Healthcare IT Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

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Healthcare IT Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031

Status : December, 2022 | Healthcare IT

Report Digest

Healthcare IT Market – Overview

The global healthcare IT market is anticipated to grow at a favorable rate from 2021 to 2031 (forecast period). The increasing trend of digitization in healthcare, high demand for preventative care solutions, the rise of new entrepreneurial initiatives, and expanding collaborations and funding are expected to drive the global healthcare IT market. Moreover, the evolution and developments in network connectivity and network infrastructure development and rising healthcare IT spending are projected to propel the global healthcare IT market.

Key players are concentrating on innovative product development methods and making continual technical developments with the help of improved IT infrastructure. Market participants are using big data, artificial intelligence (AI), Internet of Things (IoT), and machine learning (ML) algorithms in their existing solutions to enhance health and medical procedures, which is likely to improve the global healthcare IT market outlook.

Healthcare IT Market – Competitive Landscape

Leading players in the healthcare IT market are Tata Consultancy Services (India), Optum (US), Cognizant (US), GE Healthcare (US), Change Healthcare (US), Philips Healthcare (Netherlands), Cerner (US), Epic Systems (US), Dell Technologies (US), InterSystems (US), Allscripts (US), IBM (US), athenahealth (US), Practice Fusion (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), Carestream Health (US), Orion Health (US), Wipro Limited (India), and SAS Institute (US).

To acquire a competitive advantage and grow their product line and commercial presence, key companies are focused on technical collaborations, partnerships, and merger and acquisition tactics. The continuing COVID-19 outbreak has put a strain on healthcare systems throughout the world, prompting industry participants to develop solutions for previously unexplored markets like virtual health and telecare.

Healthcare IT Market – Trends and Opportunities

Big data analysis has altered the way people handle, analyze, process, and model data in a variety of businesses. The healthcare industry is the most significant area where big data analytics plays a vital role. Large-scale data from the massive healthcare business is collected and processed into meaningful and useful insights from prices, clinical data, drugs, and patient behavior, which are regarded to be the core areas of healthcare in healthcare data analytics. The information obtained by healthcare analysis delivers insights that can enhance the industry's performance and save people's lives. Moreover, data analytics in healthcare gives real-time alerts. The usage of different software to analyze data in real-time assists health practitioners in making prescriptive judgments, hence boosting the sales of healthcare IT market.

The adoption of mHealth in healthcare has also altered the global healthcare business. This is due to the increased adoption of smartphones and internet access and the government's supportive actions and initiatives. Furthermore, significant advancements in mobile technology and apps, an increase in new options for integrating mobile health into current eHealth services, and ongoing expansion of mobile cellular network coverage are expected to bolster the healthcare IT market growth.

IoT technology is utilized for remote patient monitoring, which has the ability to keep patients healthy and allow doctors to provide the best treatment possible. The increasing usage of IoT technologies and solutions in the healthcare sector is expected to boost the healthcare IT market over the forecast period. IBM, SAP SE, and Cisco Systems Inc. are also combining IoT technology with healthcare to boost efficiency and augment their service offerings. As a result, there is a greater need for IoT in healthcare for better administration and remote monitoring of patients at healthcare organizations.

Due to the COVID-19 pandemic, medical practices of all sizes are under tremendous strain, and healthcare institutions throughout the world are overwhelmed by the high number of patients who visit them on a regular basis. The increasing frequency of coronavirus illness has increased the need for reliable detection and treatment devices in a number of nations throughout the world. In this sense, connected care technologies have shown to be quite beneficial since they enable healthcare personnel to monitor patients utilizing noninvasive digitally connected equipment such as pulse oximeters and home blood pressure monitors.

The COVID-19 outbreak has also raised the requirement for social distancing between patients and physicians, fueling demand for healthcare IT solutions like telemedicine systems and remote patient monitoring, and the precise and rapid sharing of patient health information. In this aspect, healthcare IT is a powerful instrument that provides a secure structure for sharing, exchanging, and retrieving electronic health information.

Healthcare IT Market – Regional Landscape

The Asia Pacific healthcare IT market is expected to grow during the forecast period. This is owing to booming economies, and government attempts to digitalize and automate the work of various healthcare companies such as hospitals, nursing homes, pharmacies, and other healthcare-related institutions.

North America is likely to experience growth in the global healthcare IT market over the projected period. This is due to the region's growing senior population and increased prevalence of chronic illnesses. Moreover, early use of new technologies such as IoT, data analysis, and AI in healthcare is projected to drive regional market growth.

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TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?