Global Healthcare IT Industry Dynamics:

Driver: increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions.

The global pandemic has led to a notable surge in the workload for healthcare institutions worldwide. A well-coordinated environment where all clinical devices are connected internally and the organization works in coordination with other healthcare units is something that healthcare facilities are under tremendous pressure to establish. As of December 5, 2022, there were approximately 650 million confirmed COVID-19 cases and 66 million deaths worldwide, according to Worldometer.

The healthcare systems of many nations are dealing with a severe shortage of hospital beds, medical professionals, and basic medical supplies due to the high and rising number of cases. This makes it necessary for healthcare facilities, including hospitals, to implement capacity management systems in order to track COVID-19 patients and oversee the disease's progression.

Restraint: IT infrastructure constraints in developing countries

The lack of qualified IT workers in emerging nations affects the uptake and application of HCIT solutions in these nations. Moreover, one of the main barriers to the adoption of HCIT solutions is cost. These solutions come with higher maintenance and software costs than software itself. Furthermore, software upgrades are a recurring expense that accounts for nearly 30% of the total cost of ownership due to changing user requirements. Market expansion in emerging nations is somewhat constrained by the previously mentioned factors.

Moreover, the advantages and impacts of HCIT on organizations are frequently intangible and may take longer to manifest. The healthcare systems of emerging economies incur even greater implementation costs for Health Care Information and Technology (HCIT) solutions because the infrastructure required to implement these solutions must be built with capital. As a result, rather than investing in related departments, hospitals frequently choose to fund the core technologies that are directly related to the quality of patient care. Smaller healthcare organizations are thus discouraged from investing in HCIT solutions due to the high cost of deployment and maintenance, particularly in emerging markets throughout APAC and Latin America.

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Estimating the Market Size:

After data triangulation from various methods, the overall size of the healthcare IT market was determined, as will be discussed below. Based on the degree of assumptions made, a weighted average of all approaches was determined after each one.

Revenue Growth Projections:

With a predicted revenue of $394.6 billion in 2022 and a projected growth rate of 19.8% from 2022 to 2027, the global healthcare IT market is expected to reach $974.5 billion.

Triangulation of Data:

Each HCIT product and service, component, and end-user segment's individual shares were ascertained by allocating weightages according to their rate of adoption/utilization. Based on the adoption or utilization rates of the specified products and services in the respective regions or countries, the global HCIT market and its subsegments are divided regionally.

Global Leading Companies:

Prominent players in the healthcare IT market include Optum, Inc. (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Koninklijke Philips (Netherlands), Epic Systems Corporation (US), Dell Technologies, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro Limited (India), IBM (US), eClinicalWorks (US), Infor (US), Conduent (US), Conifer Health Solutions, LLC (US), Nuance Communications, Inc. (US), 3M (US), SAS Institute, Inc. (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), Intersystems Corporation (US), Tata Consultancy Services (India).

Different Growth Strategies Adopted by Them:

To increase their market share in the healthcare IT sector, these businesses used tactics like product launches, agreements, partnerships, expansions, collaborations, and acquisitions.

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Grographical Growth Dynamics:

Throughout the forecast period, Asia Pacific is anticipated to grow at the fastest rate.

Throughout the projection period, the APAC market is anticipated to have the highest CAGR. The growth of the APAC HCIT market is being driven by factors like a large patient population, particularly in China and India, growing per capita income, increasing investments in the healthcare sector by major market players, and growing awareness of advanced technologies.

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