Healthcare IT Market worth $974.5 billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
Saturday, February 4, 2023
CHICAGO, Jan. 9, 2023 /PRNewswire/ -- Healthcare IT Market is projected to reach USD 974.5 billion by 2027 from USD 394.6 billion in 2022, at a CAGR of 19.8% during the forecast period according to a new report by MarketsandMarkets(TM). Growth in this market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for HCIT solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.
https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252
Browse in-depth TOC on "Healthcare IT Market"
488 - Tables
72 - Figures
554 - Pages
Healthcare IT Market Scope:
Report Coverage
Details
Market Size
USD 974.5 billion by 2027
Growth Rate
19.8% of CAGR
Largest Market
North America
Market Dynamics
Drivers, Restraints, Opportunities & Challenges
Forecast Period
2022-2027
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product & Services, Component, End user, and region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
Report Highlights
Updated financial information / product portfolio of players
Key Market Opportunities
Rising use of healthcare IT solutions in outpatient care facilities
Key Market Drivers Growing adoption of e-prescribing, telehealth, mHealth, and other HCIT
solutions due to COVID-19
The services segment accounted for the largest share in the healthcare IT market, by component
The healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the introduction of complex software and the need to ensure integration and interoperability of software, which requires extensive training and regular upgrades. Moreover, the need to implement software updates and upgrades, given the changing healthcare regulations, is further fueling the demand for HCIT services.
By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period
The clinical HCIT solutions segment is projected to register the highest growth in the healthcare IT market. The need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors is a major driver for the growth of this market. However, high installation costs and a shortage of skilled medical professionals are restraining the growth of this market.
Asia Pacific is expected to exhibit the highest growth during the forecast period
The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC HCIT market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=252
Healthcare IT Market Dynamics:
Drivers:
1. Government mandates & support for HCIT solutions
2. Rising use of big data
3. High returns on investment associated with HCIT solutions
4. Need to curtail escalating healthcare costs
5. Growing adoption of e-prescribing, telehealth, mHealth, and other HCIT
solutions due to COVID-19
6. Growing mHealth, telehealth, and remote patient monitoring markets
Restraints:
1. IT infrastructural constraints in developing countries
2. High cost of deploying HCIT solutions in small and medium-sized hospitals
in emerging countries
3. Resistance from traditional healthcare providers
Opportunities:
1. Rising use of HCIT solutions in outpatient care facilities
2. Cloud-based EHR solutions
3. Shift toward patient-centric healthcare delivery
Challenges:
1. Security concerns
2. Interoperability issues
Key Market Players:
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
Recent Developments:
-- In October 2022, Optum acquired Change Healthcare. The acquisition will
connect and simplify the core clinical, administrative, and payment
processes that providers and payers depend on to serve patients,
resulting in lower costs and a better experience for all stakeholders.
The company announced plans to acquire Change Healthcare in 2021.
-- In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The
Oracle Cerner EHR and Xealth's digital therapeutic distribution platform
made it easier for Hazelden Betty Ford clinicians to personalize patient
care by assigning them digital content, including therapeutic education,
exercises, and workshops, accessible via the EHR's patient portal.
-- In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The
collaboration aimed to deliver a new digital health solution to enhance
remote patient monitoring and virtual health, utilizing products like
smart watches, blood pressure monitors, and glucose meters to collect
and communicate patient health data to providers for improved medical
care.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=252
Browse Adjacent Market: Healthcare IT Market Research Reports & Consulting
Related Reports:
Telehealth Market - Global Forecasts to 2027
Remote Patient Monitoring Market - Global Forecasts to 2027
Healthcare Analytics Market - Global Forecasts to 2027
Clinical Decision Support Systems Market - Global Forecasts to 2027
Laboratory Information Management System Market - Global Forecasts to 2026
About MarketsandMarkets(TM):
MarketsandMarkets(TM) is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore(TM) (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets(TM).com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/healthcare-it-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/healthcare-it-market.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/healthcare-it-market-worth-974-5-billion-by-2027---exclusive-report-by-marketsandmarkets-301716289.html
SOURCE MarketsandMarkets
|
|
|
|
|
 |
Energy Toolbase Launches Energy Storage Partnership with Sungrow to Support PowerStack 255CS and PowerTitan 2.0 | Jan 22, 2026
|
|
Einride and IonQ Partnership Uses Quantum Computing to Optimize the Logistics of Electric and Autonomous Freight | Jan 22, 2026
|
|
RS now offers Phoenix Contact's pioneering new NearFi technology | Jan 22, 2026
|
|
SCAILIUM Debuts "AI Production Layer" to Overcome GPU Starvation and Slash AI Energy Waste | Jan 22, 2026
|
|
MetaOptics to Showcase Five Breakthrough Metalens-Powered Products at CES 2026 | Jan 22, 2026
|
|
No Assembly Required: Barrett Distribution Centers Powers Maxwood Furniture's West Coast DTC Expansion | Jan 22, 2026
|
|
Quantum Art Raises $100 Million in Series A Round to Drive Scalable, Multi-Core Quantum Computing | Jan 22, 2026
|
|
TESSAN to Redefine Global Mobility at CES 2026 with '100 Travelers' Initiative and Flagship Voyager 205 | Jan 22, 2026
|
|
Hesai Recognized as the Only Lidar Company on Morgan Stanley's "Humanoid Tech 25" of Global Robotics Leaders | Jan 22, 2026
|
|
1inch Named Exclusive Swap Provider at Launch for Ledger Multisig | Jan 22, 2026
|
|
|
