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NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global healthcare IT market size is estimated to grow by USD 199.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.61% during the forecast period. Increasing focus on improving quality of services and efficiency is driving market growth, with a trend towards emergence of ai-enabled emotion recognition technologies. However, vulnerability of emrs toward cybercrime poses a challenge. Key market players include 3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd..
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Healthcare It Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2017 – 2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.61% |
Market growth 2024-2028 |
USD 199.8 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
10.11 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 45% |
Key countries |
US, Germany, China, Japan, and UK |
Key companies profiled |
3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd. |
Market Driver
The healthcare IT industry is experiencing significant growth, according to the latest research study. The industry trend analysis shows that e-prescribing, interoperability, and security concerns are top priorities for healthcare organizations. A single diagram and multiple tables highlight the highest revenue-generating segments: electronic health records, clinical devices, and capacity management solutions. Healthcare systems are investing in healthcare providers to monitor and manage disease progression, coordinate care, and ensure patient safety. The Worldometer reports that over 6 million hospital beds are in use, requiring IT systems for communication and data exchange. Healthcare management focuses on specialty medications, ePrescriptions, and virtual healthcare. Prescribers and controlled substances are under scrutiny, leading to the adoption of electronic prior authorizations and remote monitoring. Smaller healthcare organizations and outpatient settings face unique challenges, including basic infrastructure, usability, and integration. Federal bodies are pushing for web-based management and information systems to improve patient information access and decision-making for healthcare professionals. Security concerns persist, with exploitation and proliferation of medical apps and consumer technology companies posing risks. Healthcare IT solutions, including RCM, are essential for managing patient care quality and purchasing power. Cloud-based solutions, AI & IoT technologies, and data security are key investments for integrated healthcare systems. Virtual reality (VR) and augmented reality (AR) are transforming medical imaging and patient management. Value-based payment models, payer-provider mergers, and quality reporting solutions are shaping the eHealth market. Big data, IT investments, and healthcare analytics solutions are driving innovation in patient care and personalized medicine. The future of healthcare IT includes virtual hospitals, remote patient monitoring, telemedicine solutions, and accountable care solutions. Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing care delivery and patient data management. Geriatric population growth and workflow management are major considerations for healthcare IT architecture. Healthcare IT solutions must address the unique needs of hospitals, ambulatory care centers, and IT systems while ensuring patient safety and data security.
In the healthcare industry, doctors and caregivers are utilizing advanced medical technologies, including Artificial Intelligence (AI), for precise ailment diagnosis and effective patient treatment. AI is gaining significant traction in the healthcare IT sector. One noteworthy application of AI is emotion recognition, which enables the technology to identify, decipher, and react to human emotions and moods. Telemedicine vendors, particularly those focusing on telepsychiatry, have begun implementing emotion recognition technology to comprehend patients’ feelings. This technology is beneficial for patients who are not physically present and may not verbally express their emotions to psychiatrists. AI’s ability to recognize emotions enhances the quality of remote healthcare services.
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Market Challenges
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Segment Overview
This healthcare it market report extensively covers market segmentation by
1.1 Healthcare providers- The healthcare providers segment, which includes hospitals, clinics, laboratories, pharmacies, and ambulatories, is the largest and continuing leader in the global healthcare IT market. In recent years, technological advancements have significantly transformed healthcare, with medical facilities adhering to regulatory changes and enhancing patient care quality. Hospitals and physician offices, regardless of size, have embraced new technologies. These modern medical facilities are high-tech operations that provide skilled personnel with advanced technology. Healthcare IT adoption offers numerous benefits, such as improved care quality, accuracy, reduced costs, and seamless collaboration. The HITECH Act of 2009 mandated medical facilities to upgrade their IT infrastructure, particularly regarding electronic health records (EHRs). EHR systems enable healthcare professionals to securely capture and exchange vital patient health information, fostering teamwork and critical decision-making. Pharmacies have also adopted IT to streamline operations and access essential patient and medical data. Digital messaging facilitates faster, more direct communication between doctors and pharmacists, resolving concerns before patients arrive. Laboratories, too, have implemented IT services for efficient information management through Laboratory Information Systems (LIS). The integration of IT in healthcare leads to enhanced patient care, with advantages such as improved quality, accuracy, reduced costs, and seamless collaboration. As healthcare providers continue to adopt and optimize these technologies, the healthcare IT market within this segment will thrive during the forecast period.
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Research Analysis
Title: Healthcare IT Industry Trends and Financial Insights: A Comprehensive Analysis of E-Prescribing, Interoperability, and Digital Health Introduction: The healthcare IT industry is witnessing significant growth, driven by the adoption of e-prescribing, interoperability, and digital health solutions. This research study provides an industry trend analysis of the healthcare IT market, focusing on revenue-generating segments such as hardware, software, electronic information systems, and eHealth. Key Findings: – The e-prescribing market is expected to grow at a CAGR of 12.2% from 2021 to 2028. – Interoperability issues continue to challenge the industry, with Change Healthcare and Mass Media Data leading the charge towards standardization. – The highest revenue-generating segment in 2020 was software, accounting for 52.6% of the total market share. – Hardware and cloud-based solutions are gaining popularity due to their cost-effectiveness and scalability. – AI & IoT technologies are revolutionizing healthcare IT, with applications in data security, remote patient monitoring, and predictive analytics. Industry Trends: – The eHealth market is expected to reach USD611.8 billion by 2026, growing at a CAGR of 15.5% from 2021 to 2026. – Big data and analytics are transforming healthcare IT, enabling personalized care and population health management. – IT investments in healthcare are expected to reach USD123.3 billion in 2021, up from USD113.7 billion in 2020. Conclusion: The healthcare IT industry is poised for continued growth, driven by the adoption of e-prescribing, interoperability, and digital health solutions. The market is expected to witness significant investments in cloud-based solutions, AI & IoT technologies, and data security. Despite challenges such as interoperability issues, the industry is expected to thrive in the coming years. [Single diagram: Market size and growth of the healthcare IT industry from 2018 to 2026. Multiple tables: Market share of various segments in the healthcare IT industry in 2020 and projected growth rates from 2021 to 2028.]
Market Research Overview
Title: Healthcare IT Industry Trends and Market Analysis: A Comprehensive Overview The healthcare IT industry is experiencing significant growth as digital transformation reshapes care delivery. According to the latest research study, the global eHealth market is projected to reach USD618.8 billion by 2026, growing at a CAGR of 15.5% from 2021. Key industry trends include the adoption of e-prescribing, interoperability, and security concerns. E-prescriptions and electronic prior authorizations are becoming standard in healthcare organizations, with over 80% of US hospitals using electronic health records (EHRs). Interoperability issues persist, with the need for standardized data communication protocols and IT architecture. Healthcare providers are investing in capacity management solutions, such as remote monitoring and virtual healthcare, to manage disease progression and improve patient care quality. The highest revenue-generating segments include clinical solutions, patient care, and healthcare management. The healthcare IT industry comprises various stakeholders, including healthcare organizations, clinical devices, and information systems. The Worldometer reports over 7.9 billion patient beds worldwide, and the US alone has over 60,000 hospitals and ambulatory care centers. The industry faces challenges such as security concerns, exploitation, and proliferation of medical apps and consumer technology companies. Trained IT personnel are in high demand to manage these systems and ensure patient data security. The financial information reveals that the largest players in the healthcare IT industry include Change Healthcare, Mass Media Data, Healthcare IT solutions, and United Health. Federal bodies and RCM solutions are also significant contributors to the industry. The healthcare IT industry is evolving rapidly, with trends such as cloud-based solutions, AI & IoT technologies, and value-based payment models. The future of healthcare IT includes virtual reality (VR), augmented reality (AR), genomics, personalized medicine, and virtual hospitals. The industry’s growth is driven by the increasing purchasing power of healthcare organizations, the need for usability and integration, and the shift towards accountable care solutions and healthcare analytics. The survey reveals that smaller healthcare organizations and outpatient settings are also adopting IT solutions to improve care delivery and patient management. In conclusion, the healthcare IT industry is experiencing significant growth and transformation, driven by trends such as e-prescribing, remote monitoring, and cloud-based solutions. The industry faces challenges such as interoperability, security concerns, and the need for trained IT personnel. The future of healthcare IT includes AI, machine learning, and virtual hospitals, among other trends.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
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