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Healthcare IT Market Size Worth USD 165.9 Billion By 2025 | CAGR: 13.9%

The global healthcare IT market is expected to grow at growth rate of 13.9% to reach USD 165.9 billion by 2025.

Health information technology is the area of IT involving the design, creation, development, and maintenance of information systems for the medical field. Favorable government initiatives to deploy and develop healthcare IT worldwide is the major driving factor for the industry growth. Several region-specific initiatives are undergoing by various government bodies to promote eHealth services. For instance, the Health Department Republic of South Africa introduced guidelines for healthcare IT strategy to promote information technology in South Africa. Likewise, EUR-Lex, the official website of European Union law introduced eHealth action plan for 2012–2020. This guideline includes the strategies for the deployment of eHealth services in European nations. Such initiatives, would in turn, anticipated to boost the acceptance of IT in the medical field, drive the market growth.

Furthermore, the advent of advanced technology based medical services such as a self-service kiosk, real-time locating services, report monitoring tools, pharmacogenomics, and portal technology support the market growth to great extent. On the flip side, the information technology for the medical industry faces several challenges on the patient security and data storage front, the industry report analyzed. It is noted that increasing cybercrimes and hacking cases pose as a major constraint to the acceptance of these services.

Key Takeaways

Application wise, telemedicine accounted for the significant revenue share in 2017 and is expected to grow with strong CAGR over the forecast period
This technology allows healthcare professionals to diagnose, treat or evaluate patients at a distance through laptops, smartphones, video streaming, and emails. Using this technology benefits such as cost efficiency, distance treatment, and faster remedy were possible.
Government initiatives in developing regions to promote healthcare IT services support industry growth. For instance, several projects such as “The Virtual Doctor (launched in Africa), and Swinfen Charitable Trust (launched in the UK) are aimed to provide telemedicine by connecting multi-specialty hospitals’ physicians with patients of developing regions.
Based on medical care providers, the market is bifurcated as Nursing, Physicians, Patient Access, Pharmacy, Risk Management Services, and Healthcare Financial Services.
North America is set to manifest the highest revenue share until 2025 mainly because of strong economic development coupled with high consumer awareness
The Asia Pacific exhibiting strong potential for this industry due to rising government spending on the development of healthcare infrastructure. For instance, as per the World Bank data, China spent around 5.32% of its GDP for healthcare infrastructure in 2017, up 6.7% compared to the previous year.
Companies like GE Healthcare, McKesson, eClinicalWorks, Phillips, Allscripts, Carestream, and Hewlett-Packard are actively operating in this market
Key players are extensively analyzed based on attributes such as company overview, financial performance, SWOT analysis, and key developments

KEY BENEFITS OF THE REPORT:

The report presents macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
Thorough analysis of relevant statistical data to estimate the market paradigms
Exceptional understanding of region and country specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts, and growth specific to the countries.
Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments

The scope of this report covers the market by its major segments, which include as follows:

Market Segmentation

MARKET, BY APPLICATION