Healthcare IT Market To Hit Value ,834.3 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on March 14th, 2024 San Francisco, 14 March 2024: The ReportHealthcare IT Market Size, Share & Trends Analysis Report By Application (EHR, CPOE, Electronic prescribing systems, Medical Imaging Information), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2024 - 2030 The global healthcare IT market size is expected to reach USD 1,834.3 billion by 2030, growing at a CAGR of 15.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising demand for advanced healthcare IT solutions, including Electronic Health Record (EHR), along with increased smartphone usage and the need for remote patient monitoring for improved out-of-hospital care are driving the overall growth. For instance, a 2021 article in the Journal of Medical Internet Research titled 'Adoption of EHRs in China over the Past Decade: A Comparative Study with the U.S.' highlights the increasing adoption of EHRs in both the U.S. and China. However, adoption rates vary due to different strategies at the country level. Hospitals in the U.S. and China showed 9.6% and 6.1% adoption rates, respectively. Notably, 534 hospitals in the U.S. adopted EHRs annually on average. In China, the number was significantly higher at 1,500, indicating the need for a greater effort. A rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to the estimates published by the World Health Organization (WHO) in 2020, global healthcare spending witnessed a significant surge, accounting for 11% (USD 9 trillion) of the global GDP. The healthcare industry is evolving from a fee-for-service model to a value-based model, wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is rising globally, as the cost of healthcare is increasing faster than economic growth. Advancements in healthcare IT are providing opportunities to cut down healthcare spending by improving care delivery and clinical outcomes. Best possible interventions enabled through timely data aggregation coupled with an increase in patient involvement for the management of chronic care through patient engagement portals are among the factors contributing to cost reduction. IoT-enabled clinical trials also offer an opportunity for cost reduction as IoT simplifies the overall process and captures sophisticated endpoints. Remote patient monitoring solutions help in handling non-critical patients at home, which eventually reduces hospital admissions and improves workflow efficiency. In addition, IoT solutions also enhance clinical operations through asset tracking and improvement in data capturing help in significant cost savings. Market players are focusing on innovative product development strategies. Notable players are integrating big data, Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth. For instance, in April 2023, eClinicalWorks announced the integration of its Practice Management and EHR solutions with cognitive services, including ChatGPT and machine learning models from Azure OpenAI Service, to enhance its technology offerings. This strategic move followed eClinicalWorks' significant USD 100 million investment in Microsoft Azure cloud services, allowing the company access to the latest innovations within the Microsoft Cloud ecosystem. Request sample report of Healthcare IT Market@https://www.grandviewresearch.com/industry-analysis/healthcare-it-market/request/rs1 Increasing usage of smartphones, a growing demand for remote patient monitoring for improved out-of-hospital care, technologically advanced healthcare IT infrastructure, and an increase in the number of initiatives and investments supporting eHealth and digital are driving overall market growth. For instance, in May 2022, Microsoft collaborated with BeeKeeperAI, a healthcare AI solutions developer, enabling Microsoft Azure users to explore confidential computing's advantages in healthcare AI solutions. Healthcare IT Market Report Highlights
Ease of use, cost-effectiveness, and time efficiency are driving the widespread adoption of healthcare IT in hospitals. The market's expansion is also supported by continuous improvements in services provided by industry players to cater to consumer demands. For example, in August 2021, Change Healthcare introduced its cloud-based software as a service (SaaS) solution, Change Healthcare Stratus Imaging PACS, tailored for radiological practices. This innovative solution is in beta testing, with plans for future expansion into hospitals in the coming years. Rising government initiatives to promote technologically advanced systems, including those addressing COVID-19 and other primary healthcare challenges, are also driving overall market expansion. For instance, growing economies such as India, have taken significant steps towards digitalization. In September 2021, India's Prime Minister introduced the Pradhan Mantri Digital Health Mission, an initiative aimed at digitizing healthcare services nationwide. This mission seeks to establish a secure and accessible digital healthcare system, enabling individuals to store, access, and authorize the sharing of their health records. Growing smartphone penetration and improving internet coverage are directly contributing to the adoption of healthcare IT solutions. Smartphone penetration has improved chronic disease management, owing to an extensive usage of mHealth applications. As per a Mass Media Data report, 5.31 billion unique consumers were using mobile phones at the beginning of 2022, indicating that over two-thirds of the global population is currently utilizing these devices. Moreover, at the beginning of 2022, the number of Internet users worldwide stood at 4.95 billion, indicating that 62.5% of the global population had Internet access. Healthcare IT Market Report Scope
Surging demand for centralized medical records to help improve care delivery, particularly in developed nations such as the United States, where there has been a noticeable shift towards value-based care, is enabling the adoption of health management systems such as EHR. This contributes greatly to market expansion. For instance, in March 2022, Google Health collaborated with MEDITECH with an aim to use its search & summarization capabilities within MEDITECH's Expanse EHR platform to help clinicians provide the best care via easy and quick access to information from multiple sources. List of Key Players in the Healthcare IT Market
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