Healthcare IT Market to Reach Valuation of USD 1,075.06 Billion by 2028 Increase in Demand for Quality Healthcare Services and Solutions to Flourish Market

Vantage Market Research

Feb 17, 2022

In terms of revenue, the Global Healthcare IT Market is expected to reach USD 1,075.06 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.7% from 2022 to 2028. The Global Healthcare IT Market growth is attributed to the factors such as an increase in demand for quality healthcare services and solutions, rising use of big data in healthcare, and an increase in government initiatives. Moreover, an increase in concerns regarding patient data safety & security, high returns on investment associated with Healthcare IT solutions, and growing mHealth, remote patient monitoring & telehealth markets are some other factors that propelling the Healthcare IT Market growth.

Key Findings:

  • Under the products & services segment, the healthcare provider solutions sub-segment is anticipated to grow at a considerable Compound Annual Growth Rate (CAGR) over the projected period. The growth is attributed to the need to control the growing healthcare costs, and to reduce medical errors for better healthcare services.
  • Healthcare providers sub-segment held a significant market share in 2021. In healthcare, hospitals hold the major share owing to the increasing demand for numerous HCIT solutions among hospitals. Thus, propelling the growth of the segment and further boosting the market growth.
  • North America is the largest regional segment. This is due to the presence of larger base of geriatric population, rising medical tourism, and increasing government initiatives for the adoption of HCIT.

Some of key players in Healthcare IT Market include - Cerner (US), Optum (US), Change Healthcare (US), Cognizant (US), Philips Healthcare (Netherlands), Dell Technologies (US), Epic Systems (US), GE Healthcare (US), Allscripts (US), athenahealth (US), IBM (US), Oracle Corporation (US), eClinicalWorks (US), Infor (US), Conduent (US), Tata Consultancy Services (India), Conifer Health (US), Wipro Limited (India), Inovalon (US), Nuance (US), 3M (US), Carestream Health (US), InterSystems (US), Practice Fusion (US), Orion Health (US), and SAS Institute (US)..

The health-tech industry is expanding by offering brand new opportunities to improve patient care and to cut costs in health care. Electronic health records not only help improve the allocation of resources and reduce paperwork but also allow specialists to track health information that is population-related on a wide scale. This helps in improving the allocation of resources and upgrading population health. The rising health IT industry also offers auspicious new work for people who are interested in medical health data and in making an efficient & effective health care system.

Information in health technology is a field that comprises numerous technologies that store, gather, and analyze data for the health care sector. Both health care patients and providers use it to make more efficient health care. Electronic Health Records (EHRs) make it easier for doctors to analyze and track the patient’s health-related information so that the patient can receive more focused, better, and more efficient care. Big Tech companies such as Google, Amazon, Apple, among others are investing in the Healthcare IT sector. These are some of the factors propelling the Healthcare IT Market over the forecast period.

North America is expected to emerge as largest market for Healthcare IT Market. The market growth is attributed to the presence of a larger base of geriatric population, especially in China. Moreover, the increasing investments to modernize healthcare infrastructure as well as rising medical tourism & increasing government initiatives for the adoption of HCIT are likely to boost the Healthcare IT Market growth.