Healthcare IT: Predicted Revenue Surge Will be at CAGR of 19.8% by 2027

Overview of This Study:

The present investigation entailed a comprehensive utilization of primary and secondary materials. To determine segmentation types, industry trends, key players, the competitive landscape of the market, and important market dynamics, including drivers, constraints, opportunities, challenges, and key player strategies, a variety of industry-affecting factors were examined.

Major Growth Influencing Factors:

Government mandates and support for HCIT solutions, together with the potential presented by growing healthcare markets, are the main drivers of market growth. Nonetheless, it is anticipated that the development of this sector would be somewhat constrained by the lack of IT infrastructure in poorer nations and opposition from conventional healthcare providers.

Projected Surge in Revenue Generation, Globally:

The global healthcare IT market in terms of revenue was estimated to be worth $394.6 billion in 2022 and is poised to reach $974.5 billion by 2027, growing at a CAGR of 19.8% from 2022 to 2027.

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Driver: Expanding use of mHealth, telemedicine, e-prescribing, and other HCIT applications.

The global pandemic has led to a notable surge in the workload for healthcare institutions worldwide. A well-coordinated environment where all clinical gadgets are connected internally and the organization works in conjunction with other healthcare units is something that healthcare facilities are under tremendous pressure to establish. As of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million fatalities worldwide, according to Worldometer. The healthcare systems of many nations are dealing with a severe scarcity of hospital beds, medical professionals, and basic medical supplies due to the high and rising number of patients. This makes it necessary for healthcare facilities, including hospitals, to implement capacity management systems in order to track COVID-19 patients and oversee the disease’s course.

RESTRAINT: Limitations of IT infrastructure in poor nations

The lack of qualified IT workers in emerging nations affects the uptake and application of HCIT solutions in these nations. Moreover, one of the main barriers to the adoption of HCIT solutions is cost. These solutions come with higher maintenance and software costs than software itself. Furthermore, software upgrades are an ongoing expense that accounts for nearly 30% of the total cost of ownership due to changing user requirements. Market expansion in emerging nations is somewhat constrained by the previously listed issues.

OPPORTUNITY: Outpatient care institutions are increasingly utilizing healthcare IT technologies.

The sector is moving toward outpatient settings to cut costs of care in response to mounting pressure on health systems to do so. The projected cost of a procedure at an outpatient surgical center is 30% to 60% less than that of an inpatient hospital setting. Convenience is yet another significant element contributing to the growth of ambulatory care. The need for and use of HCIT solutions in outpatient settings will rise in tandem with the expansion of outpatient settings and the intake of new patients.

About 10% of US hospitals have specialized HCIT clinical documentation improvement programs for their outpatient settings, according a United Health (US)-sponsored survey. Within the next six months, an extra 10% is supposed to be put these services into place. In addition, 14% of hospitals intended to use cutting-edge solutions soon. In the upcoming years, it is anticipated that this tendency would propel the adoption of HCIT solutions, including RCM solutions, in outpatient settings.

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Geographical Growth Dynamics:

For the duration of the projection, Asia Pacific is anticipated to develop at the fastest rate.

Over the course of the projection period, the APAC market is anticipated to grow at the fastest rate. The APAC HCIT market is expanding due to a number of factors, including a sizable patient population—particularly in China and India—growing per capita income, increased healthcare industry investments by major participants in the market, and growing consumer awareness of cutting-edge technology.

Key Players:

Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

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