Growing applications of big data and IoT in healthcare and rapid adoption of next-generation healthcare information technology (HCIT) solutions are among the major factors expected to drive market revenue growth.
Growing applications of big data and IoT in healthcare and rapid adoption of next-generation healthcare information technology (HCIT) solutions are among the major factors expected to drive market revenue growth
According to Emergen Research, the global healthcare IT market size was USD 201.23 billion in 2020 and is expected to reach USD 634.64 billion in 2028 and register a revenue CAGR of 15.4% during the forecast period, 2021-2028.
Market Dynamics:
Steady revenue growth of the global healthcare IT market can be attributed to factors such as rise in global geriatric population, increasing burden of chronic and acute illnesses, growing rate of hospital admissions, and rapid adoption of healthcare information technology (HCIT) solutions for better healthcare infrastructure management and enhanced quality of patient care. Other factors including rising trends of telehealth and telemedicine amid the COVID-19 pandemic, increasing adoption of mHealth (mobile health) solutions & services, rapid development of 5G network infrastructure worldwide, and growing availability of faster Internet and Wi-Fi services have led to higher demand for healthcare IT solutions over recent years.
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Furthermore, increasing government funding and support for development of next-generation healthcare IT solutions, rise in R&D collaborations between leading companies, rapid adoption of electronic health records (EHRs)/ electronic medical records (EMRs) in healthcare settings for better patient health data management, and integration of emerging technologies such as AI, big data analytics, Internet of Things (IoT), and blockchain in various healthcare processes are expected to drive market revenue growth over the forecast period.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Electronic Health Records Segment Accounted for Largest Revenue Share in 2020:
The electronic health records (EHRs) segment dominated other segments in terms of revenue share in the global market in 2020. Rapid adoption of healthcare information technology (HCIT) solutions and integration of electronic health record systems in healthcare organizations for better management of patient health data are key factors driving revenue growth of this segment.
Healthcare Providers Segment to Account for Fastest Revenue CAGR:
The healthcare providers segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rising demand for next-generation healthcare IT solutions among healthcare providers including hospitals and clinics, and growing need for better patient health data management and enhanced quality of patient care are major factors contributing to the revenue growth of this segment.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America healthcare IT market led in terms of revenue share in the global market in 2020. Increasing rate of hospital admissions, rapid adoption of healthcare information technology (HCIT) solutions, growing need for better healthcare infrastructure management, and rising trend of telehealth & telemedicine are some key factors expected to drive revenue growth of the market in the region. In addition, increasing use of mHealth solutions & services and presence of leading market players in the region, including Oracle Corporation, Cerner Corporation, and Cognizant Technology Solutions, can further drive the regional market revenue growth.
Major Companies in the Global Healthcare IT Market Include:
- Cerner Corporation
- Oracle Corporation
- Epic System Corporation
- SAP SE
- NextGen Healthcare Inc.
- Cognizant Technology Solutions
- Wipro Limited
- Tata Consultancy Services Limited
- Dell Technologies Inc.
- Allscripts Healthcare Solutions, Inc.
For the purpose of this report, Emergen Research has segmented the global healthcare IT market based on component, delivery, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
- Services
Delivery Outlook (Revenue, USD Billion; 2018-2028)
- Cloud-based
- On-premise
Application Outlook (Revenue, USD Billion; 2018-2028)
- Electronic Prescribing System
- Laboratory Information System
- Telehealth
- Computerized Provider Order Entry System
- Electronic Health Records
- Picture Archiving and Communication System
- Healthcare Analytics
- Radiology information system
- mHealth
- Fraud management
- Vendor-neutral archive
- Revenue cycle management
- Customer relationship management
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare Payers
- Public Payers
- Private Payers
- Healthcare Providers
- Pharmacies
- Ambulatory clinical centers
- Diagnostic and imaging centers
- Hospitals
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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