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Global Healthcare IT Market Outlook 2023
12/12/2022
The global healthcare market has increasingly adopted technology over the last decade. The COVID-19 pandemic fuelled the mass adoption of mobile healthcare solutions, which continues to shape the future of the healthcare industry as a whole. According to market research consultants, the size of the global healthcare Information Technology (IT) market is anticipated to reach USD 1,305.1 billion by 2030, and to grow at a CAGR of 29.3% during the forecast period. Growing government financing and support, the rise of healthcare and health tech startups, rising smartphone penetration, rising IT spending, better network connectivity, and developing infrastructure are all factors that are propelling the development and growth of the industry. So, where are we headed? In this blog, we will discuss the market outlook for the global healthcare IT market and how market data research can help organizations transition into the tech era.
Global healthcare IT market trends
They say the answer to “what awaits us in the future?” lies in our past. Similarly, to understand how the global healthcare IT market trends are shaping up, we should dissect the phenomenon that occurred in the recent past. Market intelligence research reveals that in 2021, telehealthcare (both telehealth and telecare services) dominated with a 41.2% revenue share. Apart from the pandemic itself, one of the other main factors propelling the growth of the telehealthcare market is the rising number of patients with various disorders requiring long-term care, such as Alzheimer's disease, diabetes, cancer, and cardiovascular diseases. As per the findings of marketing research analysis, the global health IT market is fast expanding and developing as a result of rising healthcare spending and growing consumer desire for cutting-edge, effective, and efficient treatment options. Consequently, the increasing demand for telehealth services and solutions has prompted industry players to come up with plans to create cutting-edge technology solutions that enable access to medical and care services in remote areas and lessen the need for in-person consultations. These organizations are increasingly investing in market data research to anticipate the changing market dynamics and how they can cater to the changing needs of customers. As a result, the market is expected to grow exponentially in the coming years as customer awareness of novel and improved solutions increases.
Different market segments
The healthcare IT market is divided into three categories:
- Software
- Services, and
- Hardware
Since the introduction of IT in healthcare, the volume of data has been steadily growing, and so are the expenses associated with data storage and maintenance. There has been a significant expansion and use of cloud-based technology in the healthcare industry, generating terabytes of data worldwide, every single day. Healthcare organizations need qualified IT personnel and proper infrastructure to manage this enormous volume of data. It can be safely predicted that data will be a key element that will determine which healthcare organizations will continue on a success path in the future. Companies will require the services of marketing consulting companies to capture and make sense of the immense loads of customer data, which will help them make informed decisions as far as patient care is concerned.
Healthcare IT market regions
The global healthcare IT market is segmented based on regional analysis into five major regions. They are as follows:
- North America
- Latin America
- Europe
- APAC (Asia Pacific), and
- MENA (Middle East and North Africa)
With a market share of more than 40.3% in 2019, the Healthcare IT Industry in North America led the market and is expected to continue to do so throughout the forecast period. The number of medical device makers, universities, advanced research facilities, and hospitals has increased, which has further fuelled the market's rapid expansion. The Asia Pacific market is expected to grow exponentially during the forecast period. Large patient populations, particularly in China and India, rising per capita income, increased investments in the healthcare sector by major market participants and growing awareness of cutting-edge technology are all contributing factors to the growth of the APAC market.
Final word
A proven market research firm can help your healthcare organization focus its decisions and strategies, and cope with changing circumstances. The main challenge that most healthcare organizations face is the lack of trained in-house market research consultants. That problem can be mitigated by hiring market consulting firms with proven expertise. With the right market strategy consulting agency by your side, you can conduct relevant studies to make informed business decisions, including product development and improvement. When looking for a seasoned market research company in India, look no further than Novus Insights. As a leading global market data research company, we offer full research support and customized reports within competitive timelines to help you stay on top of your decision-making processes. For more information about our rapid research services, call +91 124 414 2292 or email contactus@novusinsights.com. You may also fill out our contact form, and we will get back to you at the earliest.
