Global Healthcare in IT Market Projected To Reach USD 662 Billion by 2026

12-Apr-2021 | Facts and Factors

As per the report published by Facts & Factors, global Healthcare in IT market was valued at approximately USD 185 Billion in 2019 and is expected to generate revenue of around USD 662 Billion by end of 2026, growing at a CAGR of around 20% between 2020 and 2026.

Healthcare is undergoing dramatic transformations all over the world. Singapore is seeing an increase in the number of health-related start-ups. Many countries support mobile health programs in the transition from traditional health systems to technological treatment. The government of Mexico is working in multifaceted ways to combat diabetes, including the development of community glucose test centers and soda taxes. Saudi Arabia is reviewing and reconsidering where and how the whole healthcare system is being supported. Healthcare is undergoing dramatic transformations all over the world. Singapore is seeing an increase in the number of health-related start-ups. Many countries support mobile health programs in the transition from traditional health systems to technological treatment. The government of Mexico is working in multifaceted ways to combat diabetes, including the development of community glucose test centers and soda taxes. Saudi Arabia is reviewing and reconsidering where and how the whole healthcare system is being supported.

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Top Market Players

Major players in the market are McKesson Corporation, United Healthcare Group, Allscripts Healthcare Solutions, Inc, Athenahealth, Inc, Epic Systems Corporation, GE Healthcare, Cerner Corporation,  Oracle Corporation Koninklijke Philips N.V, Infor, Inc.

Increasing geriatric population and technological advancement is driving the market of global healthcare in IT

The growing geriatric population is projected to boost the use of IT services, the costs of hospital equipment, particularly for advanced treatment, and the need for home-based care services. The growing prevalence of chronic diseases such as cancer, diabetes, and heart failure also drives demand in this market for a number of IT-based services. Health IT benefits are forecast to drive business growth, such as minimizing errors in a medical facility, decreasing operating costs, and rising good performance. The acceptance of IT healthcare services has increased in recent years according to a recent AMA Survey and to data quoted in an article published in Healthcare IT News in 2020.  Remote surveillance has risen from 13% in 2016 to 22% in 2019, according to the report. In addition, mobile penetration and Internet connectivity are expected to increase and encourage IT acceptance and growth in the medical sector. The number of unique mobile subscribers is expected to reach 5.8 billion by 2025, according to Mobile Economy 2020. In addition, the number of internet users grew to approximately 3,8 billion in 2019 from 250 million in 2018.  Additionally, the industry is expected to push forward progress in mobile and internet technologies to enhance disease identification, treatment, and patient engagement and satisfaction. In addition to the demand for VAT and the increased costs of delivering services in the healthcare sector, digitalization will probably boost the growth of the market for IT healthcare over the 2020-2027 forecasts. On the other hand, the high integration of IT healthcare in order to solve big data management problems and their protection will also drive the many opportunities which will lead to the growth of the IT healthcare market in the forecast period. The sector is split between end users into hospital insurers and healthcare providers. The healthcare provider segment will increase in terms of goods and services in the medical IT market at the fastest rate during the forecast period. This is because of attempts by the Government to improve the quality of medical care and the need to monitor increasing costs of health care and increase the efficiency of healthcare services. Through the implementation of electronic medical records, computerized supplier entry systems, electronic prescription systems, pacs, laboratory information systems, clinical information systems, telehealthcare, is categorized into electronic medical records.

North America is projected To Dominate the Global Healthcare in IT Market

North America had the largest share of the global market in 2020, and this trend is expected to continue during the forecast period. The increasing use and deployment by healthcare providers of IT services and solutions to provide quality patient care at lower cost drive the regional market. In addition, specialized personnel and the rise of the number of hospitals, research centers, and universities drive market growth.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 185 Billion

Projected Market Size in 2026

USD 662 Billion

CAGR Growth Rate

20% CAGR

Base Year

2019

Forecast Years

2020–2026

Key Market Players

McKesson Corporation, United Healthcare Group, Allscripts Healthcare Solutions Inc, Athenahealth Inc, Epic Systems Corporation, GE Healthcare, Cerner Corporation, Oracle Corporation Koninklijke Philips N.V, Infor Inc

Key Segment

By Product, By End User, By Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Browse the full “Healthcare in IT Market by Product (Healthcare Provider Solutions, Non-clinical Solutions, Healthcare Payer Solutions, Provider Healthcare IT Outsourcing Services, Payer Healthcare IT Outsourcing Services, Operational Healthcare IT Outsourcing Services), By End User (Healthcare Providers, and Health care Payers), By Application (Electronic Health Records (EHRs), Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems, Tele-healthcare): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/healthcare-in-it-market.

The Global Warehouse Management System market is segmented as follows:

By Product:

  • Healthcare Provider Solutions
  • Non-clinical Solutions
  • Healthcare Payer Solutions
  • Provider Healthcare IT Outsourcing Services
  • Payer Healthcare IT Outsourcing Services
  • Operational Healthcare IT Outsourcing Services

By End User:

  • Healthcare Providers
  • Health care payers

By Application:

  • Electronic Health Records (EHRs)
  • Computerized Provider Order Entry Systems
  • Electronic Prescribing Systems
  • PACS
  • Laboratory Information Systems
  • Clinical Information Systems
  • Tele-healthcare

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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