Global Healthcare Information Technology (HIT) Market Analysis and Forecast 2022-2030
The global Healthcare Information Technology (HIT) market size was valued at USD 250.57 billion in 2022, and is growing with a CAGR of 13.1% during the forecast period 2022 to 2030.
Healthcare Information Technology (HIT) Market Overview:
Increasing trend towards digitization in the healthcare sector, growing demand for preventive care solutions, emergence of various entrepreneurship ventures, and expanding partnerships and funding are fueling the healthcare information technology market growth. Additionally, evolution and advancement in network connectivity and network infrastructure development along with rising healthcare IT spending are driving the market growth. Key participants are focused on innovative product development strategies and are making continuous technological advances supported by IT infrastructure improvements. Market players are integrating big data, internet of things (IoT), artificial intelligence (AI) and machine learning (ML) algorithms into their existing solutions to improve health and medical processes, fueling market growth.
Healthcare Information Technology (HIT) market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Healthcare Information Technology (HIT) market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Healthcare Information Technology (HIT) Market Dynamics and Growth Factors:
Driver: Growing use of big data
Over the past few years, the amount of electronic data generated by the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical and financial information. With volumes nearly doubling each year, they are expected to reach exabytes and even zettabytes in the next few years. In addition to the growing volume, the diversity of data in healthcare presents major challenges for healthcare providers. The length and heterogeneity of data make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.
Constraints: IT infrastructure constraints in developing countries
Cost is one of the major barriers to adoption of healthcare IT solutions. The maintenance and software update costs of these systems are higher than the software price. Support and maintenance services, including software upgrades based on changing user requirements, represent recurring expenses that represent nearly 30% of the total cost of ownership. Additionally, the lack of internal IT expertise in the healthcare industry requires end-user training to maximize the effectiveness of various healthcare IT solutions, adding to the cost of ownership of these systems. The cost of implementing healthcare IT solutions in healthcare systems in emerging economies is much higher because capital is also required to build the infrastructure needed to implement healthcare IT solutions. Therefore, hospitals often prefer to invest in core technologies that are directly linked to the quality of patient care rather than investing in related departments. Therefore, high deployment and maintenance costs restrict small healthcare organizations from investing in healthcare IT solutions, particularly in emerging markets across APAC and Latin America.
Opportunity: Growing use of healthcare IT solutions in outpatient care facilities
As pressure on the health care system to lower the cost of care increases, the industry is turning to outpatient settings to reduce the cost of care. Convenience is another important factor driving the growth of outpatient care. As the number of outpatients increases and the influx of patients increases, the demand and use of healthcare IT solutions in the outpatient setting will increase.
- In May 2021, Optum and Bassett Healthcare Network collaborated to further enhance Bassett's clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across Central New York.
- In June 2021, Cognizant and Aker Solutions partnered to modernize and simplify its entire IT infrastructure, including its business technology network and application maintenance and development.
- In March 2021, Change Healthcare collaborated with Amazon Web Services to announce the launch of a new Data Science as a Service (DSaaS) platform, which is aimed at improving outcomes and healthcare economics for vulnerable health communities
The Healthcare Information Technology (HIT) market research report is categorized based on type, applications and region.
Market Key Players:
Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), athenahealth (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US), and others.
- Healthcare Provider Solutions
- Population Health Management Services
- Specialty Information Management Systems
- PACS & VNA
- Mobile Health Applications
- HCIT Integration Systems
- Telehealth Solutions
- Medical Image Analysis Systems
- Laboratory Information Systems
- Practice Management Systems
- Clinical Decision Support Systems
- Computerized Physician Order Entry Systems
- Cardiovascular Information Systems
- Patient Registry Software
- Infection Surveillance Solutions
- Radiation Dose Management Solutions
- Healthcare Asset Management Solutions
- Revenue Cycle Management Solutions
- Front-End RCM Solutions
- Mid-RCM Solutions
- Back-End RCM Solutions
- Healthcare Analytics
- Clinical Analytics
- Financial Analytics
- Operation and Administrative Analytics
- Customer Relationship Management Solutions
- Pharmacy Information Systems
- Healthcare Interoperability Solutions
- Healthcare Quality Management Solutions
- Supply Chain Management Solutions
- Procurement Management Solutions
- Inventory Management Solutions
- Electronic Medication Administration Systems
- Barcode Medication Management Systems
- Medication Inventory Management Systems
- Medication Assurance Systems
- Clinical Solutions
- Non-Clinical Solutions
- Medication Management Systems
- Workforce Management Solutions
- Financial Management Systems (Billings & Accounting)
- Healthcare Information Exchanges
- Medical Document Management Solutions
- Healthcare Payer Solutions
- Claims Management Solutions
- Population Health Management Solutions
- Pharmacy Audit and Analysis Solutions
- Payment Management Solutions
- Customer Relationship Management Solutions
- Member Eligibility Management Solutions
- Fraud Analytics Solutions
- Provider Network Management Solutions
- HCIT Outsourcing Services
- Claims Management Services
- Provider Network Management Services
- Billing and Accounts Management Services
- Fraud Analytics Services
- Other Payer HCIT Outsourcing Services
- Revenue Cycle Management Services
- Medical Document Management Services
- Laboratory Information Management Services
- Other Provider HCIT Outsourcing Services
- Supply Chain Management Services
- Business Process Management Services
- Other Operational IT Outsourcing Services
- IT Infrastructure Management Services
- Payer HCIT Outsourcing Services
- Provider HCIT Outsourcing Services
- Operational HCIT Outsourcing Services
By End User
- Healthcare Providers
- Ambulatory Care Centers
- Home Healthcare Agencies & Assisted Living Facilities
- Diagnostic & Imaging Centers
- Healthcare Payers
- Private Payers
- Public Payers
Geographically, the global Healthcare Information Technology (HIT) market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
Asia Pacific was the leading healthcare IT market that garnered a market share of more than 60% in 2020. Asia Pacific is the home to more than half of the global population which provides a huge consumer base. The rapid urbanization, rising disposable income, busy and hectic lifestyle, rising penetration of the internet, and the increasing adoption of the smartphones are some of the significant macroeconomic factors that drives the growth of the healthcare IT market in Asia Pacific. Moreover, the countries like China and India are showing promising growth opportunities for the market players owing to the strong economic growth in the region. This is attributed to the growing government and economic initiatives for the automating and digitalizing the different healthcare organizations task including pharmacies, hospitals, nursing homes and other healthcare related organizations.
North America is estimated to be the fastest growing segment considerable pace during the forecast period. Increasing buying power, improved access to the digital technologies, higher penetration of internet, and increased adoption of the smart devices are some of the major factors that has propelled the growth of the North America healthcare IT market.
- North America
- Rest of North America
- The Netherlands
- Nordic Countries
- Benelux Union
- Rest of Europe
- Rest of Southeast Asia
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Healthcare Information Technology (HIT) Market report scope
CAGR of 13.1% from 2022 to 2030.
Hardware, Software, Services
Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services
By End User
|Healthcare Providers, Healthcare Payers|
Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), athenahealth (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US)
Regions and Countries Covered
2017 to 2022
2023 to 2030
Key Takeaways from this Healthcare Information Technology (HIT) Report
- Estimate Healthcare Information Technology (HIT) market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Healthcare Information Technology (HIT) market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
At what CAGR is the Healthcare Information Technology (HIT) market projected to grow in the forecast period 2022 to 2030?
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Which application segment is expected to drive the growth of the Healthcare Information Technology (HIT) market in the next 5 years?
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