Healthcare Information Technology (IT) Market is Booming Worldwide with USD 1,095.17 Billion During the Forecast Period 2029

A worldwide Healthcare Information Technology (IT) Market research report is a verified and reliable source of information that gives a telescopic view of the existing market trends, emerging products, situations, and opportunities that drives the business toward success. This global market research report is organized by collecting market research data from different corners of the globe with an experienced team of language resources. The report serves the clients to tackle every strategic aspect including product development, product specification, exploring niche growth opportunities, application modelling, and new geographical markets. The universal market report also provides company profiles and contact information of the key market players in the key manufacturer's section.

Information technology has revolutionized the healthcare industry pertaining to the application of medical equipment, medical technology, and medical devices. Information technology has helped the healthcare industry to manage its high volume of unstructured data and maintain the inventory of details and records.

Data Bridge Market Research analyses that the healthcare information technology (IT) market is expected to undergo a CAGR of 16.35% during the forecast period. This indicates that the market value, which was USD 326.1 billion in 2021, would rocket up to USD 1,095.17 billion by 2029. "Healthcare Provider Solutions" dominates the product segment of the healthcare information technology (IT) market owing to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

From the name itself, it is clear that healthcare information technology (IT) is concerned with the development, maintenance and deployment of information systems in the healthcare institutions. Healthcare information technology eliminates the need for human intervention and thereby reduces the probability of manual errors.

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Healthcare Information Technology (IT) Market Dynamics

Drivers

The rise in the prevalence of diseases

Surging prevalence of chronic and acute diseases all around the globe is one of the major factors responsible for fostering growth in the market value. Growing number of surgical procedures, rising awareness about the benefits of robotically assisted medical surgeries and surging number of road accidents are all responsible for boosting the market growth rate.

Research and development proficiencies

Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in the healthcare facilities is also bolstering the market growth rate.

Government investments on healthcare infrastructure

The increase in the funding by the federal government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities. Also, high return on investments involved with healthcare IT solutions will also work in the favour of the market.

Additionally, surge in the personal disposable income level, introduction of technologically driven products in hospitals, increasing investment for the development of advanced medical products and devices and surge in demand for telehealth and mHealth solutions from the large number of smartphone users, positively affect the market growth rate.

Opportunities

Furthermore, upsurge in the public-private funding for target research activities, increasing levels of hospital data, increasing awareness regarding minimally invasive surgical procedures among patients and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging number of strategic collaborations, rising internet penetration rate, growing number of hospitals and laboratories, and increasing per capita expenditure on health care will further expand the market's growth rate in the future.

Global Healthcare Information Technology (IT) Market Scope

The healthcare information technology (IT) market is segmented on the basis of product and services, components, delivery mode and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product and services

Healthcare Provider Solutions

Healthcare Payer Solutions

Healthcare Information Technology Outsourcing Services

Components

Services

Software

Hardware

Delivery Mode

On-Premise

Cloud-Based

End-Users

Providers

Payers

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Healthcare Information Technology (IT) Market Regional Analysis/Insights

The healthcare information technology (IT) market is analysed and market size insights and trends are provided by country, product and services, components, delivery mode and end-users as referenced above.

The countries covered in the healthcare information technology (IT) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the healthcare information technology (IT) market because of the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, growing number of processes pertaining to drug development, and rising number of research activities in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Healthcare Information Technology (IT) Market Share Analysis

The healthcare information technology (IT) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information technology (IT) market.

Some of the major players operating in the healthcare information technology (IT) market are Allscripts Healthcare, LLC (US), Epic Systems Corporation (US), McKesson Corporation (US), Cerner Corporation (US), Siemens Healthcare GmbH (Germany), Carestream Health (US), Agfa-Gevaert Group (Belgium), athenahealth, Inc. (US), eClinicalWorks (US), GENERAL ELECTRIC (US), GREENWAY HEALTH, LLC. (US), Infor (US), Koninklijke Philips N.V. (Netherlands), NXGN Management, LLC (US), Oracle (US), Siilo (Netherlands), BigHealth (US), Vida Health (US), SWORD Health (US), NOVIGENIX SA (Switzerland), Lantum (UK), BD (US), Bioaxis (India) and Ada Health GmbH (Germany) among others.

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Research Methodology : Global Healthcare Information Technology (IT) Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis.

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