Global Healthcare IT Market Size to Exceed USD 3128.12 Billion by 2033: Forecast Analysis Report

Global Healthcare IT Market Size to Exceed USD 3128.12 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global Healthcare IT Market Size Expected to Grow from USD 659.20 Billion in 2023 to USD 3128.12 Billion by 2033, at a CAGR of 16.85% during the forecast period 2023-2033.  

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Healthcare IT Market Size, Share, and COVID-19 Impact Analysis, By Application (EHR, CPOE, Electronic prescribing systems, Medical Imaging Information, and Tele-healthcare), By Component (Hardware and Software & Services), By End User (Healthcare Providers, Healthcare Payers, and Life Sciences Industry), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

The global industry that focuses on utilizing software, technology, and digital solutions to enhance healthcare services is known as the global healthcare IT market. This covers hospital management systems, cybersecurity, telemedicine, healthcare analytics, artificial intelligence in healthcare, and electronic health records (EHR). The growing need for healthcare IT to provide improved treatment alternatives has increased because of the rising incidence of chronic diseases like diabetes, cancer, and cardiovascular conditions. Furthermore, the growing number of hospital patient visits is increasing awareness of the possible uses for these technologies, which is driving the market's expansion. However, a primary challenge for market growth would be a lack of skilled personnel to handle complexities related to IoT things.

The tele-healthcare segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period.

On the basis of application, the global healthcare IT market is divided into EHR, CPOE, electronic prescribing systems, medical imaging information, and tele-healthcare. Among these, the tele-healthcare segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period. The growth can be attributed to the growing senior population, growing health consciousness, and increased need for affordable treatment.

The software & services segment accounted for the leading revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.

On the basis of component, the global healthcare IT market is divided into hardware and software & services. Among these, the software & services segment accounted for the leading revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. This is due to utilization to increase overall efficacy, optimize operations, improve patient care data collecting, give patients immediate access to information, and make decisions.

The healthcare providers segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

On the basis of end-user, the global healthcare IT market is divided into healthcare providers, healthcare payers, and life sciences industry. Among these, the healthcare provider segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. This is due to healthcare providers investing more money in software and IT, and ongoing technological developments that introduce fresh solutions mostly centered on cybersecurity and patient involvement.

North America is anticipated to hold the largest share of the global healthcare IT market over the predicted timeframe.

North America is anticipated to hold the largest share of the global healthcare IT market over the predicted timeframe. The growing awareness of digital health, the use of big data in healthcare administration, and a growing trend toward value-based care are all factors contributing to the region's expansion. Furthermore, a growing government initiative to promote e-health technology in the U.S. is further driving the country’s market growth.

Asia Pacific is expected to grow at the fastest CAGR in the global healthcare IT market during the forecast period. The market is expanding as a result of the rising incidence of chronic illnesses, the growing use of digital technologies, and the ongoing development of major industry participants. Moreover, with government support through fascinating schemes for the healthcare sector, and robust infrastructure for the effective management of hospitals' clinical, and financial, rising need for them.

Company Profiling

Major vendors in the global healthcare IT market are Novarad, Optum, Inc., IBM, Oracle, SAS Institute, Inc., IQVIA, Verisk Analytics, Inc., SAP, Accenture, Athenahealth, Inc. (Acquired by Hellman & Friedman and Bain Capital), Carestream Health, GE Healthcare, Agfa- Gevaert Group, Hewlett Packard Enterprise Development LP and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2023, BoomerangFX, a cloud-based SaaS provider specializing in comprehensive practice management solutions for healthcare sectors such as cosmetic dentistry, cosmetic surgery, dermatology, medical spa, vision care, and women's health, unveiled a strategic collaboration with health technology pioneer DrFirst. This partnership aims to introduce an innovative e-prescribing solution tailored to aesthetic medicine practices throughout North America.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global healthcare IT market based on the below-mentioned segments: 

Global Healthcare IT Market, By Application

• HER
• CPOE
• Electronic prescribing systems
• Medical Imaging Information
• Tele-healthcare

Global Healthcare IT Market, By Component

• Hardware
• Software & Services

Global Healthcare IT Market, By End-user

• Healthcare Providers
• Healthcare Payers
• Life Sciences Industry

Global Healthcare IT Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa