Healthcare Information Technology Market Size – USD 250.41 Billion in 2022, at a CAGR of 13%, Market Trends – Growing demand for improving patient care

NEW YORK, NY, UNITED STATES, March 24, 2023 /EINPresswire.com/ — The increasing demand for Healthcare IT solutions, aimed at enhancing patient care while reducing healthcare costs, is a key driver of market revenue growth.

Market Size – USD 250.41 Billion in 2022, Market Growth – at a CAGR of 13%, Market Trends – Growing demand for improving patient care, minimized medical errors, and enhanced the efficiency of healthcare delivery.

The global Healthcare Information Technology (IT) Market size was USD 250.41 Billion in 2022 and is expected to register a revenue CAGR of 13% over the forecast period, according to the latest report by Reports and Data.

The COVID-19 pandemic has emphasized the significance of healthcare IT technologies, which enable remote patient monitoring, telemedicine, and virtual consultations. There has been an increased demand for healthcare IT solutions, especially in telehealth and telemedicine, due to the epidemic. With healthcare providers embracing innovative technology to enhance patient care and reduce healthcare expenses in the post-pandemic era, the healthcare IT industry is expected to grow even further.

The growing incidence of chronic illnesses, such as cancer and diabetes, is fueling a need for healthcare IT solutions that can improve disease management and educate patients. In the coming years, there is expected to be an increased adoption of healthcare IT systems for managing chronic diseases, driven by a desire to treat these conditions more effectively while also reducing healthcare costs.

Additionally, the healthcare IT market is experiencing a significant revenue growth driven by the rising demand for interoperability among various healthcare IT systems. Healthcare providers are increasingly adopting healthcare IT solutions that can be integrated with other systems to enhance patient care and reduce healthcare expenses. To cater to this growing need for interoperable healthcare IT solutions, healthcare IT companies are developing innovative technologies. Additionally, government initiatives aimed at enhancing healthcare delivery and reducing costs are also contributing to the market’s revenue growth.

The Centers for Medicare and Medicaid Services (CMS) in the United States have sponsored programs such as the Medicare and Medicaid Electronic Health Records (EHR) Incentive programs to encourage the adoption of healthcare IT solutions. In addition, healthcare providers are increasingly required to comply with legislation such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR). These factors are contributing to the growing need for healthcare organizations to implement IT solutions.

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Some Key Highlights from the Report

• The Electronic Health Record (EHR) system is expected to be the highest revenue generator in the healthcare industry in the coming years. This computer-based system enables healthcare providers to maintain, access, and update patient health information in a more efficient manner than traditional paper-based records. The increasing demand for accurate documentation, improved care coordination, better patient outcomes, and increased patient involvement has resulted in the rapid expansion of EHR usage. Additionally, EHRs can be integrated with other healthcare technology systems, such as telemedicine, HIEs, and healthcare analytics, to offer comprehensive patient care. All of these factors contribute to the significant growth in revenue within the EHR category.
• Based on a regional analysis, North America is expected to dominate the healthcare IT market in terms of revenue share. This is primarily due to the widespread adoption of Electronic Health Records (EHRs) by healthcare providers in the region. EHRs offer a centralised platform for healthcare professionals to access and exchange patient information, leading to improved patient care and reduced healthcare costs. Additionally, the need to comply with regulatory requirements such as the Affordable Care Act (ACA) and the Health Insurance Portability and Accountability Act (HIPAA) has also contributed to the uptake of healthcare IT solutions in North America.
• Some of the prominent players profiled in the global healthcare IT market include Allscripts Healthcare Solutions Inc., Cerner Corporation, Epic Systems Corporation, McKesson Corporation, Philips Healthcare, Siemens Healthcare, IBM Watson Health, NextGen Healthcare Information Systems, LLC, Athenahealth, Inc., and Computer Programs and Systems, Inc.
• On May 20, 2021, Cerner Corporation disclosed its acquisition of Kantar Health, a prominent healthcare data, analytics, and consulting firm with a global presence. In essence, the purchase will enable Cerner to advance its offerings and expand its reach within the healthcare industry.
• On April 5, 2021, Philips Healthcare unveiled the latest version of its healthcare management system called IntelliSpace Enterprise Edition 12.0. The system is designed to enhance clinical collaboration and improve patient outcomes by providing a smooth and uninterrupted access to patient data across different medical specialties, clinical processes, and medical devices. With this new system, healthcare professionals can collaborate more effectively to provide better care for their patients.

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For the purpose of this report, Reports and Data has segmented the global healthcare Information Technology (IT) market on the basis of Application Outlook, and Regional Outlook:

Application Outlook (Revenue, USD Billion; 2022 – 2032)

Electronic Health Records
Computerized Provider Order Entry Systems
Electronic Prescribing Systems
Picture Achieving and Communication System (PACS)
Laboratory Information Systems
Clinical Information Systems
Tele-healthcare

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Advantages of Healthcare Information Technology Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Healthcare Information Technology industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Healthcare Information Technology market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

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Nikhil Morankar
Reports and Data
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