#Healthcare IT Market

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Healthcare IT Market Innovations: Emerging Technologies and Solutions

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An In-Depth Look at the Growth of Global Healthcare IT Market

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.

Gather more insights about the market drivers, restrains and growth of the 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 Segmentation

Grand View Research has segmented the global healthcare IT market based on application, delivery mode, end use and region:

Healthcare IT Application Outlook (Revenue, USD Million, 2018 - 2030)

• Computerized Provider Order Entry Systems

• Electronic Prescribing Systems (E-Prescribing Solutions)

• Laboratory Information

• Clinical Information Systems

• Regulatory Information Management (RIM) Systems

• Medical Imaging Information Systems

o Radiology Information Systems

o Monitoring Analysis Software

o Picture Archiving and Communication Systems

• Electronic Health Records

o Licensed Software

o Technology Resale

o Subscriptions

o Professional Services

o Others

• Tele-healthcare

o Tele-care

o Tele-Health

• Revenue Cycle Management

o Integrated

o Standalone

• eClinical Solutions

o Electronic Clinical Outcome Assessment (eCOA)

o Electronic Data Capture (EDC) & CDMS

o Clinical Analytics Platforms

o Clinical Data Integration Platforms

o Safety Solutions

o Clinical Trial Management System (CTMS)

o Randomization and Trial Supply Management (RTSM)

o Electronic Trial Master File (eTMF)

o eConsent

• Population Health Management (PHM)

• Digital Healthcare Supply Chain Management

o Software

o Hardware

o Services

• Clinical alarm management

o Nurse Call Systems

o Physiological Monitors

o Bed Alarms

o EMR Integration Systems

o Ventilators

o Others

• Healthcare Customer relationship management (CRM)

o Customer Service and Support

o Digital Commerce

o Marketing

o Sales

o Cross -CRM

• Technology Solutions in the Healthcare Payers

o Enrollment and Member Management

o Provider Management

o Claims Management

o Value based Payments

o Revenue Management and Billing

o Analytics

o Personalize/CRM

o Clinical Decision Support

o Data management and support

o Others

• Healthcare Analytics

o Descriptive Analysis

o Predictive Analysis

o Prescriptive Analysis

Healthcare IT Delivery Mode Outlook (Revenue, USD Million, 2018 - 2030)

• Solutions

o Software

o Services

• Hardware

Healthcare IT End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Healthcare Providers

o Hospitals & Clinics

o Home Care Settings

o Outpatient Facilities

o Long-term Care Facilities

o Specialty Centers

• Healthcare Payers

o Government

o Commercial

• Life Sciences Industry

o Pharma & Biotech Organizations

o Medical Device Manufacturers

o Contract Research Organizations (CROs)

o Academic institutes

Healthcare IT regional Outlook by (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

o Italy

o Spain

o Russia

o Sweden

o Denmark

o Norway

• Asia-Pacific

o Japan

o China

o India

o Australia

o Singapore

o Thailand

o South Korea

• Latin America

o Brazil

o Mexico

o Argentina

• MEA

o South Africa

o Saudi Arabia

o UAE

o Kuwait

Order a free sample PDF of the Healthcare IT Market Intelligence Study, published by Grand View Research.

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Healthcare IT Market was valued at US$ 230 billion in 2020 and is expected to grow at a CAGR of 18% over the forecast period (2021-2027)

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Healthcare software development has a track record of achieving security, confidentiality, and interoperability by following regulations such as HIPAA and industry standards. Read this article to intricate landscape of HIPAA-compliant Healthtech software, where every line of code carries the weight of trust and integrity.

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Healthcare IT Market - Major Revenue Surge is Predicted in the Near Future

Market Size Estimation:The total size of the healthcare IT market was arrived at after data triangulation from different approaches, as mentioned below. After each approach, the weighted average of approaches was taken based on the level of assumptions used. Projected Surge in Revenue Generation:Revenue-wise, the worldwide healthcare IT market was projected to be valued at $394.6 billion in 2022…

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Healthcare IT Market Expanding at a CAGR of 10.7% During 2024-2032

IMARC Group has recently released a new research study titled “Healthcare IT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. How big is the healthcare IT market? The global…

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Healthcare IT Industry ESG - Thematic Report

The need for sustainable strategies to conduct business responsibly and ethically has prompted healthcare IT industry players to invest in ESG practices. Robust ESG policies can foster innovation, build trust, minimize risk, reduce costs and boost trust among stakeholders. Regulators and industry leaders are assessing the demand for ESG in the healthcare sector, which can play an invaluable role in enhancing healthcare access and fostering environmental justice, diversity and workplace safety. Prominent companies have furthered their emphasis on patient access, service distribution and quality of care with a focus on social issues and sound governance. 

Stakeholders, including patients, employees, shareholders and bondholders, expect ESG to have a compelling impact on the healthcare sector. Soaring demand to minimize environmental impact and bolster product quality, labor management, access to finance and human capital development have played a pivotal role in reshaping the industry. Moreover, good corporate behavior, anti-competitive practices and transparency have remained catalysts in the landscape. 

In a bid to bring medicine and vaccines to save and improve lives, increasing access to healthcare may partly depend upon a commitment to ESG performance. The prevailing dynamics can foster sustainable value for society and business. 

Environmental Perspective

ESG action integrated into business strategy has gained ground as climate resilience garners headlines to build future healthcare organizations. Low-carbon sustainable health systems have become the talk of the town amidst the healthcare sector being infamous as a major emitter of GHG and other pollutants. For instance, Philips has been at the forefront as it has aligned its goals with UN Sustainable Development Goal 13, “Take urgent action to combat climate change and its impacts.” Overconsumption of resources, pollution, waste and soaring demand for healthcare have furthered the need for strong ESG performance.

Philips focuses on a more agile and simplified operating model, supply chain reliability, patient safety, and quality. The company is also investing in products that consume less energy and materials and contain recyclable substances. Rising adoption of digital technology, shifting consumption patterns and transition to value-based care provide opportunities for leading players to underpin solutions that enhance people’s health and protect the planet. 

Social Perspective

Employee safety risks, soaring costs of care, access to healthcare and privacy & data security have spurred the need for a robust social pillar in business operations. Reported health disparities and the prevalence of behavioral and mental health issues have compelled organizations to infuse funds into digital technology in healthcare. For instance, WELL alluded to zero reportable data breaches in 2021 in its inaugural ESG Report.

Harnessing the insights and knowledge of a diverse workforce and a strategic approach to employee development and workplace inclusion need bullish social goals. Notably, 70% of senior executive team members represented a visible minority at WELL as of June 2022. Meanwhile, Cardinal Health has fostered its diversity, equity and inclusion efforts with the representation of a 71% female and 14% ethnically diverse workforce in its executive leadership team (according to its FY 2022 ESG Report). 

Is your business one of participants in the Global Healthcare IT Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.

Governance Perspective

Incumbent players have raised the bar with investments in corporate governance, board diversity, accounting, ethics and corporate behavior. An emphasis on ESG priorities can help build trust and make informed decision-making. Notably, the healthcare sector has evolving regulatory requirements, prompting prominent companies to underscore the regulatory aspect. In FY 2022, McKesson integrated regulatory excellence into its business strategy playbook as a major foundational discipline. It has also upped its investments in traceability and transparency. The company is gearing up for the next stage of the Drug Supply Chain Security Act (DSCSA), which is slated to be witnessed in November 2023. The prescription drugs are expected to be serialized in the U.S. and need to be traceable throughout the supply chain. 

ESG will continue to gain ground in the mission-driven nature of the industry as its integration into the core of the business will be pronounced in the ensuing period. Forward-looking companies have furthered their focus on organic & inorganic strategies, including but not limited to collaboration, mergers & acquisitions, technology advancements and innovations. For instance, in November 2022, the GE Board of Directors approved the spin-off of GE Healthcare. Under the ticker “GEHC,” the company was expected to start trading on Nasdaq on January 4, 2023. These trends suggest the global healthcare IT market could witness around 29.3% CAGR during the forecast period. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, and building corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

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Healthcare IT Market Trends: Revolutionizing Patient Care Through Technology

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Healthcare IT Market size is estimated to be $205 billion in 2019 and is growing at a CAGR of 13.2% during the forecast period 2020-2025.

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The global healthcare information technology (IT) market size was valued at $276 Billion in 2021, and is projected to reach $956.3 Billion by 2031, registering a CAGR of 11.96% from 2022 to 2031.