The global healthcare IT market size was US$ 181.9 billion in 2021. The global healthcare IT market is forecast to grow to US$ 391 billion by 2030 by registering a compound annual growth rate (CAGR) of 16.7% during the forecast period from 2022 to 2030.
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Healthcare includes the diagnosis, management, and prevention of illnesses and other physical and mental disabilities. In order to manage, oversee, and automate processes in healthcare companies, the healthcare business works in tandem with information technology (IT). Modern techniques are used in the health and wellness sector to deliver effective patient-centered care and facilitate communication between doctors, patients, and other interested parties. The healthcare IT infrastructure also includes electronic health management, medical record keeping, and computerized physician order entry systems.
Factors Influencing the Market
The rising trend of paperless technology will primarily drive the growth of the healthcare IT market during the forecast period. The market is expected to record significant growth owing to the factors like the growing prevalence of diseases, the rising proliferation of the internet, and improving healthcare infrastructure around the globe.
Apart from that, the growing government support for the healthcare sector and numerous measures taken by medical associations will also contribute to the market growth during the forecast period. Electronic medical record (EMR) systems are growing in popularity due to steeply expanding digitalization in the sector. Moreover, the benefits of electronic devices, such as ease of use, low workload, high convenience reliability, time and cost savings, etc., will propel the healthcare IT market forward during the study period.
On the flip side, a shortage of skilled laborers may limit the growth of the healthcare IT market during the study period.
Regional Analysis
North America is forecast to hold the leading place in the healthcare IT market over the forecast period. It is due to the growing adoption of IT solutions and services and the growing demand for efficient services at lower prices. Apart from that, the rising prevalence of diseases leading to a large patient pool will also contribute to the growth of the healthcare IT market during the study period.
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COVID-19 Impact Analysis
The healthcare IT market recorded a sharp increase in terms of revenue due to the COVID-19 pandemic. The COVID-19 disease outbreak primarily created a labor shortage. The entire healthcare sector witnessed a sudden need to expand the services for the COVID-19-affected patients. As a result, the need for digital technologies increased to minimize human contact. Moreover, the adoption of digital technology was essential to decrease the risk of infection spread, which may be spread through contact. Thus, various healthcare bodies deployed technologies like Electronic Health Records and Computerized Provider Order Entry Systems to perform the tasks and lower the burden on staff and professionals.
Competitors in the Market
? Philips Healthcare
? Siemens Healthcare
? Cerner Corporation
? Allscripts Healthcare Solutions Inc.
? Wipro
? Oracle Corporation
? IBM
? SAS Institute Inc.
? Dell Technologies Inc.
? Mckesson Corporation
? Other Prominent Players
Market Segmentation
The global healthcare IT market segmentation focuses on Products & Services, Components, Applications, and regions.
By Product & Services:
? Healthcare Provider Solutions
? Healthcare Payer Solutions
? HCIT Outsourcing Services
By Component:
? Services
? Software
? Hardware
By Application:
? Electronic Health Records
? Computerized Provider Order Entry Systems
? Electronic Prescribing Systems
? PACS
? Laboratory Information Systems
? Clinical Information Systems
? Tele-healthcare
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By Regional Outlook
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
1.The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
2.During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
3.The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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