According to a new market research report, “North America Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud), and End User (Hospital, Payer, Ambulatory, Homecare)—Forecast to 2030”, published by Meticulous Research, the North America Healthcare IT market is expected to grow at a CAGR of 10% from 2023 to reach $344.95 billion by 2030.
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Healthcare IT solutions help organizations create a paperless environment, thereby enabling physicians to access the patient’s medical information at all times. For physicians, this results in better decision-making and reduced medical errors, whereas, for hospitals, it streamlines the transfer of health information, manages hospital workflows in a better manner, and thereby reduces the overall operational cost of care delivery.
The key factors driving the North America Healthcare IT market are the increasing awareness about digital health, government mandates and financial incentives for the adoption of HCIT solutions, the shift towards value-based care, rising use of big data in healthcare management, high return on IT investment in the healthcare industry, and rising incidence of chronic diseases. However, high installation & maintenance cost is restraining the market growth to a certain extent. Growing focus on cloud-based solutions and rising adoption of AI and IoT in healthcare are creating opportunities for market growth. Interoperability issues and data security and privacy concerns are challenging market growth.
Rising Adoption of EMR & EHR
The government's support for adopting EHR solutions due to its advantages over traditional paper-based health records is a factor that has led to the widespread implementation of EHR. Both patients and ambulatory practice benefit from EHR adoption due to improved patient treatment, improved care coordination and faster access to records, greater efficiency in practice and cost savings through decreased paperwork, increased patient participation and transparency, and improved diagnostic and patient outcomes due to accurate prescribing.
As per the data published by the Journal of Global Health Science, EHR has since been adopted worldwide in 66% of developed countries, 52% of upper-middle-income countries, 35% of lower-income countries, and 15% of low-income countries. Thus, the likeliness of healthcare organizations to adopt EMR and EHR drives the demand for EHR solutions, propelling the healthcare IT market for better patient outcomes, staff efficiency, and reduced business costs.
The report also includes an extensive assessment of the product, component, delivery mode, end user, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the years (2020–2023). In recent years, the North America healthcare IT market has witnessed numerous organic and inorganic strategic developments.
The key players profiled in this market study are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE HealthCare Technologies Inc. (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.).
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Among the Products, in 2023, the Healthcare IT Provider Solutions Segment is Estimated to Account for the Largest Share of North America Healthcare IT Market
Factors such as increasing demand for integrated healthcare systems, growing focus on patient safety & care, advanced healthcare infrastructure, increasing demand for quality healthcare, increasing investments & regulatory mandates on implementing eHealth solutions, rising awareness about EHRs, and growing geriatric population are driving the growth of this segment.
Among the Delivery Modes, in 2023, the Cloud/Web Based Solutions Segment is Estimated to Account for the Largest Share of North America Healthcare IT Market
Cloud/web-based models are rapidly gaining traction in the North America healthcare IT market. Using cloud-based systems does not involve hardware installation and maintenance costs and does not require maintaining in-house IT maintenance and support teams. Thus, the cost-effectiveness of cloud-based deployment makes it a viable option, even for small and medium-sized healthcare settings.
Among the Components, in 2023, the Services Segment is Estimated to Account for the Largest Share of North America Healthcare IT Market
The shift towards cloud-based services, the increasing need to reduce healthcare costs, and the increasing installation of digital solutions across healthcare organizations are supporting the largest share of the market. In addition, the growing need to reduce paperwork and the rising demand for easy access to affordable care further drive the market. The COVID-19 pandemic has further driven the adoption of digital technologies like mHealth and telehealth, driving the market.
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Among the End Users, in 2023, the Healthcare Providers Segment is Estimated to Account for the Largest Share of the North America Healthcare IT Market
Advanced healthcare system, well-established Healthcare IT infrastructure in hospitals, and increased adoption by healthcare providers owing to the benefit that Healthcare IT supported the largest share. These solutions offer quick & seamless workflow to keep patient records, real-time monitoring, remote patient treatment, and improved decision-making power for healthcare providers, helping to increase the adoption of Healthcare IT.
The U.S. Country is Expected to be the Fastest-Growing Market in North America Healthcare IT Market During the Forecast Period
The country’s largest share is attributed to factors such as a shortage of physicians, prevalence of chronic conditions, presence of key players, closure of rural hospitals in the country, and favorable government reforms in the region. According to the U.S. Census Bureau and Population Estimates and Projections, the country’s geriatric population is projected to reach over 80 million in 2040 from 56.1 million in 2020. This population group is particularly prone to several infectious and chronic diseases due to their weakened immune systems. This leads to an increased need for digital & advanced healthcare solutions, thereby driving the adoption of Healthcare IT solutions.
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