Home Healthcare IT Healthcare IT Services Market Outlook, Share Forecast to 2027 | StraitsResearch

Healthcare IT Services Market

Healthcare IT Services Market Size, Share & Trends Analysis Report By Types (Clinical Services), By Components (Services, Software, Hardware), By End-Users (Healthcare Providers, Healthcare Payers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRHI373DR
Study Period 2018-2030 CAGR 19.6%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD XX Billion
Forecast Year 2030 Forecast Year Market Size USD 30020.1 Million
Largest Market North America Fastest Growing Market Asia Pacific
The sample report only takes 30 secs to download, no need to wait longer.

Market Overview

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.

Regional Analysis

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.

Report Scope

Report Metric Details
By Types
  1. Clinical Services
By Components
  1. Services
  2. Software
  3. Hardware
By End-Users
  1. Healthcare Providers
    1. Hospitals
    2. Diagnostics and Imaging Centers
    3. Pharmacies
    4. Others
  2. Healthcare Payers
    1. Public Payers
    2. Private Payers
Company Profiles 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.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Key Players

Healthcare IT Services Market Share of Key Players

Healthcare IT Services Market Share of Key Players
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. Others

Frequently Asked Questions (FAQs)

What is the growth rate for the Healthcare IT Services Market?
Healthcare IT Services Market size will grow at approx. CAGR of 19.6% during the forecast period.
Some of the top industry players in 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., etc.
In the Healthcare IT Services Market, North America has established itself as the market leader with a significant market share.
The Asia Pacific region has experienced the highest growth rate in the Healthcare IT Services Market.
The global Healthcare IT Services Market report is segmented as follows: By Types, By Components, By End-Users

We are featured on :