Healthcare IT market Size, Growth, Revenue Share Analysis, Company Profiles, and Forecast To 2030

The Healthcare IT market crossed US$ 292.78 billion mark in 2022 and is expected to hit US$ 897.82 billion by 2030, recording a CAGR of 15.04% during the forecast period.

Healthcare IT and healthcare information technology is a branch of information technology involves in the designing, development, creation, and management of IT infrastructure in healthcare facilities. Over the period of time, there has been tremendous growth in the healthcare industry which led to the integration of IT services to improve the overall operational efficiency and reduce the burden on healthcare professionals. This led to the increased deployment of various software such as electronic health records, radiology information systems, clinical decision support systems, laboratory information systems, and others to ensure smooth functioning with high efficiency. There have been technological shifts by the increased inclination toward cloud-based systems. On the basis of component, the software segment is expected to register significant growth over the forecast period which helps in the management of various functions in the healthcare industry.

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Key Players:
o Optum
o Cerner Corporation
o Cognizant
o Change Healthcare
o EPIC Systems Corporation
o Allscripts
o athenahealth
o GE Healthcare
o Oracle Corporation
o IBM

Recent strategic developments in healthcare IT market
The healthcare IT market has undergone several significant developments, and a few of these have been mentioned below:
• In May 2022, ModMed has shrared early preview of its OBGYN-specific software suite set to launch later this year. ModMed OBGYN - an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solution - is bringing practice and workflow innovation to obstetrics and gynecology.
• In March 2022, Epic has released a new Software as a Service (SaaS) offering called Garden Plot as the Garden Plot gives small, independent groups access to Epic-the software and third parties they need, plus the strength of our interoperability network-with minimal overhead. We handle hosting, support, and the configuration and rollout of updates so that providers can focus on their patients.
• In June 2021, Cognizant has extended its relationship with global engineering company Aker Solutions to modernize and simplify its entire IT infrastructure, including its business technology network and application maintenance and development.
• In May 2021, Bassett Healthcare Network and Optum today has entered into strategic collaboration to further enhance Bassett's clinical and operational performance, and advance delivery of high-quality, convenient and affordable health care for patients across Central New York.
Scope of the report:
In this report, the market has been segmented on the basis of:

• Business Segment:
o Laboratory Information Systems (LIS)
o Picture Archiving and Communication System (PACS) and Vendor Neutral Archive (VNA)
o Radiology Information Systems (RIS)
o Cardiovascular Information System (CVIS)
o Electronic Health Records (EHR)
o Telemedicine
o Clinical Decision Support System (CDSS)
o Claims Management Solutions
o Population Health Management Solutions
o Fraud Analytics
o Provider Management Services
o Billing and Accounts Management Services
o Other Business Segments

• Component
o Hardware
o Software
o Services

• End User:
o Payers
o Providers

• Region
o North America
o Europe
o Asia Pacific (APAC)
o South & Central America
o Middle East & Africa

The research report provides deep insights into the market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of Healthcare IT market during the forecast period, i.e., 2022-2030. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.

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The research provides answers to the following key questions:
1. What is the estimated growth rate of the market for the forecast period 2022-2030? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Healthcare IT market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Healthcare IT market?
4. What are the prominent market trends influencing the development of the Healthcare IT market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Healthcare IT market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Healthcare IT market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Healthcare IT market segments and regions.

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