Healthcare IT Market Size to Reach 549.95 Billion in 2027

Healthcare IT Market

The global healthcare IT market size is expected to reach USD 549.95 Billion in 2027 at a CAGR of 15.4% during the forecast period. Steady revenue growth of market can be attributed to increasing initiatives by governments to incorporate Healthcare Information Technology (HCIT) solutions in the healthcare industry. In addition, growing preference for digital payments in healthcare sector is expected to fuel market growth going ahead. Growing focus to minimize healthcare operational costs, increasing adoption of mHealth apps, and increasing demand for cashless payments are expected to contribute to revenue growth of market.

Rapid adoption of paperless technology and solutions over the last decade has led to a drastic reduction in manual tasks and human error, has resulted in improved accessibility, and minimized delays in obtaining information about clinical tests, treatment, and follow-ups. Introduction of technological tools in hospitals, clinics, and other healthcare settings has been boosting adoption of healthcare information technology (HCIT) solutions across the sector. This is expected to further drive market growth during the forecast period. However, high costs associated with deployment and maintenance of healthcare IT solutions are key factors expected to hamper adoption of these solutions and impede market growth to a certain extent during the forecast period.

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Some Key Highlights in the Report:

  • The service segment revenue is expected to expand significantly over the forecast period, attributable to rapid deployment of healthcare IT solutions in the recent past. In addition, services offered through deployment of these solutions such as maintenance and technical support are other factors encouraging adoption.
  • On-premise segment is expected to register considerable revenue CAGR during the forecast period owing to increasing deployment of on-premise healthcare IT solutions. The need for improved data and information security has boosted the need for healthcare IT solutions to be deployed at premises of organizations.
  • The electronic health records segment is expected to account for largest revenue share during the forecast period, attributable to increasing adoption of EHR systems across healthcare sector. Increasing government initiatives to encourage adoption of EHR systems in healthcare facilities to improve patient care and outcomes is a major factor propelling revenue growth of this segment.
  • Healthcare provider segment is expected to account for largest share in terms of revenue, attributed to increasing adoption of HCIT solutions in hospitals and rapid shift towards paperless technologies to efficiently maintain critical documents and information, and to minimize operational costs.
  • North America market revenue is expected to expand significantly over the forecast period, attributed to increasing initiatives undertaken by governments to incorporate electronic health record systems across healthcare facilities in countries in the region. In addition, robust presence of key market players such as Oracle Corporation and Cognizant Technology Solutions is further driving regional market growth.
  • Prominent players in the market include Cerner Corporation, Oracle Corporation, Epic System Corporation, SAP SE, NextGen Healthcare Inc., Cognizant Technology Solutions, Wipro Limited, Tata Consultancy Services Limited, Dell Technologies Inc., and Allscripts Healthcare Solutions, Inc.

For the purpose of this report, Emergen Research has segmented the global healthcare IT market on the basis of component, delivery, application, end-use, and region:

Component Outlook (Revenue, USD Billion; 2017–2027)

  • Hardware
  • Software
  • Service

Delivery Outlook (Revenue, USD Billion; 2017–2027)

  • Cloud-based
  • On-premises

Application Outlook (Revenue, USD Billion; 2017–2027)

  • Electronic Prescribing System
  • Laboratory Information System
  • Tele-health
  • Computerized Provider Order Entry System
  • Electronic Health Records
  • Picture Archiving and Communication System
  • Healthcare Analytics
  • Radiology information system
  • mHealth
  • Fraud management
  • Vendor-neutral archive
  • Revenue cycle management
  • Customer relationship management
  • Others

End-use Outlook (Revenue, USD Billion; 2017–2027)

  • Healthcare Payer
    • Public Payers
    • Private Payers
  • Healthcare Provider
    • Pharmacies
    • Ambulatory clinical centers
    • Diagnostic and imaging centers
    • Hospitals
    • Others

Regional Outlook (Revenue, USD Billion; 2017–2027)

  • North America
    • S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • A.E.
    • South Africa
    • Rest of MEA

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