Healthcare IT Market Growth & Trends
The global healthcare IT market size is expected to reach USD 609.1 billion by 2030 and is expected to expand at a CAGR of 17.9% in the forecast period, according to a new report by Grand View Research, Inc. Growing digitalization of healthcare, increasing digital literacy, the emergence of startups, growing government funding & support, increasing smartphone penetration, growing IT spending, improving network connectivity, and advancing infrastructure is driving the development & growth of the industry.
Tele-healthcare dominated in 2022 and accounted for a revenue share of 52.2%. Tele-healthcare comprises both telehealth and telecare services. The growing number of patients suffering from various conditions requiring Long-Term Care such as Alzheimer’s disease, diabetes, cancer, and cardiovascular diseases is one of the major factors driving the growth of the telehealthcare market. According to Pharmaceutical Services Negotiating Committee, in 2018, over 26 million people in England had at least one LTC condition. LTC conditions are a major economic burden on hospitals and clinics, thereby driving the demand for telehealthcare services for physician consultation of long-term care patients and remote monitoring. According to NHS England, in 2018, LTC accounted for 64% of all hospital outpatient appointments. High internet usage and growing penetration of connected home services are among the major factors driving the tele-healthcare market.
North America dominated in 2022 and accounted for the largest revenue share of 52.0% owing to the availability of adequate infrastructure, increasing funding & investment, growing healthcare IT spending, presence of well-established care facilities & advanced research centers, presence of key players, increasing smartphone penetration, established internet connectivity, and growing burden of chronic diseases. The growing demand for value-based care coupled with the growing demand to minimize increasing medical expenses is driving the growth of the region.
The Covid-19 pandemic burdened the existing healthcare systems and exposed the shortcoming present in the system. Simultaneously, the pandemic boosted the adoption of virtual care and telehealth services across the globe and drove key players to focus on their product innovation strategies to serve the growing demand. Changing consumer behavior towards technology and growing digital literacy is expected to propel the development & growth of the industry in the forthcoming years. According to a Deloitte survey conducted in 2020, telehealth services witnessed a surge in adoption and rose to 28.0% in April 2020 as compared to 15.0% in 2019.
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Healthcare IT Market Report Highlights
Healthcare IT Market size is expected to be valued at USD 609.1 billion by 2030. The growing trend of value-based care and the adoption of affordable preventive care is boosting growth. Moreover, the emergence of startups coupled with growing recognition in the form of partnerships & investments is supporting growth
In 2022, tele-healthcare segment dominated the market owing to the growing trend of market players continuously investing in this market owing to its substantial growth opportunities
In 2022, North America dominated the market owing to the presence of adequate infrastructure, high-quality internet connectivity, growing digital literacy, and the presence of renowned players
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