Healthcare IT market to reach $297 billion by 2022Staff Writer | October 20, 2016
The world market for Healthcare IT solutions & services was $125 billion in 2015 and is projected to reach $297 billion by 2022, registering a CAGR of 13.2% from 2016 to 2022.
Health and business APAC is anticipated to grow rapidly
North America led the global Healthcare IT market in 2015.
The Healthcare IT market has witnessed significant growth in the recent years due to increase in demand for quality healthcare services & solutions along with patient safety & care, proactive supportive government initiatives, and growing acceptance of mHealth & telehealth practices, according to Allied Market Research.
Increasing adoption of smartphones and patient-doctor convenience are factors driving healthcare IT market growth.
According to Shubhangi Bawkar, Senior Analyst - Healthcare Research at Allied Market Research, “Major factor contributing to the growth of the healthcare IT market is increase in healthcare organizations, which have posed several challenges such as management of patient data, need to curtail operational costs, and demand for enhanced healthcare services”.
“However, limited knowledge regarding HCIT among individuals and high deployment cost incurred for establishment of infrastructure are expected to hamper the market growth during the forecast period.”
Healthcare provider solutions segment is expected to continue its dominance throughout 2022, owing to the increasing demand for healthcare provider solutions and electronic health records (EHRs) to manage hospitals, nursing homes, pharmacies, and others.
Moreover, the implementation of the “Affordability Care Act” has contributed towards the market growth. EHRs, mHealth, telehealth, and digital pathology segments are expected to be the key contributors to the global market revenue during the analysis period.
The clinical solutions segment is expected to grow at a CAGR of 19.3%, owing to implementation of various HCIT-related government initiatives and rising demand for HCIT solutions in healthcare organizations.
Claims management solutions segment controlled the largest share of healthcare Payer Solutions market in 2015.
This huge demand was mainly due to the complexity in the data management from large number of insured patient population. Moreover, increasing fraudulent activities has made the use of advance healthcare payer methods essential for insurance companies.
North America was the leading regional market attributed to high adoption of HCIT solutions & services, well-established healthcare systems, hub to numerous renowned HCIT players.
However, Asia-Pacific is anticipated to grow rapidly, registering a CAGR of 15.3% during the analysis period, due to increasing awareness about the benefits of HCIT solutions.
In addition, improving healthcare infrastructures and increase in healthcare expenses in the emerging markets, such as India and China, are expected to boost the Healthcare IT market in this region.
In the year 2015, healthcare provider solutions dominated the overall Healthcare IT market revenue, and is anticipated to grow at a substantial CAGR of 16.2% during forecast period
In 2015, North America was the leading regional Healthcare IT market, followed by Europe and Asia-Pacific.
North American healthcare asset management market is projected to grow at a CAGR of 17.4% and would reach $9.7 billion by 2022.
Clinical solution segment is projected to grow at a CAGR of 19.3% during the analysis period.
Japan and India jointly accounted for over half of the Asia-Pacific Healthcare IT market share in 2015.
Asia-Pacific medical document management solution is expected to grow at the CAGR of 17.8%.
Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archives (VNA) market in Europe is expected to grow at the CAGR of 12.6%.
Germany is projected to fastest growing country market in Europe, Allied Market Research concludes. ■