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Healthcare IT Services Market: Information by Type (Clinical Services, Non-Clinical Services), Components (Service, Software, Hardware), End-User, and Regions-Forecast Till 2027

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Report Description

The global healthcare IT services market is valued at USD 30,020.1 million and is expected to grow at a CAGR of 19.6% during the forecast period.

Exponential Growth of the Healthcare IT Services Market

Healthcare IT services have a significant impact on patient care, as well as on the delivery, efficiency, and cost of healthcare. Healthcare services and infrastructure have emerged as a top priority for governments worldwide, with countries investing heavily to improve the overall healthcare landscape.

According to the Centers for Medicare and Medicaid Services, healthcare spending in the U.S. increased by 3.9% in 2017, reaching USD 3.5 trillion. Increasing funding activities for implementing various healthcare IT platforms will aid in the growth of healthcare IT services. According to PitchBook Data, Inc., the U.S. healthcare industry saw a high level of private equity investment in 2017—and equity firms in the U.S. invested USD 624 billion through July 2018.

High demand for preventive care measures and increased funding for various mobile health startups drive the market growth. Further, expanding network coverage and rising network infrastructure improvements assist the market growth. Technological advancements in healthcare for improving IT infrastructures, such as incorporating AI, IoT, and big data in healthcare processes, also fuel the market growth.

Government mandates and support for healthcare IT solutions drive the healthcare IT market growth due to the rising use of big data in healthcare, high returns on investment associated with healthcare IT solutions, the need to curtail escalating healthcare costs, the growing demand for HCIT solutions, and the growing remote patient monitoring markets.

Further, rising consumer demand for effective treatment and increased awareness of new technologies are expected to drive market growth over the forecast period.

Healthcare Analytics in Demand due to EHRs

Due to the digitalization of administrative, clinical, and financial data, the volume of electronic data created in the healthcare industry has increased tremendously. With the amount nearly doubling every year, it is projected to increase further in the coming years. Aside from the increasing amount, the sheer diversity of data in healthcare poses a significant barrier for healthcare professionals. When compared to other industries, healthcare data is more difficult due to its length and heterogeneity. Service providers are progressively using healthcare IT to meet these difficulties in the business.

As of 2017, about 90% of office-based physicians in the U.S. had implemented Electronic Health Records (EHRs), according to Practice Fusion. Various market companies, including IBM, CGI, MedeAnalytics, and Epic Systems, are developing innovative healthcare analytics solutions to meet the growing preference for EHRs. Overall, the use of EHRs is propelling the healthcare analytics market forward.

The Popularity of Digital Health Trend

Healthcare providers are benefiting from the 'Digital Health' movement. Artificial intelligence (AI) and machine learning are now used to identify those at risk and deliver individualized treatments. Such technologies expand the scope of information technology in healthcare by providing new and innovative growth metrics. Digital transformation is an opportunity to accelerate health care performance by lowering costs and improving the quality of care.

Impact of COVID-19

Due to advancements in internet-based technology, the prevalence of chronic diseases, and the growing adoption of newer technologies in healthcare, the Covid-19 pandemic has boosted the demand and adoption of virtual medical consultation globally. According to a Deloitte survey from 2020, the pandemic accelerated the uptake of virtual health. E.g., the percentage of virtual visits climbed from 13% in 2019 to 17% in 2020, with a dramatic rise of roughly 26% in April 2020.

The increased number of COVID-19 cases and the shift in preference towards home-care over outpatient services are two significant factors driving the adoption of healthcare IT in the COVID-19 pandemic. Due to increased utilization of these systems by healthcare facilities, E-Prescribing systems are expected to grow after the pandemic. As a result, such occurrences are projected to promote market expansion in the coming years.

Regional Overview

North America Accounts for Highest Share

North America held the highest market share in 2020 and is predicted to grow swiftly during the forecast period. The regional market is driven by healthcare providers' increasing adoption and implementation of IT services for providing better patient care at reduced costs. Further, key manufacturing hubs and an increase in the number of hospitals, advanced research institutes, and universities are fueling market expansion.

According to the World Health Organization, Mexico's healthcare spending accounted for 5.47% of its GDP in 2016. In addition, the market is producing job opportunities in the area. According to the U.S. Bureau of Labor Statistics, demand for medical and health services managers is expected to expand by 17% until 2024, substantially faster than the national average.

APAC Impels Market Growth

The Asia-Pacific market is expected to develop at the fastest rate during the projection period. The geriatric population in Asia-Pacific is propelling the healthcare IT industry forward. According to the United Nations Economic and Social Commission for Asia and the Pacific, the region's aging population will be 1.3 billion by 2050. Further, government initiatives for HCIT adoption, aggressive private sector and non-profit investments, the prevalence of chronic diseases, rising healthcare spending, and consumer purchasing power will drive the market forward.

Key Competitive Players in the Global Healthcare IT Services Market

Some of the prominent players in the global healthcare IT services market are McKesson Corporation, Allscripts, GE Healthcare, Cerner Corporation, Siemens Healthcare GmbH, Becton, Dickinson and Company, Novartis, Global Healthcare Exchange (GHX), Epic System Corporation, Egton Medical Information Systems (EMIS), Atos SE, MedeAnalytics Inc., Koninklijke Philips N.V., Merge Healthcare, CGI Inc, Agfa Healthcare, HP Development Company, L.P, among others.

October 2021- Cerner announces Cerner RevElate, the company's next-generation patient accounting software, which will add new and improved features to Cerner's revenue cycle management portfolio. Cerner RevElate is the consequence of Cerner's investment in improving patient accounting capabilities and optimizing enterprise technologies.

October 2021- Novartis announces FDA approval of a new treatment for patients with chronic myeloid leukemia.

Global Healthcare IT Services Market: Segmentation

By Types

  • Clinical Services
    • EHR
    • Population Health Management Services
    • Information Management Systems
    • Mobile Health Applications
    • HCIT Integration Systems
    • Telehealth Solutions
    • Medical Image Analysis Systems
    • Laboratory Information Systems
    • Practice Management Systems
    • Clinical Decision Support Systems
    • Patient Registry Software
    • Infection Surveillance Solutions
  • Non-Clinical Services
    • Healthcare Asset Management Solutions
    • Revenue Cycle Management Solutions
    • Healthcare Analytics
      • Clinical Analytics
      • Financial Analytics
      • Operation and Administrative Analytics
    • Customer Relationship Management Solutions
    • Pharmacy Information Systems
    • Healthcare Quality Management Solutions
    • Supply Chain Management Solutions
  • Medication Management Systems
    • Electronic Medication Administration Systems
    • Barcode Medication Management Systems
    • Medication Inventory Management Systems
    • Workforce Management Solutions
    • Financial Management Systems (Billings and Accounting)
    • Medical Document Management Solutions

By Components

  • Services
  • Software
  • Hardware

By End-Users

  • Healthcare Providers
    • Hospitals
    • Diagnostics and Imaging Centers
    • Pharmacies
    • Others
  • Healthcare Payers
    • Public Payers
    • Private Payers

By Regions

  • Americas
  • Europe
  • Asia-Pacific
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

The global healthcare IT services market is valued at USD 30,020.1 million and is expected to grow at a CAGR of 19.6% during the forecast period.
Technological advancements in healthcare, rising consumer demand for effective treatment are the key factors expected to drive Healthcare IT Services Market during forecast period.
North America is expected to hold the highest market share in Healthcare IT Services Market.
McKesson Corporation, Allscripts, GE Healthcare, Cerner Corporation, Siemens Healthcare GmbH, Becton, Dickinson and Company, Novartis, Global Healthcare Exchange (GHX) are the top players in Healthcare IT Services Market.
In 2020 Global Healthcare IT Services Market was valued at USD 30,020.1 million.
Clinical Services Type Segment is expected to be leading segment in Healthcare IT Services Market during the forecast period.
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