The global IT-enabled healthcare market was worth USD 190.50 billion in 2021 and is predicted to grow to USD 366.05 billion by 2028, at a CAGR of around 11.50% over the forecast period. Throughout the projected period, the study analyses the drivers, restraints/challenges, and effects on demand in the IT-enabled healthcare market. In addition, the study looks into potential opportunities in the IT-enabled healthcare sector.
Overview of the IT-enabled Healthcare Market
IT-enabled healthcare, often known as medical information technology, is a subfield of information technology concerned with the development, design, creation, and upkeep of information systems in hospitals, clinics, and other healthcare facilities. Healthcare IT has various advantages and prospects for improving and transforming healthcare, such as improved clinical outcomes, less human error, increased clinical efficiency, improved care coordination, and long-term data monitoring. Because of the massive number of smartphone users and the increasing penetration of technology, there is a growing demand for telemedicine and mHealth solutions. Government policies that favor medical IT solutions are propelling the market forward. With the growing need to lower rising medical expenditures, as well as the increasing usage of EHR and other HCIT solutions, big data adoption is increasing. On the other hand, the high deployment costs of IT-assisted healthcare and the lack of adequate infrastructure in developing countries can hinder the market growth.
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IT-Enabled Healthcare Market: Growth Drivers
The demand for high-quality healthcare services and solutions will drive market growth.
The global IT-enabled healthcare market is expanding as a result of increased acceptance of mHealth and telemedicine, increased need for improved patient safety and care, and increased government initiatives to promote HCIT. Protecting patient data has become a major challenge for healthcare businesses as the increase in cyberattacks, the most serious hindrance to the global market, increases concerns about patient data safety and security. Growing investment in the Asia Pacific region unlocks significant market potential and broadens market growth opportunities.
IT-Enabled Healthcare Market: Segmentation
The global IT-enabled healthcare market is classified by type, end-user, and region.
The market is divided into two categories: software and services. Among these, the software will dominate market growth in the next years. This is due mostly to increased industrial demand for cloud-based applications.
Based on end-user, the market is split into public/private healthcare facilities, physicians, healthcare workers, and others. The digital remittance market for public/private healthcare institutions is expected to expand the fastest during the projected period, owing to an increased need for a variety of HCIT solutions to meet the growing burden of processing patient information in hospitals. Furthermore, the rising prevalence of chronic diseases has paved the way for further growth.
The Regional Geography of the IT-Enabled Healthcare Industry
The presence of modern infrastructure and the early adoption of important technological developments will fuel North America’s expansion.
North America has developed as a key region in the global IT-enabled healthcare industry due to its modern infrastructure, knowledgeable workforce, and early acceptance of numerous technological innovations. Market growth in the region is also expected to benefit from the region’s aging population. The European market has matured due to the early acceptance and delivery of IT-assisted healthcare services to improve services and processes.
IT-Enabled Healthcare Market: Competitive Landscape
Some of the main competitors dominating the global IT-enabled healthcare market include- McKesson Corporation, eHealth Technologies, GE Healthcare, Johnson and Johnson Healthcare Systems, Inc., Aerotel Medical Systems, Ltd., Siemens AG, E*HealthLine.Com, Inc., Allscripts Healthcare Solutions, Inc., AT&T Inc., Apple, Inc., MedShift, RxSafe, LLC, Sectra, Wellbeing Software, and AirStrip Technologies LP.
Global IT-enabled healthcare market is segmented as follows:
By Type:
Software
Services
By End User:
Public/Private healthcare institutions
Physicians
Healthcare workers
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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