June 03, 2022 10:30 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
Chicago, June 03, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software, Hardware), End-User, and Region - Global Forecast to 2026", The global Healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
Browse in-depth TOC on "Healthcare IT Market" 477 - Tables 67 - Figures 474 – Pages
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The growth of this market is majorly attributed to government mandates & support to adopt healthcare IT solutions; growing use of big data in healthcare industry; high returns on investment associated with healthcare IT solutions; the need to curtail rising healthcare costs; the growing adoption of HCIT solutions such as e-prescribing, telehealth, mhealth due to Covid-19. On the other hand, lack of IT infrastructure in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers is restraining the market growth to a certain extent during the forecast period.
By product and services type segment, the healthcare provider solutions segment accounted for the largest market share during the forecast period.
Based on products and services, the healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services. The factors attributing to the large revenue of the healthcare provider solutions segment include the rising need to curtail the growing healthcare costs, rising demand for improved patient safety and patient care, and reducing the medical errrors to improve the efficiency of healthcare services.
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The payer HCIT outsourcing services segment is expected to witness the highest growth rate in the HCIT market, by HCIT outsourcing services
Based on HCIT outsourcing services, the payer HCIT outsourcing services segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the to the increased need for regulatory compliance, rising customer expectations, high operational costs, and high competition in the market.
Services segment accounted for the largest market share by components during the forecast period.
By component, services segment accounted for the largest market share during the forecast period. This can be attributed to the the introduction of complex software and the need to ensure integration and interoperability of software, the need for the implementation of software updates and upgrades with the changing healthcare regulations
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The research report categorizes the Healthcare IT market into the following segments and subsegments:
Healthcare IT Market by Product & Services
Healthcare IT Market by Component
Healthcare IT Market by End User
Healthcare IT Market by Region
Asia Pacific to register the highest growth in the Healthcare IT market during the forecast period.
Asia Pacific is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC healthcare IT market.
The major players in the global healthcare IT market include:
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