BANGALORE, India, Aug. 25, 2021 /PRNewswire/ -- The Healthcare IT Market is Segmented by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services), and End User (Healthcare Providers and Healthcare Payers). The report covers global opportunity analysis and industry forecasts from 2021 to 2030. It is published in Valuates Reports under Health Category.
The global healthcare IT market size was valued at USD 250,577.15 Million in 2020 and is projected to reach USD 880,688.75 Million by 2030, registering a CAGR of 13.3% from 2021 to 2030.
Market Factors Driving the growth of the healthcare IT market are:
Healthcare IT offers numerous advantages and opportunities such as improving clinical outcomes, reducing human errors, improving practice efficiencies, facilitating care coordination, and tracking data over time. These advantages are in turn expected to drive the growth of the healthcare IT market.
The global healthcare IT market is largely driven by factors such as an increase in demand for telehealth and mHealth solutions from a large number of smartphone users, adoption of cloud technology-related HCIT services, implementation of various healthcare reforms such as the Patient Protection and Affordable Care Act (PPACA), and a rapid increase in the number of elderly people.
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TRENDS INFLUENCING THE GROWTH OF HEALTHCARE IT MARKET:
Healthcare IT solutions assist enterprises in developing a paperless environment, allowing physicians to have immediate access to a patient's medical records. This results in better decision-making and fewer medical errors for physicians, while it streamlines the transfer of health information, improves hospital workflow management, and lowers the overall operational cost of care delivery for hospitals. Thus the increasing awareness about digital health fuels the growth of is expected to drive the growth of the healthcare IT market
The shift from volume to value-based care is expected to increase the growth of the healthcare IT market. In affluent countries, the healthcare system is shifting from fee-for-service to value-based compensation. Value-based initiatives incentivize healthcare professionals based on the quality of care they provide to patients. Value-based care is primarily concerned with healthcare outcomes rather than procedures. The transition to value-based care includes a shift to "episodes of care" reimbursement, which necessitates changes to invoicing, data collecting, and reimbursement laws, as well as the technologies that support those models.
The COVID-19 pandemic is expected to boost the healthcare IT market for vaccine and antiviral medicine R&D. The pandemic has heightened the need for telemedicine and mHealth technologies.
However, due to the surge in cyber-attacks around the world, worries about patient data protection and security have become key barriers in the healthcare IT sector.
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HEALTHCARE IT MARKET SHARE ANALYSIS
Due to the increased adoption of electronic health records (EHR) and other hospital information systems by healthcare providers, the healthcare provider solutions segment is expected to be the fastest expanding category throughout the analyzed period.
The healthcare providers segment is expected to be the largest segment during the forecast period. Hospitals are the largest section among healthcare providers. This is due to the growing need for a variety of HCIT solutions among hospitals to help them manage the growing load of managing patient information.
North America is expected to register the highest growth rate from 2020 to 2030. Asia-Pacific is dominating the market of the overall global healthcare IT and is expected to dominate throughout the forecast period. This is because of booming economies and government initiatives to digitize and automate the work of various healthcare institutions, such as hospitals, pharmacies, nursing homes, and other healthcare-related businesses.
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Healthcare IT Market Segments
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- The global telemedicine market size was valued at USD 40,205.68 Million in 2020 and is estimated to reach USD 431,823.81 Million by 2030, growing at a CAGR of 25.90% from 2021 to 2030.
- The global Connected Healthcare market size is projected to reach USD 182300 Million by 2027, from USD 58330 Million in 2020, at a CAGR of 17.2% during the forecast period 2021-2027.
- The global healthcare payer services market was valued at USD 19,409.52 Million in 2019, and is projected to reach USD 41,906.64 Million by 2027, registering a CAGR of 10.6% from 2020 to 2027.
- The global Healthcare Reimbursement market size is projected to reach USD 8736100 Million by 2027, from USD 4139480 Million in 2020, at a CAGR of 10.8% during the forecast period 2021-2027.
- The global Healthcare Claim Management market size is projected to reach USD 12250 Million by 2027, from USD 9729.1 Million in 2020, at a CAGR of 2.9% during the forecast period 2021-2027.
- The global Augmented Reality and Virtual Reality in Healthcare market size is projected to reach USD 4367 Million by 2027, from USD 962.6 Million in 2020, at a CAGR of 23.6% during the forecast period 2021-2027.
- The real-time location system (RTLS) market for healthcare was valued at USD 976.1 Million in 2017 and is expected to reach USD 2,941.2 Million by 2023, at a CAGR of 18.3% during the forecast period.
- The global Healthcare Interoperability Solutions market size is projected to reach USD 3440.1 Million by 2027, from USD 1925.7 Million in 2020, at a CAGR of 8.2% during the forecast period 2021-2027.
- The global Chatbots in Healthcare market size is projected to reach USD 124.1 Million by 2027, from USD 102.9 Million in 2020, at a CAGR of 6.4% during the forecast period 2021-2027.
- The global Patient Centric Healthcare App market size is projected to reach USD 91390 Million by 2027, from USD 20580 Million in 2020, at a CAGR of 23.2% during the forecast period 2021-2027.
- The global Healthcare Artificial Intelligence market size is projected to reach USD 2256 Million by 2027, from USD 558.6 Million in 2020, at a CAGR of 21.5% during the forecast period 2021-2027.
- The global Healthcare Virtual Assistants market size is projected to reach USD 996.2 Million by 2027, from USD 293.9 Million in 2020, at a CAGR of 18.5% during the forecast period 2021-2027.
- The global Big Data Analytics in Healthcare market size is projected to reach USD 20910 Million by 2026, from USD 8965.4 Million in 2019, at a CAGR of 12.4% during 2021-2026.
- In 2020, the global Nurse Call Systems market size was USD 1669.4 Million and is forecast to 2973.7 Million USD in 2027, growing at a CAGR of 10.1% during the forecast period 2021-2027.
- Healthcare Consulting Services Market Size, Status and Forecast 2021-2027
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