New Study from StrategyR Highlights a $536.8 Billion Global Market for Healthcare IT by 2026

SAN FRANCISCO , June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare IT - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 20; Released: February 2022
Executive Pool: 91392
Companies: 353 - Players covered include Agfa Healthcare NV; Allscripts Healthcare, LLC; Anju Software, INC.; athenahealth, Inc.; Carestream Health, Inc.; Cerner Corporation; Change Healthcare; CPSI; DXC Technology; eClinicalWorks; Epic Systems Corporation; GE Healthcare; HealthCare Management Systems; McKesson Corporation; Medidata Solutions; Omnicell, Inc.; Philips Healthcare; Vizient Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Services, Software, Hardware); Solution (Revenue Cycle Management, Electronic Health Record, mHealth, Healthcare Analytics, Telehealth, Customer Relationship Management, Supply Chain Management, Other Solutions); End-Use (Healthcare Providers, Healthcare Payers)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Healthcare IT estimated at US$291.7 Billion in the year 2022, is projected to reach a revised size of US$536.8 Billion by 2026, growing at a CAGR of 16.8% over the analysis period. Increasing focus on reducing healthcare costs, rising demand for better and faster care delivery and the need to eliminate medical errors are fostering growth in the healthcare IT market. Rising demand for clinical information technology, administrative solutions and services, and integrated healthcare systems are providing opportunities for growth in the global healthcare IT market. The need to transform legacy systems into advanced information systems by integrating clinical, business, and technical assets to achieve profitability and offer services targeting fast changing consumer demands, while maintaining high degree of service quality and efficiency, is also driving hospitals to invest in healthcare IT. Growing importance of IT in healthcare industry can also be put to perspective by the fact that the industry is already regarded as one of the key sectors poised to contribute towards the growth of software industry in the coming years. Pressing need to improve administrative and clinical workflow of hospitals, and increasing demand for efficient, faster and error-free healthcare delivery are also stimulating growth in the healthcare IT market.

The market is also benefiting from the growth in medical tourism across developing regions, rise in aging population, and rising incidences of chronic disorders. Increasing emphasis on healthcare cost containment against the backdrop of widening government deficits, focus on developing healthcare infrastructure and quality of services, growing role played by private healthcare in the healthcare ecosystem, rising acceptance of m-Health and e-Health, and intensifying competition in the healthcare sector are favorably influencing the healthcare IT market. At present, healthcare's digital transformation is evolving, and several companies are using significant funds to upgrade infrastructure and increasing productivity using collaboration tools. Growing consumer expectations are expected to transform the entire health sector. With the increasingly health-conscious consumers adopting new disruptive technologies, the traditional business models of payers are expected to change and allow a more proactive role to patients in order to provide them with cost-effective, personalized treatments. The future of health care is full of promises for improved wellness, and a set of new standards for managing public health as well as promoting business across sectors. Companies aim at creating improved experiences for patient engagement and access. This is expected to drive investments in digital healthcare technologies.

On the technology landscape, major technological advances such as computing power, wireless technology, and miniaturization are driving an exponential increase in the scale and pace of the emergence of digital health care innovations, and impacting both business and clinical operations. In addition, these advances are contributing to increased consumer expectations, which is replacing "going digital" with "being digital" as the new requirement for all health care organizations. Innovations in digital health care are emerging in an increasingly greater scale and pace. Digital technologies provide support to the health systems in their efforts of transitioning to new patient-centered care models and help them adopt "smart health" approaches that would increase access and improve quality at lower costs. Disruptive technologies such as virtual and digital reality, artificial intelligence (AI), Cloud, RPA, Blockchain, robotics, and internet of medical things (IoMT) are helping diagnosis and treatment in terms of speed, accuracy, and quality, and enhancing overall patient experience. Spurred by the Covid-19 pandemic, there has been a widespread proliferation of next generation innovative technologies and newest technological trends in the world healthcare sector. With the COVID-19 pandemic exposing the inefficiencies and gaps of healthcare systems, more sophisticated and advanced healthcare technologies are getting considerable attention. The harsh scenario is pressuring participants in the healthcare sector, who in the past were reluctant to move away from long-standing healthcare practices and adopt new tech-enabled models, pro-actively revaluate their strategies so as to deliver the most effective treatment for their patients. A few technology trends have already grabbed the attention of healthcare industry participants and a few are actively seeking to integrate into the healthcare sector in the immediate future.

The healthcare sector is likely to progressive adoption of several new technologies on a massive scale. While the adoption of Artificial intelligence (AI) is likely to scale up in the healthcare set up, telehealth and mHealth growth would continue with new vigor, and home healthcare and direct primary care are likely to further expand their overall footprint. At the same time, retail healthcare is expected to evolve into a mainstream technology, cloud adoption is likely to accelerate in the healthcare IT networks, and providers and payers are more likely to emphasize new partnerships in order to sustain their businesses and better cater to the needs of patients. AR is already aiding researchers and medical practitioners in obtaining training on new healthcare technologies. AR offers trainees an immersive experience which enables them to view the virtual and the real worlds together. AR is touted as the key benefit with healthcare IT. More apps are anticipated to be developed in the near future, with AR as an important feature. Another technology with immense potential to offer benefits to both medical students and practitioners is VR. With VR, doctors are able to obtain training with extended reality based solutions. AppStudio and such other companies are already able to transform the way healthcare businesses and institutions work with their advanced VR solutions. VR is therefore anticipated to emerge as one of the important healthcare technologies in the years ahead.

Increase in the number of support networks would be another major healthcare trend in the years ahead. Online communities offer support to patients in almost all pathologies and help them in taking critical decisions. Already, support networks are proving their usefulness in situations like fertility treatments, mental health issues and cancers among others. Knowledge through these support networks is shared between professionals and patients. Another prominent healthcare trend would be mobile health or mHealth. This concept of health-on-demand is offering round-the-clock chat platforms as well as video consultations. mHealth enables creation of support networks. It allows requests for specialized doctor consultations to be had at home. Intelligent stethoscopes and smart glasses would enable provision of such healthcare in the future. More

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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.

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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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