IT-enabled Healthcare Market Size, Share, Trends, Growth and Forecast 2028

Global IT-enabled Healthcare Industry Perspective:

The global IT-enabled healthcare market size was worth USD 190.50 billion in 2021 and is estimated to grow to USD 366.05 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.50 percent over the forecast period.

The report analyzes the IT-enabled healthcare market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IT-enabled healthcare market.

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IT-enabled Healthcare Market: Overview

IT-enabled healthcare, also known as medical information technology, is a subset of information technology that deals with developing, designing, creating, and maintaining information systems in hospitals, clinics, and other healthcare facilities. Healthcare IT has multiple benefits and possibilities for improving and transforming healthcare, including improving clinical outcomes, minimizing human error, improving clinical efficiency, facilitating care coordination, and long-term data monitoring.

Due to a large number of smartphone users and the increasing penetration of technology, the demand for telemedicine and mHealth solutions is increasing. Favorable government policies and support for medical IT solutions are driving the market growth. Big data adoption is increasing with the growing need to reduce rising medical costs along with increasing adoption of EHR and other HCIT solutions. On the other hand, the high deployment costs of IT-assisted healthcare and the lack of adequate infrastructure in developing countries can hinder market growth.

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Covid-19 impact:

COVID-19 has affected the economies and industries of various countries through blockades, travel bans, and business closures. The closure of various factories is affecting the global supply chain and negatively impacting product manufacturing, delivery schedules, and sales in global markets. Few companies have already announced the possibility of delayed product shipments or diminished future product sales. Depending on current market conditions, the report further assesses the current and future impact of the COVID-19 pandemic on the entire market and provides more reliable forecasts. In addition, countries in Europe, Asia, the Pacific, and North America are influencing business cooperation and partnership opportunities.

Key Insights

• The global IT-enabled healthcare market was worth around USD 190.50 billion in 2021 and is estimated to grow to about USD 366.05 billion by 2028, with a compound annual growth rate (CAGR) of approximately 11.50 percent over the forecast period.
• The increasing prevalence of chronic diseases is expected to drive growth in the global IT-enabled healthcare market during the forecast period.
• Low Internet penetration in emerging markets is expected to hinder market growth.
• Growth in the public / private healthcare segment can be driven by increased awareness of healthy lifestyles worldwide.
• Market participant initiatives are supported by favorable political framework conditions of governments in many North American countries.

IT-Enabled Healthcare Market: Growth Drivers

Increase in demand for quality healthcare services and solutions to drive market growth

Increasing adoption of mHealth & telemedicine, increasing demand for improved patient safety & patient care, and increasing government initiatives to promote HCIT are driving growth in the global IT-enabled healthcare market. Protecting patient data has become a major challenge for healthcare companies as the rise in cyberattacks, the biggest obstacle to the global market raises concerns about the safety and security of patient data. Increased investment in the Asia Pacific region offers huge market potential and boosts growth opportunities for the market.

IT-Enabled Healthcare Market: Restraints

Lack of appropriate infrastructure to hinder market expansion

The high deployment costs of IT-enabled healthcare and the lack of adequate infrastructure in developing countries can hinder market growth. In addition, data security concerns are expected to further impede market growth.

IT-Enabled Healthcare Market: Segmentation

The global IT-enabled healthcare market is segregated on the basis of type, end-user, and region.

By type, the market is divided into software and services. Among these, the software segment dominates the market expansion in the coming years. This is majorly due to increased demand for cloud-based software across industries.

By end-user market is segmented into public/private healthcare institutions, physicians, healthcare workers, and others. Over the forecast period, the Public/Private healthcare institutions' digital remittance market is expected to develop at the fastest rate owing to the high demand for a large number of HCIT solutions to meet the increasing burden of managing patient information in hospitals. In addition, the rising prevalence of chronic diseases has paved the way for the growth of the global IT-enabled healthcare market.

Recent Developments

• For instance, according to the American Cancer Society, in 2019, an estimated 1,762,450 new cancer cases will be diagnosed and 606,880 cancer deaths in the U.S.
• For instance, in June 2020, MedShift, a medical technology company, launched the new version of IoT connected device platform, 3.0, which provides an end-to-end solution for device manufacturers, integrating their purpose-built credit card-sized computer boards, with encrypted private cellular SIM capabilities, into any medical device line up. 

IT-enabled Healthcare Market Report Scope:

IT-Enabled Healthcare Market: Regional Landscape

The existence of modern infrastructure and the early adoption of several technological advancements to drive growth in North America

North America has emerged as a major region in the global IT-enabled healthcare market due to its modern infrastructure, intelligent workforce, and early adoption of multiple technological advances. Market growth in the region is also expected to benefit from the region's ever-increasing elderly population. The European market has reached a mature stage with the early acceptance and delivery of IT-assisted healthcare services to improve services and processes.

IT-Enabled Healthcare Market: Competitive Landscape

Some of the main competitors dominating the global IT-enabled healthcare market include-

• McKesson Corporation
• eHealth Technologies
• GE Healthcare
• Johnson and Johnson Healthcare Systems
• Aerotel Medical Systems
• Siemens AG
• E*HealthLine.Com
• Allscripts Healthcare Solutions
• AT&T Inc.
• Apple
• MedShift
• RxSafe
• Sectra
• Wellbeing Software
• AirStrip Technologies LP.

Global IT-enabled healthcare market is segmented as follows:

By Type:

• Software
• Services

By End User:

• Public/Private healthcare institutions
• Physicians
• Healthcare workers
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa