The report "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software, Hardware), End-User (Hospitals, Pharmacies, Payers), & Region - Global Forecasts to 2027", is projected to reach USD 974.5 billion by 2027 from USD 394.6 billion in 2022, at a CAGR of 19.8% during the forecast period.
Browse 488 market data Tables and 72 Figures spread through 554 Pages and in-depth TOC on "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software, Hardware), End-User (Hospitals, Pharmacies, Payers), & Region - Global Forecasts to 2027"
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Growth in this market is driven by the opportunities offered by the emerging markets in healthcare and government mandates & support for HCIT solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to restrain the growth of this market to a certain extent.
The services segment accounted for the largest share in the healthcare IT market, by component
The healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the introduction of complex software and the need to ensure integration and interoperability of software, which requires extensive training and regular upgrades. Moreover, the need to implement software updates and upgrades, given the changing healthcare regulations, is further fueling the demand for HCIT services.
By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period
The clinical HCIT solutions segment is projected to register the highest growth in the healthcare IT market. The need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors is a major driver for the growth of this market. However, high installation costs and a shortage of skilled medical professionals are restraining the growth of this market.
Asia Pacific is expected to exhibit the highest growth during the forecast period
The APAC market 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 HCIT market.
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
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