Healthcare IT Market Is Expected To Reach $ 1,834.3 Billion By 2030


 San Francisco, 7 March 2024: The Report Healthcare IT Market Size, Share & Trends Analysis Report By Application (EHR, CPOE, Electronic prescribing systems, Medical Imaging Information), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2024 - 2030

The global healthcare IT market size is expected to reach USD 1,834.3 billion by 2030, growing at a CAGR of 15.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising demand for advanced healthcare IT solutions, including Electronic Health Record (EHR), along with increased smartphone usage and the need for remote patient monitoring for improved out-of-hospital care are driving the overall growth.

For instance, a 2021 article in the Journal of Medical Internet Research titled 'Adoption of EHRs in China over the Past Decade: A Comparative Study with the U.S.' highlights the increasing adoption of EHRs in both the U.S. and China. However, adoption rates vary due to different strategies at the country level. Hospitals in the U.S. and China showed 9.6% and 6.1% adoption rates, respectively. Notably, 534 hospitals in the U.S. adopted EHRs annually on average. In China, the number was significantly higher at 1,500, indicating the need for a greater effort.

A rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to the estimates published by the World Health Organization (WHO) in 2020, global healthcare spending witnessed a significant surge, accounting for 11% (USD 9 trillion) of the global GDP. The healthcare industry is evolving from a fee-for-service model to a value-based model, wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is rising globally, as the cost of healthcare is increasing faster than economic growth.

Advancements in healthcare IT are providing opportunities to cut down healthcare spending by improving care delivery and clinical outcomes. Best possible interventions enabled through timely data aggregation coupled with an increase in patient involvement for the management of chronic care through patient engagement portals are among the factors contributing to cost reduction. IoT-enabled clinical trials also offer an opportunity for cost reduction as IoT simplifies the overall process and captures sophisticated endpoints. Remote patient monitoring solutions help in handling non-critical patients at home, which eventually reduces hospital admissions and improves workflow efficiency. In addition, IoT solutions also enhance clinical operations through asset tracking and improvement in data capturing help in significant cost savings.

Market players are focusing on innovative product development strategies. Notable players are integrating big data, Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth. For instance, in April 2023, eClinicalWorks announced the integration of its Practice Management and EHR solutions with cognitive services, including ChatGPT and machine learning models from Azure OpenAI Service, to enhance its technology offerings. This strategic move followed eClinicalWorks' significant USD 100 million investment in Microsoft Azure cloud services, allowing the company access to the latest innovations within the Microsoft Cloud ecosystem.

Access Research Report of Healthcare IT Market @ https://www.grandviewresearch.com/industry-analysis/healthcare-it-market

Healthcare IT Market Report Highlights

  • Based on application, the electronic prescribing systems segment is expected to exhibit the fastest CAGR of 26.8% from 2024 to 2030. An increase in awareness of the advantages of e-prescribing is fueling the adoption of e-prescribing systems
  • North America dominated with a revenue share of 40.0% in 2023. This growth is fueled by the extensive adoption of healthcare IT solutions and services, especially in the U.S., as providers strive to enhance patient care while reducing costs
  • Asia Pacific is anticipated to grow at the fastest CAGR of 22.0% from 2024 to 2030, due to the high demand for healthcare IT services, owing to increased government spending on healthcare

Healthcare IT Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 760.2 billion

Revenue forecast in 2030

USD 1,834.3 billion

Growth Rate

CAGR of 15.8% from 2024 to 2030

Actual estimates/Historical data

2018 - 2023

Forecast period

2024 - 2030

 List of Key Players in the Healthcare IT Market

  • Philips Healthcare
  • McKesson Corporation
  • eMDs, Inc.
  • Veradigm Inc. (formerly Allscripts Healthcare Solutions, Inc.)
  • Athenahealth, Inc. (Acquired by Hellman & Friedman and Bain Capital)
  • Carestream Health
  • GE Healthcare
  • Agfa- Gevaert Group
  • Hewlett Packard Enterprise Development LP
  • Novarad
  • Optum, Inc.
  • IBM
  • Oracle
  • SAS Institute, Inc.
  • IQVIA
  • Verisk Analytics, Inc.
  • Cerner Corporation
  • SAP
  • Accenture

Access Press Release of Healthcare IT Market @ https://www.grandviewresearch.com/press-release/global-healthcare-it-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more