The global healthcare IT market size is expected to reach USD 166.0 billion by 2028 and is expected to grow at a CAGR of 10.7%
Rising demand and adoption of preventive care along with increasing funding for various mobile health startups is boosting the market growth. In addition, growing network coverage and rising improvements in network infrastructure are further driving the market.
The Covid-19 pandemic has also boosted the demand for online or virtual medical consultancy, globally, owing to the developments and innovations in internet-based technologies, the growing prevalence of chronic diseases, and increasing adoption and positive consumer behavior pertaining to newer technologies in healthcare.
According to a 2020 survey conducted by Deloitte, the pandemic propelled the adoption of virtual health. For instance, the percent of consumers or respondents utilizing virtual visits increased from 15% in 2019 to 19% in the initial months of 2020 and a sudden spike of around 28% was witnessed in April 2020. Thus, such instances are likely to support market growth in the coming years.
In 2020, the Electronic Health Records (EHRs) application segment dominated the global market accounting for a revenue share of over 40%. This growth was attributed to the surge in demand for streamlining EHR, EHR-integrated tools, and advancements in information technology.
Furthermore, the segment is estimated to retain its leading position throughout the forecast years due to factors, such as growing awareness and adoption in healthcare facilities, strategic initiatives by key players in the healthcare IT space, and an increasing number of initiatives supporting its implementation.
For instance, in 2020, Cerner announced the launch of its first virtual EHR implementation in Macon Community Hospital, Tennessee.
Healthcare IT Market Report Highlights
The market is anticipated to witness significant growth over the forecast period owing to the rising demand and adoption of preventive care
North America dominated the global market in 2020 and will grow further at a steady CAGR from 2021 to 2028
This growth is credited to the rising adoption and implementation of IT services and solutions by healthcare providers for delivering enhanced patient care at lower expenses
Moreover, the increasing number of hospitals, advanced research centers, and universities along with the presence of key manufacturing hubs in North America will support the market growth in the region
Market Driver Analysis
Increasing usage of smartphones
Growing demand for remote patient monitoring for improved out-of-hospital care
Technologically advanced healthcare IT infrastructure
Increase in number of initiatives And investments supporting eHealth and digital health
Rise in healthcare expenditure prompting cost cutting initiatives
Market Restraint Analysis
Lack Of Data Privacy
Lack Of Medical Expertise
Presence Of Large Amount Of Healthcare Data
Incomplete Or Unsuccessful IoT Projects
Lack Of Integration Of EHR Systems
Agfa Gevaert Group
Allscripts Healthcare, LLC
For more information about this report visit https://www.researchandmarkets.com/r/mx6rr9
View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005459/en/
Laura Wood, Senior Press Manager
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