Healthcare IT market to reach USD 1400B by 2030

The healthcare IT market poised for explosive growth by advancements in technology and the increasing demand for efficient healthcare solutions are propelling the Healthcare IT Market.

The SNS Insider report indicates that the healthcare IT market size was valued at USD 177.02 billion in 2022 and is expected to reach USD 1400 billion by 2030, growing at a CAGR of 29.5% over the forecast period 2023-2030.

Transforming healthcare through technology, the growing adoption of e-prescribing, telehealth, mHealth, and other HCIT solutions is revolutionizing healthcare delivery globally drives market.

Market report scope
The creation, management, and implementation of information systems in healthcare institutions are all covered under Healthcare IT (IT). The use of Healthcare IT decreases the need for human intervention, lowering the risk of human error.

Healthcare IT offers many benefits and opportunities to improve and transform health care, such as improving clinical outcomes, reducing human error, improving practice efficiency, promoting care relationships, and tracking data over time. Expanded interest in telehealth and mHealth solutions for countless smartphone users, the adoption of HCIT services linked with cloud technology, the implementation of various healthcare reforms such as the Patient Protection Act and the Affordable Care Act (PPAA), and rapid population growth, especially among the elderly and the subsequent increase in chronic diseases, are all driving the growth of the IT healthcare market worldwide.

Market analysis:
The growth of the Healthcare IT industry is driven by the increasing adoption of e-prescribing, telehealth, mHealth, and other HCIT solutions. The pandemic has also accelerated the demand for digital healthcare solutions, resulting in a surge in product launches and government initiatives worldwide.

However, challenges related to interoperability and security remain key concerns for market growth.

Regional development:
North America and Asia-Pacific are key regions driving the growth of the Healthcare IT market. North America is witnessing rapid growth due to technological advancements, government support, and a high adoption rate of digital health solutions.

Meanwhile, Asia-Pacific is leading the market with initiatives to digitalize healthcare institutions and improve patient care delivery. SNS Insider