According to Facts & Factors, the global healthcare in IT market size in terms of revenue was worth around USD 185 billion in 2019 and is expected to reach USD 662 billion by 2026, growing at a CAGR of 20% from 2020 to 2026. The global healthcare in IT market is projected to grow at a significant growth rate due to a number of driving factors.

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Market Overview:

Globally, healthcare is undergoing dramatic transformations. The number of health-related start-ups in Singapore is increasing. Many countries are assisting in the transition from traditional health systems to technological treatment through mobile health programmes. Mexico’s government is combating diabetes in a variety of ways, including the establishment of community glucose testing centres and the imposition of soda taxes. Saudi Arabia is reconsidering where and how the entire healthcare system is supported.

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Globally, healthcare is undergoing dramatic transformations. The number of health-related start-ups in Singapore is increasing. Many countries are assisting in the transition from traditional health systems to technological treatment through mobile health programmes. Mexico’s government is combating diabetes in a variety of ways, including the establishment of community glucose testing centres and the imposition of soda taxes. Saudi Arabia is reconsidering where and how the entire healthcare system is supported.

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, and Infor, Inc. are the market’s major players.

  • The growing geriatric population, combined with technological advancement, is propelling the global healthcare IT market.

The growing geriatric population is expected to increase the use of IT services, hospital equipment costs, especially for advanced treatment, and the demand for home-based care services. The rising prevalence of chronic diseases such as cancer, diabetes, and heart failure also drives demand for a variety of IT-based services in this market. Health IT benefits, such as reducing errors in a medical facility, lowering operating costs, and increasing good performance, are expected to drive business growth.

According to a recent AMA survey and data cited in an article published in Healthcare IT News in 2020, acceptance of IT healthcare services has increased in recent years. According to the report, remote surveillance has increased from 13% in 2016 to 22% in 2019. Furthermore, mobile penetration and Internet connectivity are expected to rise, encouraging IT adoption and growth in the medical sector. According to Mobile Economy 2020, the number of unique mobile subscribers is expected to reach 5.8 billion by 2025. Furthermore, the number of internet users increased to around 3,8 billion in 2019 from 250 million in 2018.

Furthermore, the industry is expected to accelerate advancements in mobile and internet technologies to improve disease detection, treatment, and patient engagement and satisfaction. In addition to the increased costs of delivering services in the healthcare sector and the demand for VAT, digitalization is likely to 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 protect them will drive many opportunities, leading to the growth of the IT healthcare market during the forecast period.

End users are divided into hospital insurers and healthcare providers. During the forecast period, the healthcare provider segment will grow the fastest in terms of goods and services in the medical IT market. This is due to the government’s efforts to improve the quality of medical care, as well as the need to monitor rising health-care costs and increase the efficiency of healthcare services. Electronic medical records are created through the implementation of computerised supplier entry systems, electronic prescription systems, pacs, laboratory information systems, clinical information systems, and telehealthcare.

  • North America is expected to dominate the global healthcare information technology market.

In 2020, North America held the largest share of the global market, a trend that is expected to continue throughout the forecast period. The regional market is being driven by the increasing use and deployment of IT services and solutions by healthcare providers in order to provide quality patient care at a lower cost. Furthermore, the increase in the number of hospitals, research centres, and universities drives market growth.

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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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