Global healthcare IT market: Driving Factors, Industry Challenges, Segmentation, Key Vendor Analysis, Leading Countries, and Market Size and Forecast 2023-2027

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- In-depth analysis provided in the report includes:

Current and future market trends to highlight market conditions

Comparative analysis of the market and its segments for the historic period of 2017 - 2021

Market drivers and market impediments and their impact on market growth

Positioning of market players and their business strategy analysis

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Global healthcare IT market size & segmentation analysis

The healthcare IT market is estimated to grow at a CAGR of 10.89% between 2022 and 2027. The size of the market is forecast to increase by USD 168.86 billion. The healthcare IT market is segmented based on end-user, component , and geography.

Based on end user, the healthcare IT market is segmented into healthcare providers and healthcare payers .

Based on component, the healthcare IT market is segmented into services, software, and hardware.

Based on geography, the healthcare IT market is segmented into North America, Europe, APAC, South America, and Middle East and Africa.

For insights on the market contribution of each segment, Buy the report!

Healthcare IT market: Country-level analysis

The countries covered in the healthcare IT market report are the US and Canada (North America); the UK, Germany, and France (Europe); China and India(APAC); Saudi Arabia and South Africa (Middle East & Africa); and Chile, Brazil, and Argentina (South America).

North America will account for 46% of the market's growth during the forecast period. The largest geographical segment of the global healthcare IT market is North America, and this trend will continue during the projected period. This is due to the availability of an integrated healthcare infrastructure (hospitals, clinics, and pharmacies), a sizable number of market vendors, and a high level of acceptance of contemporary medical technology (especially in the US).

Healthcare facilities will update their current equipment or purchase new software as new technical developments hit the market. The regional market will grow throughout the forecast period as a result of healthcare service providers' continued investment in IT services to support their operations.

The geographic landscape of the report also provides market-impacting factors and changes that impact current and future trends. For detailed information, Request a sample!

Global healthcare IT market: Dynamics & insights

Technavio's research report on healthcare IT market provides analysis and insights about the various drivers, along with key challenges, that impact the market throughout the forecast period.

The increasing focus on improving the quality of services and efficiency is notably driving market growth. The workload of medical professionals has decreased due to IT hardware and software solutions, which has enhanced the level of treatment. By eliminating human intervention and shortening the time needed to provide patient services, medical software systems are also facilitating decision-making, offering electronic reminders, and managing each staff member's schedule automatically.

However vulnerability of EMRs to cybercrime is a major challenge impeding the market. Computer and internal software hacking, as well as entry into intranet portals, are examples of cybercrime incidents. Data from the healthcare sector, such as doctor's medical transcriptions, patients' personal and insurance information, and details about their treatments and medications, are private and crucial to hospitals and patients. Through cyberattacks, data can be hacked, modified, or misused. Therefore, the worldwide healthcare information technology (IT) market would face a serious threat from cybercrime vulnerability and inadequate security systems.

Healthcare IT market: Competitive landscape and vendor analysis

Technavio's report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Some of the major players operating in the healthcare IT market are 3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., and Wipro Ltd. among others. For insights on the vendor offerings, Download a PDF sample!

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Behavioral Health Software Market by Component, End-user, and Geography - Forecast and Analysis 2023-2027: The behavioral health software market is estimated to grow at a CAGR of 13.5% between 2022 and 2027. The size of the market is forecast to increase by USD 2,071.61 million. The increasing adoption of EHRs is notably driving the market growth, although factors such as concerns about the security of patient data and cyberattacks may impede the market growth.

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Healthcare IT Market Scope

Report Coverage

Details

Page number

179

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 10.89%

Market growth 2023-2027

USD 168.86 billion

Market structure

Fragmented

YoY growth 2022-2023(%)

9.48

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 46%

Key countries

US, China, Japan, Germany, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

3M Co., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., and Wipro Ltd.

Market dynamics

Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Browse for Technavio "Health Care" Research Reports

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global healthcare IT market 2017 - 2021

4.2 End-user Segment Analysis 2017 - 2021

4.3 Component Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by End-user

6.1 Market segments

6.2 Comparison by End-user

6.3 Healthcare providers - Market size and forecast 2022-2027

6.4 Healthcare payers - Market size and forecast 2022-2027

6.5 Market opportunity by End-user

7 Market Segmentation by Component

7.1 Market segments

7.2 Comparison by Component

7.3 Services - Market size and forecast 2022-2027

7.4 Software - Market size and forecast 2022-2027

7.5 Hardware - Market size and forecast 2022-2027

7.6 Market opportunity by Component

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 Germany - Market size and forecast 2022-2027

9.10 China - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 UK - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 3M Co.

12.4 Allscripts Healthcare Solutions Inc.

12.5 Athenahealth Inc.

12.6 Cognizant Technology Solutions Corp.

12.7 Dassault Systemes SE

12.8 Dell Technologies Inc.

12.9 Epic Systems Corp.

12.10 General Electric Co.

12.11 International Business Machines Corp.

12.12 Koninklijke Philips NV

12.13 McKesson Corp.

12.14 Microsoft Corp.

12.15 Oracle Corp.

12.16 Siemens AG

12.17 UnitedHealth Group Inc.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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