Healthcare IT Market is projected to achieve a value of USD 320.3 Million in 2023, with a linear behaviour in the market growth it is forecasted to achieve a value of USD 770 Million by 2033 with a CAGR of 10.3% during the forecast period 2023-2033.
Healthcare IT is a branch of Information technology includes Creating, designing, developing and maintain the information in health care industry. For transforming and development of Health care, Healthcare IT offers a numerous opportunities and advantages like reducing human error, increasing clinical outcomes, facilitating care coordination and recording data over time. Healthcare IT market is a rapidly growing because of the increasing the uses of smartphones, growing adoption of e- prescribing, adoption of cloud technology related HCIT services. Moreover, market possess an increasing future with having some challenges that need to be address to reach in a wider range such as data security and privacy, chances of losing essential data.
Market Dynamics
Healthcare IT market is driven by digitalisation and adoption of teleconsultation in health care industry. For instance, In September 2021 The Indian Prime Minister introduce the Pradhan Mantri Digital Health mission, which is an initiative aimed of digitizing healthcare services in nation. During the pandemic of COVID-19 with the lockdown and restriction for not going outside, travel and hospital visit in fear of contamination of SARS-CoV-2 Virus, digital healthcare witnessed a spike in a healthcare system. In such situation adoption of teleconsultation is increasing rather than face-to-face consultation. For instance, according to the study publish in Journal of American Pharmacist Association in April 2021, the uses of Healthcare IT increasing rapidly.
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Moreover, the uses of Healthcare ITis essential for the better understanding and utilization of healthcare information technology and impact on health communication. Additionally, the increasing adoption of Healthcare IT in hospital services is beneficial to use and saving time, space and labour. Outpatients care services is useful to reduce, the increasing health cost and rising the pressure on hospitals. The outpatient’s surgery centre procedure is estimated low cost than the inpatient hospital settings. Additionally, Convenience is the another important factor driving to increase ambulatory care. Due to the increase in outpatient settings and patient’s influx, the demand for Healthcare IT in outpatient setting will increase.
Market Product Analysis
By product type, the Healthcare IT Market is Categorise into Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services. The Healthcare Provider Solutions segment accounts for the largest share of around 53% of the market in 2022.this is because of rise in the quality healthcare services and solutions, increase in demand of patient safety and care.
Market End User
By End user type, the Healthcare IT Market is Categorise into Hospitals, Pharmacies, payers. Hospitals segment accounts for the largest share of around 53% of the market in 2022. This is due to the increase in demand of Healthcare IT solution in hospital in order to manage the increasing burden of managing patient information in hospital. Pharmacies is another major segment in Healthcare IT market. The segment having rapid growth because of the online pharmacies platforms in the market. Payer is another important segment in. Payer segment is further bifurcate in to private payer and Public payer. The segment expected to register a higher growth in 2022-2033.
Market Regional Analysis
North America is the largest region for Healthcare IT market, accounting for over 48.5% of the global market share. This is because of the early adoption of IT services and a well establishment of healthcare industry.
Asia-pacific is the second-largest market for Healthcare IT, accounting for over 25% of the global market share. This is because of increasing population growth and development in healthcare industry.
Europe is third market for Healthcare IT, accounting for 20% of the global market share. This is because of increase in investment in healthcare industry.
Middle East & Africa (MEA) and Latin America are emerging regions for Healthcare IT industry. The region has a growing demand for Healthcare IT market.
Competitive Analysis
The Healthcare IT market is dominated by a few large companies, such as Oracle, Parexel International Corporation, OpenClinica, LLC, IQVIA, Allscripts healthcare Solutions INC., EPIC System Corporation, Mckesson Corporation, Sharecare, Clario, Dassault Systèmes, ModMed OBGYN,Cerner corporation.
There Are Some Of The Recent Developments Of The Healthcareit Market:
- In 2022, Sharecare launched Smart Omix which allows digital biomarker creation and real-world data collection with the help of mobile research studies. Smart Omix’s capabilities play an essential role in evolving relevance, equity, and data integrity in clinical research across the healthcare continuum.
- In May 2022, Modmed launched an OBGYN-specific software suite. ModMed OBGYN is an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solution that will bring practice and workflow innovation to obstetrics and gynecology.
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By Product
- Healthcare Provider Solutions
- Healthcare Payer Solutions
- HCIT Outsourcing Services
By End User
- Hospitals
- Pharmacies
- Payers
Related Links
Behavioral Biometrics in Healthcare Market
Biometrics-as-a-Service (BaaS) in Healthcare Market
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