The global healthcare information technology (HCIT) market is forecast to grow at a rate of 13 per cent compound annual growth rate (CAGR) from 2021 to 2030, according to data from Allied Market Research.
The IT sector of the healthcare industry generated $250.57 billion in 2020 and is estimated to reach $880.68 billion by 2030 thanks to the large number of smartphone users and adoption of cloud technology-related HCIT services.
More people trust medical help from their mobile
Owing to the Covid-19 pandemic, the need for telemedicine and mHealth technologies increased in the healthcare industry for obtaining accurate patient information, linked patient records, interoperability, and cybersecurity.
The report also found that the rise in investments in the Asia-Pacific region and implementation of various healthcare reforms such as Patient Protection and Affordable Care Act (PPACA) present new opportunities for the sector in the coming years.
Based on product type, the healthcare provider solutions segment accounted for the largest market share in 2020, holding nearly three-fifths of the total share. Moreover, this segment is estimated to register the largest CAGR of 16.3 per cent from 2021 to 2030.
“Based on end user, the healthcare providers segment held the highest share in 2020, accounting for nearly three-fourths of the global healthcare IT market and is estimated to maintain its lead position during the forecast period,” the report said. “Moreover, this segment is projected to witness the highest CAGR of 14.3 per cent from 2021 to 2030. The report also discusses the healthcare payers segment.”
Meanwhile, North America contributed to the highest share in terms of revenue in 2020, accounting for more than two-fifths of the total share and Asia-Pacific is projected to manifest the fastest CAGR of 15.4 per cent during the forecast period.
A global health study of more than 10,000 participants shows that most people are happy to continue using remote health services after the pandemic, which is good news for the insurers keen to engage their members effectively and save costs.