Healthcare IT Market

The report "Healthcare IT Market by Solution (Provider, Payer; Clinical (EHR, PHM, PACs & VNA, Telehealth, RCM, CDSS); Nonclinical (Analytics, Pharmacy, Interoperability), Service (Claim, Billing, Supply), End user (Hospital, Payer) - Global Forecast to 2029 ", is expected to reach USD 834.35 billion by 2029 from USD 420.23 billion in 2024, at a CAGR of 14.7% during 2024–2029.

Browse 320 market data Tables and 50 Figures spread through 420 Pages and in-depth TOC on "Healthcare IT Market by Solution (Provider, Payer; Clinical (EHR, PHM, PACs & VNA, Telehealth, RCM, CDSS); Nonclinical (Analytics, Pharmacy, Interoperability), Service (Claim, Billing, Supply), End user (Hospital, Payer) - Global Forecast to 2029 "
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The healthcare IT market is primarily driven by several key factors, such as growing demand for telehealth, growing trends of wearable devices, integration of AI and ML in healthcare IT, organizations shifting towards cloud-based solutions, heavy investment in supply chain management solutions to improve efficiency and reduce costs, and the increasing number of collaborations between healthcare IT solution providers companies to driving innovation and technological advancements in the market also play a important role in driving the growth of this market. For instances, on September 2024, Mecwacare an Australian company partnered with Cognizant to launch a multi-year digital transformation program aimed at modernizing its IT systems and enhancing care experiences for clients and staff, on August 2024, a startup name CitiusTech partnered with Simplify Healthcare to enhance solutions for health insurance companies, On July 2024, and GE HealthCare and AWS collaborated to develop generative AI applications aimed at improving medical diagnostics and patient care.

Software segments register the fastest growth in the healthcare IT market in 2023.

On the basis of component, software segment is expected to register the fastest growth in the healthcare IT market. Software segments are divided into three types: web-based, cloud-based, and on-premises. A significant share of this segment is attributed to the growing adoption of cloud-based software as providers don’t have to pay a lot of money upfront, and cloud-based solutions improve flexibility and mobility, allowing healthcare professionals to access patient data securely from anywhere using mobile devices. Additionally, Cloud-based solutions boost data security because specialized providers use strong security measures, like encryption and compliance with government rules. And, cloud solutions help with disaster recovery and protect against data loss, making sure that important information is always accessible, even in emergencies are some factors that are driving the growth of healthcare IT market.

Providers segment holds largest share of the healthcare IT market in 2023.

Based on end-user segment, the healthcare IT market is segmented into healthcare providers and payers, in 2023, the providers segment is accounted to hold the largest share of the healthcare IT market, growth factors that are driving the segment are rising rates of chronic conditions such as diabetes, heart disease, and obesity necessitate ongoing medical care and management, legislative reforms such as the affordable care act, expand access to healthcare, increasing the number of insured patients. increased healthcare spending and an aging population are the growth drivers of the healthcare IT market because the global population aged above 60 will have increased from 1 billion in 2020 to 1.4 billion in 2030. This means one out of every 6 people worldwide would be classified as elderly. There are emerging health problems, notably cognitive decline, that lead to high health care services and medication demands, associated with such demographic shifts. Thereby healthcare providers will experience huge growth opportunities in the market.

Asia Pacific is registered the highest growth during the forecast period with significant CAGR in 2023.

The healthcare IT market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to register highest growth during the forecast period. Factors driving the growth of this region includes increasing disposable incomes. With nearly two-thirds of the world's population residing in this region, healthcare needs are evolving, especially in countries like China, where the number of seniors is increasing by 10 million every year. Governments in the region are taking initiatives: China's Healthy China 2030 plan, which aims to expand health services. Meanwhile, health care in India has grown over 20% in the last five years because of increased public as well as private spending on health care and improvements in medical equipment and technologies. Health-care investment in APAC is becoming one of the fast-growing trends, especially driven in South-East Asia by investment in infrastructure and digital development. Foreign direct investment in the healthcare sector in the region also recovered in the post-pandemic era, with the US being the biggest investor. Besides, the newly developed Personalised Health Index helps healthcare leaders in 11 regions assess their readiness for personalized healthcare.  Singapore is in the lead; this is due to the efforts put up on its digital infrastructure and National Precision Medicine Programme. Indonesia and India have also made remarkable progress, especially through wearables and consumer trust in health providers.

Key Players-

Prominent players in the Healthcare IT market include Optum, Inc. (US), Cognizant (US), Koninklijke Philips N.V. (Netherlands), Oracle (US), GE Healthcare (US), Dell Inc. (US), Wipro (India), eClinicalWorks (US), SAS Institute Inc. (US), Inovalon (US), Infor. (US), Conifer Health Solutions, LLC. (US), Nuance Communications, Inc. (US), 3M (US), Merative (US), Epic Systems Corporation. (US), InterSystems Corporation (US), Veradigm (US), Salesforce, Inc. (US), CitiusTech (US), Conduent, Inc. (US), Carestream Health (US), Practice Fusion, Inc. (US), TATA Consultancy Services Limited (India), Elsevier (Netherlands), MedeAnalytics, Inc. (US), Surgical Information Systems (Georgia), Chartis. (US), and Clearwave Corporation. (Georgia).

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