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(Health-NewsWire.Net, January 25, 2022 ) According to the new market research report, "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software,Hardware), End-User, and Region - Global Forecast to 2026" The global Healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
Browse and in-depth TOC on "Healthcare IT Market"
477 - Tables
67 - Figures
474 - Pages
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Growth Boosting Factors:
The growth of this market is majorly attributed to government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets. On the other hand, IT infrastructural constraints in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers.
Market Size Estimation:
The total size of the healthcare IT market was arrived at after data triangulation from two different approaches, as mentioned below:
Approach to calculate the revenue of different players in the healthcare IT market
The size of the global healthcare IT market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global healthcare IT market was derived.
Approach to derive the market size and estimate market growth
The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.
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Covid-19 Impact on the Healthcare IT Market
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters.
The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.
smaller healthcare organizations from investing in healthcare IT solutions, especially in the emerging markets across the APAC and Latin America.
Opportunity: Rising use of healthcare IT solutions in outpatient care facilities
In response to the rising pressures on health systems to lower the cost of care, the industry is shifting towards outpatient settings to reduce the care cost. In addition, convenience is another important factor driving the rise of ambulatory care. With the increase in the number of outpatient settings and patient influx, the demand and usage of healthcare IT solutions in outpatient settings will increase.
Asia-Pacific is the fastest-growing market for healthcare IT market during the forecast period.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to rising medical tourism, the implementation of new ICT guidelines in Japan, investments and reforms to modernize China’s healthcare infrastructure, the rapidly growing healthcare industry in India, and the implementation of IT programs in Australia and New Zealand. In addition, government initiatives for the adoption of HCIT, the growth of the geriatric population, the rising prevalence of chronic diseases, soaring healthcare expenditure, and the growth of purchasing power of consumers will also propel the market.
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