Healthcare IT market to surge at 13% CAGR, reaching USD 752.24 Billion by 2032 from USD 250.41 Billion in 2022: Report

The Healthcare Information Technology (IT) Market had a market size of USD 250.41 Billion in 2022 and is projected to reach USD 752.24 Billion by 2032, with a forecasted revenue CAGR of 13%. The growth in market revenue can be attributed to the rising demand for healthcare IT solutions aimed at improving patient care and reducing healthcare costs. The use of Electronic Health Records (EHR) and electronic prescription systems is expected to become more widespread, driving the market's revenue growth during the forecast period.

Various end-use industries, such as hospitals, clinics, and laboratories, are witnessing an increasing demand for healthcare IT solutions due to the growing focus on enhancing patient care, reducing medical errors, and improving healthcare delivery efficiency. Healthcare IT providers are responding to the rising demand by developing new and advanced technologies.

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Key players in the Healthcare Information Technology (IT) Market -

• Allscripts Healthcare Solutions Inc.
• Cerner Corporation
• Epic Systems Corporation
• McKesson Corporation
• Philips Healthcare
• Siemens Healthcare
• IBM Watson Health
• NextGen Healthcare Information Systems, LLC
• Athenahealth, Inc.
• Computer Programs and Systems, Inc.

Segments Covered in the Report -

Healthcare Information Technology (IT) encompasses a variety of applications and systems aimed at improving the quality of care and efficiency of healthcare delivery. One key application of healthcare IT is Electronic Health Records (EHR), which is a digital record of a patient's medical history, test results, and treatment plans. EHR systems are becoming increasingly common and are essential in modern healthcare delivery.

Another important application of healthcare IT is Computerized Provider Order Entry (CPOE) systems. These systems enable healthcare providers to enter orders for medical tests, procedures, and medications electronically, eliminating the need for paper-based orders. CPOE systems have been shown to reduce medical errors and improve the efficiency of healthcare delivery.

Electronic Prescribing Systems (EPS) are another important application of healthcare IT. EPS enables healthcare providers to electronically transmit prescriptions to pharmacies, reducing errors and improving the speed and accuracy of prescription fulfillment.

Picture Archiving and Communication System (PACS) is a healthcare IT application that enables healthcare providers to store, retrieve, and share medical images such as X-rays and MRI scans. PACS systems improve the speed and accuracy of diagnosis and treatment planning.

Laboratory Information Systems (LIS) are another important application of healthcare IT. LIS enables healthcare providers to manage and track laboratory test results, reducing errors and improving the efficiency of laboratory operations.

Clinical Information Systems (CIS) are another essential application of healthcare IT. CIS systems enable healthcare providers to manage and access patient data such as medical history, test results, and treatment plans. CIS systems are becoming increasingly important in modern healthcare delivery.

Finally, Tele-healthcare is an emerging application of healthcare IT that enables healthcare providers to remotely monitor and care for patients. Tele-healthcare systems improve access to care, particularly for patients in rural or remote areas, and reduce the need for in-person visits.

In conclusion, healthcare IT encompasses a range of applications and systems that are essential in modern healthcare delivery. These applications and systems improve the quality of care, reduce errors, and increase the efficiency of healthcare delivery.

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Strategic development:

Cerner Corporation made an announcement on 20 May 2021 regarding its acquisition of Kantar Health. As a prominent global healthcare data, analytics, and consulting firm, Kantar Health's acquisition is expected to enhance Cerner's innovation and growth strategy in the healthcare IT market.

Philips Healthcare, on the other hand, launched its new enterprise imaging solution, IntelliSpace Enterprise Edition 12.0 on 05 April 2021. This new solution facilitates smooth access to patient data across various specialties, clinical workflows, and medical devices. By doing so, it promotes better clinical collaboration and ultimately improves patient outcomes.

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