Global IT-enabled Healthcare Market is Likely to Grow at a CAGR Value of 11.50 % by 2028

05-Aug-2022 | Zion Market Research

The global IT-enabled healthcare market size was worth USD 190.50 Billion in 2021 and is estimated to grow to USD 366.05 Billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.50 percent over the forecast period. The report analyzes the IT-enabled healthcare market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IT-enabled healthcare market.

IT-supported healthcare services provide ample means to overcome the losses of current healthcare systems worldwide. As the goals of various governments worldwide to develop national priority health infrastructures are increasing, private and public health infrastructures in these countries have also been designed for a long time. Countries such as Algeria, Singapore, Argentina, Chile, China, Brazil, and India constantly strive to increase their public health initiative budgets through different private and government models. This attempt was made to expand to the mass user. In addition, the shortcomings of conservative paper-based technologies such as redundancy, high cost, and imperfections result in meaningless medical costs. IT-backed healthcare provides a viable alternative to conservative systems to reduce unnecessary healthcare costs and improve the efficiency and quality of healthcare services. To increase the adoption of IT-enabled healthcare services and boost the global IT-enabled healthcare market, there is a need to address issues such as data corruption, intrusion, corruption, and fraud.

Healthcare organizations must implement sound data security management practices to ensure data protection, which will drive the global IT-enabled healthcare market. Interoperability issues related to healthcare IT solutions such as EHR (Electronic Health Records), patient identification, and other healthcare business processes, including clinical policies, impede the use of these services and are indirectly global. Therefore, it is hampering the IT-enabled healthcare market. For services to be executable, various medical IT solutions need to be streamlined and automated. The different network protocols also lead to interoperability issues between different IT networks, hampering the global market.

The global IT-enabled healthcare market is segregated based on type, end-use, and region. By type, the market is divided into software and services. Among these, the software segment is expected to dominate the market in the coming years. By end-user, the market is segmented into public/private healthcare institutions, physicians, healthcare workers, and others. Over the forecast period, the public/private healthcare institutions segment is expected to develop at the fastest rate due to a growing awareness of healthy lifestyles among consumers worldwide.

North America dominates the global IT-enabled healthcare market as it promotes economic and government initiatives to digitize and automate the tasks of various healthcare organizations, including hospitals, pharmacies, nursing homes, and other healthcare organizations. Therefore, the increasing adoption of cloud-based PACS is expected to provide favorable growth opportunities for players in the North American market. Furthermore, cloud-based PACS has several advantages, including on-demand self-service, extensive network access, resource pooling, rapid resilience, and pay-as-you-go services that are anticipated to drive the North American market growth.

Key players functioning in the global IT-enabled healthcare market include McKesson Corporation, eHealth Technologies, GE Healthcare, Johnson and Johnson Healthcare Systems, Inc., Aerotel Medical Systems, Ltd., Siemens AG, E*HealthLine.Com, Inc., Allscripts Healthcare Solutions, Inc., AT&T Inc., Apple, Inc., MedShift, RxSafe, LLC, Sectra, Wellbeing Software, and AirStrip Technologies LP.

Recent developments:

  • August 2022, Regard, an artificial intelligence (AI) software firm and Maryland-located TidalHealth have launched a collaboration intended to boost patient diagnosis accuracy, improve revenue, and decrease clinician burnout through improved documentation.
  • August 2022, Clarify Health is introducing a new platform that makes use of behavioral science to push providers toward value-based care. The new digital tool, Named Clarify Advance, can direct decision-making by providing "salient and timely monetary incentives" for clinicians choosing higher-value service sites. The platform has enhanced the use of high-value care by providers by 15%.

Browse the full IT-enabled Healthcare Market By Type (Software and Services), By End-User (Public/Private Healthcare Institutions, Physicians, Healthcare Workers, And Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/it-enabled-healthcare-market

Global IT-enabled healthcare market is segmented as follows:

By Type:

  • Software
  • Services

By End User:

  • Public/Private healthcare institutions
  • Physicians
  • Healthcare workers
  • Others

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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