and expected to witness growth at a CAGR of 29.9% from 2022 to 2030.
• Healthcare IT Market size is expected to be valued at USD 361.83 billion in 2023. The growing trend of value-based care and the adoption of affordable preventive care is boosting growth. Moreover, the emergence of startups coupled with growing recognition in the form of partnerships & investments is supporting growth
• In 2021, tele-healthcare segment dominated the market owing to the growing trend of market players continuously investing in this market owing to its substantial growth opportunities
• In 2021, North America dominated the market owing to the presence of adequate infrastructure, high-quality internet connectivity, growing digital literacy, and the presence of renowned players

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 2021 and accounted for a revenue share of 41.2%. 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 2021 and accounted for the largest revenue share of 47.1% 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. 

Report Scope of the Healthcare IT Market

Product type Insights

Based on the product type, healthcare provider solutions is anticipated to be the largest growing segment during the analysis period due rise in adoption of electronic health records (EHR) and other sanitarium information systems by healthcare providers. The request is anticipated to witness significant growth owing to the rise in demand for quality healthcare services and solutions, increase in acceptance of mHealth and telehealth practices, surgel in demand for bettered patient safety and patient care, and increase in government action to promote HCIT, and rise in adoption of cloud technology in healthcare.

Application Insights

Tele-healthcare dominated the healthcare IT market in 2021 and accounted for a revenue share of 42.0%. 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.

End User Insights

On the basis of end user, the global healthcare IT request is segmented into healthcare providers and healthcare payers. The healthcare provider segment is subdivided into hospitals, itinerant care centers, individual and imaging centers, apothecaries, and others. The healthcare payer segment is further divided into public payers and private payers. The healthcare provider segment is likely to be the near fastest growing segment during the analysis period. Also, the healthcare payers segment is likely to capture the high growth rate till the forecast period 2030. In healthcare providers, hospitals are the largest segment in the HCIT request. This is owing to the demand for multitudinous HCIT results among hospitals in order to manage the adding burden of managing patient information in hospitals.

Regional Insights

North America dominated healthcare IT in 2021 and recorded a revenue share of 48.1% and is anticipated to register the fastest growth over the forthcoming years. Growing smartphone penetration, improved internet connectivity, increased healthcare IT spending, advancement in infrastructure, growing digital literacy, and the presence of key players is driving the growth of the market. The North American care industry is rapidly adopting & implementing It services to improve the patient care experience, simultaneously reduce medical costs is propelling the growth of the North American market. 

A growing number of care facilities, universities, advanced research centers, and other facilities is boosting the demand and adoption of these advanced solutions. Furthermore, the presence of renowned care facilities is a major contributor to the growth of this region. Some examples of care facilities and research centers present in North America are the University of Maryland Medical Center, Cleveland Clinic, John Hopkins Medicine, Mayo Clinic, and St. Jude Children’s Research Hospital which offer future growth opportunities for the healthcare IT industry. The growing need to optimize & streamline hospitals’ workflow and enhance clinical, functional, & operational efficiency is driving growth. 

On the other hand, MEA is anticipated to register the fastest growth rate over the forthcoming years owing to the steady development of healthcare facilities in emerging economies and the increase in healthcare expenditure. Some of the countries in the region, especially Saudi Arabia and UAE, have exhibited significant growth and major changes in healthcare facilities. In addition, the Saudi Arabian government has taken various efforts to implement IT systems in the healthcare sector. Several hospitals in Saudi Arabia are using these information systems to improve patient care. Improvements in the healthcare sector and increase in the integration of IT in healthcare are expected to boost the market. 

Some of the prominent players in the Healthcare IT Market include:

• Allscripts healthcare solutions Inc.
• AthenahealthInc.
• Cerner corporation
• Epic system corporation
• General electric company
• Infor, inc.
• KoninklijkephilipsN.V.
• Mckesson corporation
• Oracle corporation
• Unitedhealthgrowp

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Healthcare IT market

By Type

• Healthcare Provider Solutions
• Clinical Solutions
• Electronic Health/Medical Records
• Vendor Neutral Archive (VNA)
• Computerized Physician Order Entry
• Clinical Decision Support Systems
• Radiology Information Systems
• Radiation Dose Management Solution
• Specialty Management Information Systems
• Medical Image Processing & Analysis Solution
• Healthcare IT Integration Systems
• Practice Management Systems
• Laboratory Information Systems
• Digital Pathology Solutions
• Mobile Health (mHealth) Solutions
• Telehealth Solutions
• Healthcare Payer Solutions
• Pharmacy Analysis and Audit
• Claims Management
• Fraud Management
• Computer-assisted Coding Systems
• Payment Management
• Patient Billing Management
• Provider Billing Management
• Provider Network Management
• Member Eligibility Management
• Customer Relationship Management
• Medical Document Management
• Other
• HCIT Outsourcing Services
• Provider HCIT Outsourcing Services
• Medical Document Management Services
• Pharmacy Information Management Services
• Laboratory Information Management Services
• Revenue Cycle Management Services
• Others
• IT Infrastructure Management Services
• Operational HCIT Outsourcing Services
• Supply Chain Management Services
• Business Process Management Services
• Others
• Payer HCIT Outsourcing Services
• Claim Management
• Customer Relationship Management Services
• Billing System
• Fraud Detection
• Others

• by Application
• Electronic Health Records
• Computerized Provider Order Entry Systems
• Electronic Prescribing Systems
• PACS
• Clinical Information Systems
• Tele-healthcare

By End User

• Healthcare Providers
• Hospitals
• Ambulatory Care Centers
• Diagnostic & Imaging Centers
• Pharmacies
• Others
• Healthcare Payers
• Private Payers
• Public Payers

By Geography

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

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Healthcare IT industry analysis from 2022 to 2030 to identify the prevailing Healthcare IT industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Healthcare IT industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Healthcare IT industry trends, key players, market segments, application areas, and market growth strategies.