Healthcare IT Market Expected To Witness A Substantial Growth Of $1,834.3 Billion By 2030: Grand View Research Inc.
San
Francisco, 17 June 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.
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Increasing usage of smartphones, a
growing demand for remote patient monitoring for improved out-of-hospital care,
technologically advanced healthcare IT infrastructure, and an increase in the
number of initiatives and investments supporting eHealth and digital are
driving overall market growth. For instance, in May 2022, Microsoft
collaborated with BeeKeeperAI, a healthcare AI solutions developer, enabling
Microsoft Azure users to explore confidential computing's advantages in
healthcare AI solutions.
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
Ease of use, cost-effectiveness, and
time efficiency are driving the widespread adoption of healthcare IT in
hospitals. The market's expansion is also supported by continuous improvements
in services provided by industry players to cater to consumer demands. For
example, in August 2021, Change Healthcare introduced its cloud-based software
as a service (SaaS) solution, Change Healthcare Stratus Imaging PACS, tailored
for radiological practices. This innovative solution is in beta testing, with
plans for future expansion into hospitals in the coming years.
Rising government initiatives to
promote technologically advanced systems, including those addressing COVID-19
and other primary healthcare challenges, are also driving overall market
expansion. For instance, growing economies such as India, have taken
significant steps towards digitalization. In September 2021, India's Prime
Minister introduced the Pradhan Mantri Digital Health Mission, an initiative
aimed at digitizing healthcare services nationwide. This mission seeks to
establish a secure and accessible digital healthcare system, enabling
individuals to store, access, and authorize the sharing of their health
records.
Growing smartphone penetration and
improving internet coverage are directly contributing to the adoption of
healthcare IT solutions. Smartphone penetration has improved chronic disease
management, owing to an extensive usage of mHealth applications. As per a Mass
Media Data report, 5.31 billion unique consumers were using mobile phones at
the beginning of 2022, indicating that over two-thirds of the global population
is currently utilizing these devices. Moreover, at the beginning of 2022, the
number of Internet users worldwide stood at 4.95 billion, indicating that 62.5%
of the global population had Internet access.
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 |
Growth
Momentum: Growth
momentum is a qualitative concept that describes the current rate or speed of
growth at a particular point in time, often reflecting recent trends in growth.
It is more focused on
assessing the pace of growth in the near term.
Key Healthcare IT
Companies:
The following are the leading
companies in the healthcare IT market. These companies collectively
hold the largest market share and dictate industry trends. Financials, strategy
maps & products of these healthcare IT companies are
analyzed to map the supply network.
- 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
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