Healthcare IT Market to be Worth $907.18 Billion by 2031

Meticulous Research®-a leading global market research company, published a research report titled 'Healthcare IT Market by Product (EHR, CDSS, CPOE, Telehealth, Financial Analytics, Claims Management Services, mhealth, RCM, Analytics, CRM, Population Health, LIS, PACS, VNA) Deployment Mode (On-Premise, Cloud) Component & End User - Global Forecast to 2031'.

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According to this latest publication from Meticulous Research®, the healthcare IT market is projected to reach $907.18 billion by 2031, at a CAGR of 13.2% during the forecast period. The growth of the healthcare IT market is driven by rising awareness regarding digital health, government mandates and incentives for healthcare IT and infrastructure development, the shift toward value-based care, the growing utilization of big data in the healthcare sector, the high returns on IT investments in the healthcare industry, and the increasing number of patient visits. However, the high costs of implementing and maintaining healthcare IT infrastructure, financial constraints in developing countries, and restricted budgets of small and medium-sized healthcare facilities restrain the growth of this market.

Additionally, the growing focus on cloud-based solutions, the rising adoption of AI & IoT technologies in healthcare, and emerging economies such as India and China with increasing per capita healthcare expenditures are expected to offer significant growth opportunities for the stakeholders in this market. However, interoperability issues, data security & privacy concerns, and the shortage of trained IT professionals are major challenges impacting the market's growth.

Moreover, the increasing use of Virtual Reality (VR) and Augmented Reality (AR) for physical and surgical procedures, the increasing demand for healthcare IT solutions in the field of genomics and personalized medicine, increasing access to virtual hospitals, and the rising demand for remote patient monitoring and telemedicine solutions are prominent trends in the healthcare IT market.

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Key Players:

The key players operating in the healthcare IT market are International Business Machine Corporation (IBM) (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Infor, Inc. (A Subsidiary of Koch Industries, Inc. (U.S.), Cognizant Technology Solutions Corporation (U.S.), Oracle Corporation (U.S.), athenahealth, Inc. (A Subsidiary of Veritas Capital) (U.S.), Dell Technologies, Inc. (U.S.), Unitedhealth Group (Optum, Inc.) (U.S.), Nuance Communications, Inc. (U.S.), 3M Company (U.S.), Conifer Health Solutions, LLC. (A subsidiary of Tenet Healthcare Corporation (U.S.)), NextGen Healthcare, Inc. (A subsidiary of Thoma Cressey Bravo, Inc. (U.S.)), PointClickCare Technologies Inc. (U.S.), and eClinicalWorks (U.S.).

Healthcare IT Market: Future Outlook

The Healthcare IT market is segmented based on Product (Healthcare IT Provider Solutions [{Clinical Healthcare IT Solutions, Electronic Health Records (EHR), PACS & VNA, Computerized Physician Order Entry (CPOE) Solutions, Clinical Decision Support Systems (CDSS), E-Prescribing Systems, Patient Engagement Solutions, RIS (Radiology Information Systems), RDM (Radiation Dose Management) Solutions, Specialty Information Systems, Medical Image Analysis, Population Health Management Solutions, Care Management Solutions, Patient Registry Software, Laboratory Information Systems (LIS), mhealth Solutions, Telehealth, Healthcare Integration Solutions, Infection Surveillance Solutions, Practice Management Software], Non-Clinical Provider Healthcare IT Solutions [Pharmacy Information Systems, Healthcare Asset Management Solutions, Healthcare Workforce Management Solutions, Revenue Cycle Management Solutions {Front-End RCM, Mid-End RCM, Back-End RCM}, Medical Document Management Solutions, Healthcare Information Exchanges, Supply Chain Management Solutions, Healthcare Analytics {Clinical Analytics, Financial Analytics, Operational & Administrative Analytics}, Customer Relationship Management Solutions {Medication Management Systems (Electronic Medication Administration Systems, Barcode Medication Administration Systems, Medication Inventory Management Systems, Medication Assurance Systems), Healthcare Quality Management Solutions, Healthcare Interoperability Solutions, Financial Management Solutions (Accounting & Billing)}], Healthcare IT Payer Solutions (Claims Management Solutions, Customer Relationship Management, Fraud Analytics Solutions, Provider Network Management, Pharmacy Audit & Analysis Solutions, Member Eligibility Management Solutions, Population Health Management Solutions, Payment Management Solutions), Healthcare IT Outsourcing Solutions (Provider HCIT Outsourcing Services {Revenue Cycle Management Services, EMR/Medical Document Management Services, Laboratory Information Management Services, Other Provider HCIT Outsourcing Services}, Payer HCIT Outsourcing Services {Claims Management Services, Provider Network Management Services, Billing & Accounts Management Services, Fraud Analytics Services, Other Payer HCIT Outsourcing Services}, Operational HCIT Outsourcing Services {Business Process Management Services, Supply Chain Management Services, Other Operational IT Outsourcing Services, IT Infrastructure Management Services}), by Deployment Mode (Web & Cloud-Based, On-Premise), by Component (Services, Software, Hardware), by End User (Healthcare Providers {Hospitals, Ambulatory Centers, Home Healthcare & Assisted Living Centers, Diagnostic Centers, Pharmacies}, Healthcare Payers {Private Payers, Public Payers}), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, the healthcare IT market is segmented into healthcare IT provider solutions, healthcare IT payer solutions, and healthcare IT outsourcing services. In 2024, the healthcare IT provider solutions segment is expected to account for the largest share of the healthcare IT market. The large market share of this segment is attributed to factors such as a growing focus on patient safety & care, the increasing demand for integrated healthcare systems, and changing regulatory requirements for healthcare providers. Furthermore, in 2024, the Electronic Health Records (EHRs) segment is expected to account for the largest share of the healthcare IT provider solutions market. The large market share of this segment can be attributed to the high adoption of EHRs, especially in developed countries like the U.S.

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Based on deployment mode, the healthcare IT market is segmented into web & cloud-based and on-premises. In 2024, the web & cloud-based is expected to account for the larger share of the healthcare IT market. The large market share of this segment can be attributed to the benefits offered by web & cloud-based deployment, including on-demand self-service, minimal maintenance costs, lower upfront and storage costs, and storage flexibility. Moreover, the enhanced security features in private clouds and automated updates in web and cloud solutions are anticipated to drive the growth of this segment.

Based on component, the healthcare IT market is segmented into services, software, and hardware. In 2024, the services segment is expected to account for the largest share of the healthcare IT market. The large market share of this segment can be attributed to the shift towards cloud-based services, the need to reduce healthcare expenses, and the high adoption of digital solutions in healthcare facilities. Additionally, the rising need to minimize paperwork and the increasing demand for convenient and cost-effective healthcare access are contributing to the growth of this segment.

Based on end user, the healthcare IT market is segmented into healthcare providers and healthcare payers. In 2024, the healthcare providers segment is expected to account for the larger share of the healthcare IT market. The large market share of this segment is primarily attributed to the rising patient volume, increasing healthcare spending, rising awareness about electronic health records, growing geriatric population, and increasing adoption of healthcare IT solutions by healthcare providers.

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Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the healthcare IT market, followed by Europe and Asia-Pacific. Furthermore, in 2024, the U.S. is expected to be the largest market shareholder in North America. The country's significant market share can be attributed to the rising adoption of advanced technologies among healthcare providers in the U.S., the high adoption of various healthcare IT solutions by healthcare providers to ensure compliance with stringent regulatory requirements for patient care and safety, the need to mitigate rising healthcare costs, the presence of prominent HCIT vendors in the region, and the growing emphasis on enhancing healthcare quality while optimizing the operational efficiency of healthcare organizations.

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