The Healthcare Information Technology Market size is estimated to reach $636.8 billion by 2027, growing at a CAGR of 13.7% during the forecast period 2022-2027. Health information technology is specifically information technology related to health and health care. It backs health information administration across computerized systems and the secure exchange of health information between customers, providers, payers, and quality auditors. Health information management serves an important role in healthcare, linking medical providers, the technology and data systems they utilize to mark crucial patient information, and the patients themselves. It is also one of the areas of healthcare with the highest possibility for development and enhancement. An electronic health record (EHR) is the established accumulation of patient and population electronically saved health information in a digital format. These records can be shared across distinct health care settings. Records are shared by way of network-linked, enterprise-wide information systems or additional information networks and exchanges. The proliferating demand for patient security and data precision involving the application of electronic health records is set to drive the Healthcare Information Technology Market. The burgeoning financing towards enhanced healthcare infrastructure is set to propel the growth of the Healthcare Information Technology Market during the forecast period 2022-2027. This represents the Healthcare Information Technology Industry Outlook.
Healthcare Information Technology Market Segment Analysis – By Component:
The Healthcare Information Technology Market based on components can be further segmented into Software, Hardware, and Services. The Services segment held the largest market share in 2021. This growth is owing to the soaring utilization of the maintenance and support services offered by healthcare IT firms. The rise and launch of cloud-based and additional progressive technology platforms in healthcare in conjunction with digital healthcare employing electronic health records are further propelling the growth of the Services segment.
Furthermore, the Software segment is estimated to grow with the fastest CAGR of 14.4% during the forecast period 2022-2027 owing to the proliferating application of different kinds of software in the healthcare sector like electronic health record software, medical diagnosis software, imaging, and visualization, medical database software, e-prescribing software, appointment scheduling, medical equipment management, hospital management software, medical billing and medical research.
Healthcare Information Technology Market Segment Analysis – By Delivery Mode:
The Healthcare Information Technology Market based on delivery mode can be further segmented into On-Premise, Web-Based, and Cloud-Based. The Cloud-Based Segment held the largest market share in 2021. This growth is owing to the extensive application of cloud computing by major healthcare firms in conjunction with the increased application of electronic health records. AstraZeneca utilizes a blend of public cloud services and natural language processing to collect operational acumen. The advantages of cloud computing like lesser data storage costs, higher Artificial Intelligence (AI) and analytics abilities, surging patient data accessibility, scalability, improved data safety, and internet of things (IoT) functionality are further propelling the growth of this segment.
Furthermore, the Web-Based segment is estimated to grow with the fastest CAGR of 14.5% during the forecast period 2022-2027 owing to the extensive application of web-based electronic health record software like CureMD, Athenahealth, EpicCare, and AdvancedMD in conjunction with the advantages of web-based electronic health records like binding data safety, real-time data access, no IT hassle, and lining up with the forthcoming public health.
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Healthcare Information Technology Market Segment Analysis – By Geography:
The Healthcare Information Technology Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North American Healthcare Information Technology Market held the largest share with 36% of the overall market in 2021. The growth of this region is owing to the progressive technical capabilities of the healthcare sector in conjunction with the well-entrenched healthcare information technology networks in the region. The soaring acceptance of digital health care in the form of electronic health records in conjunction with surging financing of firms in R&D activities resulting in novel product launches and the existence of key players like Optum in the region are propelling the growth of the Healthcare Information Technology Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like enhanced healthcare infrastructure and the supportive government initiatives backing the development of healthcare information technology. The soaring demand for healthcare in conjunction with the application of progressive technologies in the information technology sector resulting in digital healthcare employing electronic health records are further fuelling the progress of the Healthcare Information Technology Market in the Asia-Pacific region.
Healthcare Information Technology Market Drivers
Increased Application Of Electronic Health Record (EHR) Is Projected To Drive The Growth Of Healthcare Information Technology Market:
The electronic health record is another kind of hospital management information system that is fundamentally involved with the patient’s medical information. Previously, physicians or nurses had to record each medical detail of their patients on paper. Presently, they may just fill out all the information on the EHR system. The excellent part is that it can be accessed immediately by utilizing a mobile or computer. It also allows physicians to effortlessly share data across distinct departments, permitting them to offer fast and precise treatment. It handles data administration, which typically involves information on patients’ medical history, allergies, laboratory charges, and more. Certain advantages of applying electronic health records are:Expanded effectiveness by removing paperwork and offering instantaneous access to patients’ data.Enhancing the quality of patient care as the identical information is shared across all departments, averting any medical blunders.Certain kinds of electronic health records are CureMD and Care360.
The soaring application of electronic health records is therefore fuelling the growth of the Healthcare Information Technology Market during the forecast period 2022-2027.
Soaring Significance Of Health Information Management Is Expected To Boost The Demand Of Healthcare Information Technology:
Persons associated with healthcare worldwide obtain and produce a considerable quantity of personal health information regarding patients. The scope of health information is inclusive of not only personal information and private health data but also related payment forms and transactions. Clinical notes, pharmacy, and outpatient care records are also included under health information. As technology is progressing, it has enormously amplified the possibility for trustworthiness, speed, effectiveness, and application of medical records. However, this has also raised the capability for information to be mis-utilized, sold, and accessed without the approval of an individual. With surging technological progress, it has become vital to define healthcare information management. As per American Health Information Management Association (AHIMA), “Health Information Management (HIM) is the practice of acquiring, analyzing, and protecting digital and traditional medical information vital to providing quality patient care.” Teaming with this association, numerous laws were passed to back patient rights and practices including Health Information Management. With increasing attempted healthcare breaches, health information management assumes a critical role to prevent these attempted breaches from being successful. The proliferating significance of health information management is therefore driving the growth of the Healthcare Information Technology Market during the forecast period 2022-2027.
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Healthcare Information Technology Market Challenges
Interoperability Presents Challenges To The Growth Of The Healthcare Information Technology Market:
The unique selling point (USP) of electronic health records (EHRs) is that they permit health specialists to access appropriate patient data instantaneously. About 95% of hospitals utilize electronic health records, indicating that the acceptance of this technology is almost complete. However, interoperability presently is demanding. Interoperability, in reality, is clutter. Patient identification is not standardized. This frequently makes it very difficult to match people with their records. Almost anybody can enter information into the electronic health record of a person. However, drawing data is not always feasible. Averting interoperability issues will need industry-wide alterations. Cloud-based electronic health records have been considered as one solution which centralizes the database while still offering essential safety. The issue of interoperability is thus hampering the growth of the Healthcare Information Technology Market.
Healthcare Information Technology Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in this market. Healthcare Information Technology top 10 companies include:
Optum
Cerner
Cognizant
Change Healthcare
Philips Healthcare
Epic Systems
Dell Technologies
Allscripts
GE Healthcare
IBM
Acquisitions/Product Launches:
In October 2021, UnitedHealthcare is collaborating with Optum to circulate a “virtual-first health plan” in nine markets across the country that the payer declares and will offer beneficiaries with higher access to remote and in-person tailored care. Minnetonka, Minnesota-based United is advertising NavigateNOW as “a simpler, more convenient experience at approximately 15% less premium cost than traditional benefit plans.” Those registered in the novel plan will have access to 24/7 care from Optum providers for basic, compelling, and behavioral healthcare services, supported by UnitedHealthcare’s national network of providers.
In October 2021, SSM Health and Optum, a subsidiary of UnitedHealth Group declared an ingenious collaboration aimed at making quality care more available and economical for communities across the Midwest. Collectively, the organizations will perform to enhance the complete well-being of individuals and communities – while attending to the complicated social and economic determinants influencing the health of every person. SSM Health and Optum will partner across some functions – inclusive of inpatient care administration, digital transformation, and revenue cycle management – to enhance health results and the health care experiences of patients.
In September 2021, OptumHealth Education, the firm’s extended learning spinout, let out a novel training program to inform healthcare professionals on how to treat the rare requirements of people in the LGBTQ+ community. The free and on-demand series was built alongside the LGBTQ+ nonprofit OutCare Health, which has its own inventory of resources, inclusive of a reference book of culturally proficient providers, location-based public healthcare resources, mentorship opportunities, webinars, blogs, research, and cultural competency coaching. The firm has designs to let out added modules that cover more in-depth topics, like how to care for transgender patients.
Key Takeaways
Geographically, North America Healthcare Information Technology Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the well-entrenched healthcare industry with health information management and superior reimbursement facilities in the North American region.
Healthcare Information Technology Market growth is being driven by the COVID-19 pandemic ushering in the global lockdowns and stay-at-home restrictions resulting in soaring demand for digital healthcare including electronic health records. However, the soaring cost of implementation and dearth of experienced professionals are some of the major factors hampering the growth of the Healthcare Information Technology Market.
Healthcare Information Technology Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Healthcare Information Technology Market report.
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