Healthcare IT Market Size Worth $147.3 Billion By 2027

The global healthcare IT market size is expected to reach USD 147.3 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.3% from 2020 to 2027. Increasing prevalence of chronic diseases, growing inclination towards automating, and depending on computationally prepared information to facilitate patients’ database and maintaining a single point of access is driving the demand for healthcare IT solutions. This, in turn, is significantly contributing to market growth.

Moreover, initiatives taken by public and private organizations to transform the existing healthcare infrastructure by providing more advanced healthcare IT solutions are anticipated to drive the market during the forecast period. In June 2020, GE Healthcare launched Thoracic Care Suite to detect chest X-Ray abnormalities such as pneumonia and tuberculosis caused by COVID-19 as well as to support clinicians and health systems to ensure quick diagnosis and effective treatment for patients.

In 2019, North America dominated the market owing to increasing demand for quality healthcare, growing focus on patient safety and care, increasing implementation of tele-monitoring, tele-orientation, and tele-consultation services. In addition, rising awareness of EHRs is expected to drive the market in the region. On the other hand, Asia Pacific is anticipated to be the fastest growth during the forecast period owing to the increasing incidence of chronic diseases, growing geriatric population, government initiatives to support the adoption of technology-driven tolls, and the increasing prevalence of COVID-19 in the region. For instance, in June 2020, the government launched the Make in India’s healthcare sector plans to develop healthier societies and support newer models of telemedicine.

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Further key findings from the report suggest:

  • The growth of the healthcare IT market is owing to rising geriatric population and growing demand for preventive healthcare services
  • The Electronic Health Records (EHRs) segment dominated the market in 2019, owing to increasing implementation of EHRs in healthcare facilities
  • North America dominated the market in 2019 owing to improved healthcare infrastructure and the rising prevalence of chronic diseases in the region.

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