Healthcare IT Market Analysis Report By Application, By Region And Segment Forecasts From 2021 To 2028

Synopsis

With reference to the report published, the global healthcare IT market was prized by USD 74.2 billion in 2020. It is estimated to witness a 10.7% CAGR during the period of the forecast.

Drivers

Rising financial support for a variety of mobile fitness startups, together with the greater demand as well as the implementation of precautionary treatment, is the factor expanding the enlargement of the market for healthcare IT.

Growing network coverage along with the increasing development in network infrastructure is, additionally, maintaining the expansion of this market. Technical progressions, relating to healthcare, for the enhancement of the IT infrastructure, like the execution of big data, IoT, and AI, in healthcare practices are, furthermore, powering the enlargement of the market for healthcare IT.

Moreover, increasing consumer insists on effective & well-organized treatment, together with rising alertness about the fresh as well as advanced technologies, is expected to increase the development of the market, during the forecast period. As stated by the Mobile Economy 2020, single mobile subscribers were approximately 5.2 billion in 2019 and are estimated to arrive at roughly 5.8 billion, by 2025. Also, the number of internet consumers augmented from 250 million in 2018 to approximately 3.8 billion in 2019.

Also, progressions in the technologies, linked with smartphones along with the internet for making a better diagnosis of the disease, treatment, are expected to impel the development of the healthcare IT market. Rising charges of hospital apparatuses, mainly for higher treatment & care; increasing elderly inhabitants, and growing demand for home-based healthcare services are the factors, furthermore, estimated to increase the implementation of IT services.

As well, the increasing occurrence of chronic sickness, like heart failure, cancer, and diabetes, is powering the demand for diverse IT sourced services, in this sector. Decreases in operational expenditures, declining mistakes in a medicinal service, and a rising percentage of successful results are the benefits of healthcare IT, expected to stimulate the expansion of the market.

Additionally, constructive programs by the governments of diverse nations for the enlargement of healthcare infrastructure plus the implementation of IT in the presented organizations are expected to increase the augmentation for the duration of the forecast.

Because of the progress and improvement in internet-sourced technology, increasing occurrences of chronic sicknesses, and rising acceptance as well as encouraging consumer actions regarding the latest technology in healthcare, the Covid-19 pandemic has globally increased the demand as well as acceptance of virtual otherwise online medical consultancy.

Consistent with a 2020 review, carried out by Deloitte, the pandemic boosted the acceptance of virtual health. Such as the proportion of the customers or respondents, making use of virtual visits, improved from 15.0% in 2019 to 19.0% in the early months of 2020. An unexpected spike of about 28.0% was observed in April 2020. As a result, such occasions are expected to maintain the expansion of the market, in the near future.

Application Insight

Due to the growth in demand for reformation of EHR-integrated tools, EHR, as well as the progressions in information technology, the Electronic Health Records (EHRs) application section held more than 40.0% revenue share in 2020 and ruled the healthcare IT market.

Owing to the tactical plans by diverse companies in the market, rising alertness plus the acceptance of EHR in healthcare amenities, along with an escalating figure of plans sustaining its implementation, the section is expected to develop by a stable CAGR, during the forecast period.

E-Prescribing system is likely to be the highest rising application sector throughout the forecast period. Increasing demand for enhanced patient care along with a decrease in the happening of medicinal and prescribing mistakes are some of the most important things, powering the demand for e-prescription systems, within the market.

In accordance with Statista, the proportion of e-prescriptions in the U.S. augmented from 66.0% in 2017 to 80.0% in 2019. Furthermore, the increasing execution of EHRs in hospitals, clinics, and additional healthcare amenities, together with a growing number of prescriptions given out are adding to the expansion of the section.

Regional Insight

North America held the biggest, more than 40.0% share of the global healthcare IT market, in 2020. Moreover, it is estimated to record the highest CAGR, throughout the forecast period. The increasing acceptance along with the execution of IT services plus the solutions by healthcare suppliers, for giving better patient care on lesser operating costs are the important factors, stirring the Market in North America.

Besides, the existence of main manufacturing centers along with the growth in the number of hospitals, sophisticated research centers, plus universities in enhancing the enlargement of the market.

The key research centers and hospitals within this region, like Mayo Clinic, John Hopkins Medicine, Cleveland Clinic, St. Jude Children’s Research Hospital, and University of Maryland Medical Center, offer prospective enlargement openings for these organizations.

In addition, the growth in healthcare-related expenses and an increasing necessity to modernize the workflow of the hospitals plus enhance the effectiveness are the factors, moreover, adding to the expansion in the share of the regional market.

Companies

The healthcare IT market is secure and mergers & acquisitions, as well as regular tactical partnerships, are expected to boost the visibility and acceptance of the healthcare IT services, during the near future. Additionally, the Covid-19 pandemic is presenting fresh openings to the companies to increase a viable advantage.

Such as, Athenahealth, Inc. declared the initiation of its Telehealth Solution, branded as Athena Telehealth solution, in June 2020. It will present safe setting up of the billing procedure for the patients as well as clinicians.

Some of the companies for healthcare IT market are:

    • McKesson Corporation
    • Athenahealth, Inc.
    • GE Healthcare
    • Hewlett-Packard Enterprise
    • Philips Healthcare
    • eClinical works
    • E-MDS, Inc.
    • Carestream Health
    • Agfa Healthcare

Report Scope

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 2016 to 2028. For the purpose of this study, Million Insights has segmented the global healthcare IT market report on the basis of application and region:

• Application Outlook (Revenue, USD Million, 2016 - 2028)
    • Electronic Health Records (EHRs)
    • Computerized Provider Order Entry Systems
    • Electronic Prescribing Systems
    • PACS
    • Laboratory Information Systems
    • Clinical Information Systems
    • Tele-healthcare

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Italy
        • Spain
        • Russia
    • The Asia Pacific
        • China
        • Japan
        • India
        • Australia
        • Singapore
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa
        • Saudi Arabia