IMARC Group, a leading market research company, has recently releases report titled “Healthcare IT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global healthcare IT market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the Healthcare IT Market?

The global healthcare IT market size reached US$ 292.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 585.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

What is Healthcare IT?

Healthcare IT, also known as health information technology, refers to the use of technology and digital systems to manage and exchange healthcare information. It involves the application of various technologies, software, and hardware solutions to improve the efficiency, accuracy, and accessibility of healthcare data and services. Characteristics of healthcare IT include the digitization and centralization of healthcare data, facilitating secure and seamless sharing of information between healthcare providers and patients. It enables real-time access to patient records, streamlines administrative processes, improves communication, and enhances patient care coordination. Features of healthcare IT systems include electronic medical records (EMRs) or electronic health records (EHRs) that store comprehensive patient health information, including medical history, medications, lab results, and more. Healthcare IT finds application in various industries within the healthcare sector. These industries include hospitals and healthcare facilities, where EHRs and other digital systems streamline administrative tasks, enhance clinical workflows, and improve patient care. Pharmaceutical companies utilize healthcare IT for drug research, development, and clinical trials. Health insurance companies leverage technology to manage claims, payments, and provide online services to their customers. Public health agencies use healthcare IT for disease surveillance, tracking outbreaks, and population health management. Home healthcare services utilize telehealth and remote monitoring technologies to deliver care to patients in their homes. Lastly, research institutions and academic centers employ healthcare IT for data analysis, medical research, and educational purposes.

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What are the Growth Prospects and Trends in the Healthcare IT Industry?

The increasing adoption of electronic health records (EHRs) and digital health systems is fueling the market growth of healthcare IT.  Moreover, the ongoing advancements in telemedicine and remote patient monitoring are driving the market growth. The focus on interoperability and data exchange standards is contributing to the market growth. Healthcare IT solutions that facilitate the secure exchange of patient information across different healthcare providers and systems are becoming essential for coordinated care and continuity of treatment. The growing emphasis on healthcare analytics and big data is driving the market growth of healthcare IT. The increasing regulatory requirements and compliance standards are propelling the adoption of healthcare IT solutions. Moreover, the rise in consumer engagement and patient empowerment is driving the demand for healthcare IT. Additionally, the need for efficient healthcare operations and cost savings is fueling the market growth of healthcare IT. The integration of artificial intelligence (AI) and machine learning (ML) in healthcare IT is another factor driving market growth. Furthermore, the increasing focus on patient safety and quality improvement is driving the adoption of healthcare IT. Technology solutions that support medication management, clinical decision support, and adverse event reporting are critical for enhancing patient safety and outcomes. The growing demand for remote healthcare services and home-based care is also contributing to the market growth of healthcare IT. Other factors such as expansion of healthcare infrastructure in emerging markets, integration of wearables and Internet of Things (IoT) devices and the growing demand for population health management and preventive care initiatives is fueling the market growth of healthcare IT across the globe.

Who are the Key Players Operating in the Healthcare IT Market?

The report has also analyzed the competitive landscape of the market with some of the key players.

• General Electric Company
• Koninklijke Philips N.V.
• Siemens Healthineers AG
• Cerner Corporation
• Allscripts Healthcare Solutions, Inc.
• Wipro Limited
• Oracle Corporation
• International Business Machines (IBM) Corporation
• SAS Institute Inc.
• Dell Technologies Inc.
• McKesson Corporation
• Epic Systems Corporation
• Athenahealth, Inc.
• abd Infor, Inc.

What is Included in Market Segmentation?

The report has categorized the market based on product and services, component, delivery mode and end-user.

Breakup by Product and Services:

• Healthcare Provider Solutions
  • Clinical Solutions
  • Nonclinical Healthcare IT Solutions 
• Healthcare Payer Solutions
  • Pharmacy Audit and Analysis Systems
  • Claims Management Solutions
  • Analytics and Fraud Management Solutions
  • Member Eligibility Management Solutions
  • Provider Network Management Solutions
  • Billing and Accounts (Payment) Management Solutions
  • Customer Relationship Management Solutions
  • Population Health Management Solutions
  • Other Payer Solutions
• Healthcare IT Outsourcing Services
  • Provider HCIT Outsourcing Services Market
  • Payer IT Outsourcing Services
  • Operational IT Outsourcing Services

Analysed by Component:

• Software
• Hardware
• Services

Based on Delivery Mode:

• On-Premises
• Cloud-Based

Market by End-User:

• Healthcare Providers
• Hospitals
• Ambulatory Care Centers
• Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
• Diagnostic and Imaging Centers
• Pharmacies
• Healthcare Payers
  • Private Payers
  • Public Payers
• Others

Regional Analysis:

• Europe
• North America
• Asia Pacific
• Middle East and Africa
• Latin America

Key Highlights of The Report:                                                    

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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