Healthcare IT Market

1. Global Healthcare IT Market is valued at USD 329.3 Billion in 2021 and is expected to reach USD 1,676.3 Billion by 2028 with a CAGR of 19.8% over the forecast period. Global Healthcare IT Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: Increasing awareness about digital health, rising healthcare expenditure, elevating consumer demand for efficient healthcare along with the advent of advanced treatment solutions are some of the major factors driving the growth of the Healthcare IT Market. Scope- Hospitals, clinics, and other healthcare facilities use information systems that are developed, designed, created, and maintained by healthcare IT, also known as healthcare information technology. Healthcare IT has several benefits and prospects for enhancing and altering healthcare, including bettering clinical results, lowering human error rates, increasing practice efficiency, simplifying care coordination, and collecting data over time. COVID-19 Impact- In late December, the coronavirus (COVID-19) was discovered in the Chinese city of Wuhan's Hubei province. SARS-CoV-2, the virus responsible for severe acute respiratory syndrome, spreads from person to person and is extremely infectious. All businesses operating have been impacted by the worldwide lockdowns brought on by the COVID-19 epidemic. All members of society are at risk from the COVID-19 pandemic, according to a report by the United Nations Human Rights. As a result, healthcare systems are impacted, and it is now more difficult than ever to provide all patients with adequate medical care and treatment. Key Players- •Philips Healthcare •Agfa Healthcare •Hewlett-Packard Enterprise •Carestream Health

2. •GE Healthcare •E-MDS Inc. •Athenahealth Inc. •eClinicalworks •McKesson Corporation Segmentation- By Component: •Services •Software •Hardware By Delivery Mode: •On-premise •Cloud-based By Product: •Healthcare Provider Solutions oClinical Solutions oElectronic Health/Medical Records oVendor Neutral Archive (VNA) oComputerized Physician Order Entry oClinical Decision Support Systems oRadiology Information Systems oRadiation Dose Management Solution oSpecialty Management Information Systems oMedical Image Processing & Analysis Solution oHealthcare IT Integration Systems oPractice Management Systems oLaboratory Information Systems oDigital Pathology Solutions oMobile Health (mHealth) Solutions oTelehealth Solutions •Non-clinical Solutions oPharmacy Information Systems oMedication Management Systems oHealthcare Asset Management

3. oWorkforce Management Systems oRevenue Cycle Management oFinancial Management Systems oMedical Document Management Systems oHealthcare Information Exchanges oPopulation Health Management oSupply Chain Management oHealthcare Analytics oCustomer Relationship Management •Healthcare Payer Solutions oPharmacy Analysis and Audit oClaims Management oFraud Management oComputer-assisted Coding Systems oPayment Management oProvider Network Management oMember Eligibility Management oCustomer Relationship Management oMedical Document Management oOther •HCIT Outsourcing Services oProvider HCIT Outsourcing Services •Payer HCIT Outsourcing Services oClaim Management oCustomer Relationship Management Services oBilling System oFraud Detection oOthers •Operational HCIT Outsourcing Services oSupply Chain Management Services oBusiness Process Management Services oOthers •IT Infrastructure Management Services By End-User: •Healthcare Providers oHospitals oAmbulatory Care Centers oDiagnostic & Imaging Centers oPharmacies

4. oOthers •Healthcare Payers oPrivate Payers oPublic Payers By Regional & Country Level: • North America oU.S. oCanada • Europe oU.K. oFrance oGermany oItaly • Asia Pacific oChina oJapan oIndia oSoutheast Asia • Latin America oBrazil oMexico • Middle East and Africa oGCC oAfrica oRest of Middle East and Africa Market Drivers: Increasing Awareness About Digital Health is Expected to Boost Healthcare IT Market Growth: Healthcare IT solutions assist enterprises in establishing a paperless workplace, giving doctors constant access to patients’ medical records. For doctors, this leads to better judgment and fewer medical mistakes; for hospitals, it simplifies the exchange of health information, improves workflow management, and lowers total operating costs associated with providing treatment.

5. Geography Analysis: North America is expected to Capture a Major Share of the Global Healthcare IT Market: North America held a revenue share of 47.1% in 2021 and is expected to dominate the healthcare IT Market in the coming years. The market is expanding due to factors such as rising smartphone adoption, enhanced internet access, rising healthcare IT investment, infrastructure improvements, rising levels of digital literacy, and the presence of major companies. The North American healthcare market is expanding as a result of the industry's quick adoption and implementation of its services to enhance patient care while concurrently bringing down medical expenses. News- •Modmed introduced an OBGYN-specific software bundle set in May 2022. Obstetrics and gynecology will see practice and workflow innovation owing to ModMed OBGYN, an all-in-one EHR, practice management, patient engagement, payments, image and inventory management, and analytics solutions. •Garden Plot by Epic was introduced in March 2022. For independent medical groups seeking to employ Epic HER solutions, it is software-as-a-service (SaaS). •In order to increase their market share in the clinical decision support system market, Epic Systems Corporation, a U.S.-based healthcare company, partnered with Foundation Medicine, Inc. in August 2021. This was done by integrating Foundation Medicine, Inc.'s Comprehensive Genomic Profiling (CGP) platform with Epic Systems Corporation's medical record system. This made it easier for healthcare providers to access a wide range of oncological data and records from a single platform, improving the quality of therapy.