Clinical Healthcare IT Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.39 Trillion |
| Market Size (2029) | USD 1.17 Trillion |
| CAGR (2024 - 2029) | 24.22 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Clinical Healthcare IT Market Analysis
The Clinical Healthcare IT Market size is estimated at USD 0.39 trillion in 2024, and is expected to reach USD 1.17 trillion by 2029, growing at a CAGR of 24.22% during the forecast period (2024-2029).
- Over the past few years, the healthcare sector has faced numerous challenges, including the worldwide digital transformation, the COVID-19 pandemic, significant demographic shifts, and growing patient demands. According to Morgan Stanley, the costs dedicated to artificial intelligence and machine learning in the healthcare sector are expected to surpass around 10.5% in 2024, up from 5.5% in 2022. AI in healthcare can benefit almost everything, from communication with patients to assisting with surgeries and creating new pharmaceuticals.
- The National Library of Medicine stated that around 75% of hospitals offered mobile app access, indicating mHealth’s growing role in medicine. With over 96,000 mobile health (mHealth) apps available on major Google Play and AppStore platforms, their variety is vast, including telehealth apps. According to the American Telemedicine Association, around 76% of US hospitals connect with patients and consult practitioners using video and other technology.
- Connected digital tools play a significant role in connected care by assisting patients and providers in streamlining the care continuum. Digital therapeutics, disease screening, patient education/training, and care navigation can be improved using digital tools. Wearable devices can now monitor a patient’s vitals (blood pressure, A1C, etc.) in real time and send readings to a patient’s provider. Further, GenAI can provide efficiency benefits for insurers in billing management and operations, and GenAI chatbots can produce human-like interactions for patients in healthcare customer service tasks.
- One of the biggest challenges of technology in healthcare is interoperability. As part of federal healthcare mandates, organizations must be able to keep patient data secure while also sharing it quickly with care teams.
- The COVID-19 pandemic accelerated care movement from high-cost acute and post-acute sites to lower-cost freestanding and non-acute sites, including increased demand for home-based services and virtual care. The pandemic helped expand the function of IoMT in healthcare at an exponential rate. The volume provides an overview of modern technologies used to improve healthcare, such as IoT, artificial intelligence, and others.
Clinical Healthcare IT Market Trends
Electronic Health Record (EHR) is Expected to Witness Significant Growth
- An electronic health record (EHR) is the current trend in healthcare technology, serving as a centralized repository for patient data and effectively streamlining the information management process. A Google Cloud study found that around 59% of doctors think that better interoperability helps them quickly figure out which patients are at high risk, while 95% agree that improved interoperability would make patient outcomes better.
- According to the Kaiser Family Foundation, approximately 45% of patients reported that the quality of care had increased due to EHR system adoption, with only around 6% reporting a decline in the quality of care.
- In the upcoming year, EHR developers and IT specialists will continue to ensure that they update EHR systems to comply with interoperability policies. On August 1, 2023, CMS announced a 3.1% net increase in Medicare inpatient prospective payment system rates for fiscal year 2024, benefiting hospitals and clinics that effectively use EHR systems and maintain quality measurement data.
- Providers such as eClinicalWorks substantially impact the healthcare sector, with over 850,000 healthcare professionals utilizing EHR technology. Their EHR solutions are widely adopted in the United States, serving more than 130,000 medical practices.
- As per the Canadian Institute for Health Information, the percentage of physicians with electronic access to lab results was around 77%. The EHR adoption rates in community practices increased to 57%. Canada invested over CAD 2 billion in digital health projects, including EHR initiatives.
- Moreover, AI algorithms can analyze EHR data to identify patterns and trends, helping healthcare providers streamline workflows, improve documentation accuracy, and enhance clinical decision-making. For example, Epic EHR, one of the leading Electronic Health Records software systems, integrated the AI into its software using Microsoft’s Azure OpenAI service. Another EHR software provider, Allscripts, used Azure OpenAI’s GPT-4 to create an EHR system with personalized patient care capabilities. The integration assists physicians in creating personalized treatment plans, encouraging patient engagement, and achieving better treatment effectiveness.
Asia-Pacific is Expected to Witness Significant Growth
- Asia-Pacific is ready for rapid technological changes in global healthcare. Moreover, a country like India, which has such a vast population, might benefit the most. As per Invest India, over the next 10 years, the National Digital Health Blueprint can unlock the incremental economic value of over USD 200 billion for the healthcare sector.
- The National Health Authority is providing incentives to healthcare providers and other stakeholders in India's digital health ecosystem who are promoting the creation of digital health records. Up to INR 40 million (nearly USD 500,000) will be made available to ten or more-bed health facilities, diagnostic centers, and digital solutions providers, such as HMIS (Health Management Information System) and LIMS. It will be provided based on the number of digital health records created and linked to the Ayushman Bharat Health Account.
- South Korea's healthcare landscape is highly receptive to the adoption of health IT. All tertiary hospitals have already embraced these technologies, utilizing the EMR systems to digitize patient data and store clinical images digitally, which AI further analyses. Moreover, the government plans to establish around 18 smart hospitals by 2025, offering substantial opportunities to health IT solution providers.
- Singapore’s strategic geographical location, strong information technology infrastructure, and favorable climate for innovation due to strong government support make it an ideal destination for a digital healthcare hub in the Asia-Pacific region. As of March 2022, SingHealth partnered with the National Supercomputing Centre and Nvidia to develop a supercomputer at the SGH campus. This supercomputer has expertise in AI and will help researchers develop more innovations to improve clinical outcomes.
- With increasing investments in digital infrastructure in Asian countries, the demand for clinical healthcare is expected to grow.
Clinical Healthcare IT Industry Overview
The clinical healthcare IT market is fragmented, with numerous competitors and competing technologies that provide intense rivalry among the players. Further, acquisitions and collaborations of large companies are expected, focusing on innovation. Some of the players include GE Healthcare, Athenahealth, and NextGen Healthcare.
- March 2024: Stanford Medicine and Microsoft announced the enterprise-wide deployment of Nuance Dragon Ambient eXperience Copilot (DAX Copilot), providing conversational, ambient, and generative AI to Stanford Medicine’s clinicians.
- March 2024: Providence and Microsoft announced a strategic collaboration aimed at accelerating AI innovation in healthcare. Leveraging Microsoft Cloud for Healthcare and Azure as a standard platform, the collaboration focuses on delivering AI-powered applications to improve interoperability, generate clinical insights, and enhance care delivery.
Clinical Healthcare IT Market Leaders
-
GE Healthcare
-
Medical Information Technology, Inc.
-
NextGen Healthcare
-
eClinicalWorks
-
Athenahealth
*Disclaimer: Major Players sorted in no particular order
Clinical Healthcare IT Market News
- April 2024: The Union Health Ministry launched the innovative myCGHS app for iOS devices, aiming to boost access to EHR, information, and resources for the beneficiaries of the Central Government Health Scheme (CGHS).
- March 2024: Emory Healthcare led the way in transforming how clinicians access patient health records with its deployment of the 15-inch MacBook Air and the launch of the new native Epic Hyperspace app. This marked the first time Epic was made available to clinicians on the Mac App Store.
Clinical Healthcare IT Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers/Consumers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Ecosystem Analysis
4.4 Insights on the regulatory landscape
4.5 Assessment of macro-economic scenarios and trends
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Complex Healthcare Datasets and Implementation of AI and ML
5.1.2 Increase in Cloud-based Deployment
5.2 Market Restraints
5.2.1 Interoperability & Lack of Standardization of Emerging Practices
5.2.2 Market Consolidation and Shift Toward Integrated Platform
5.3 Market Opportunities
5.3.1 Emerging Economies with Increasing Per Capita Healthcare Expenditures
5.3.2 Rising Adoption of AI and IoT in Healthcare
5.4 Emerging Use Cases and Studies
6. MARKET SEGMENTATION
6.1 By Software
6.1.1 Electronic Health Records
6.1.2 Lab Information Management System (LIMS)
6.1.3 Telemedicine and Telehealth
6.1.4 Picture Archiving and Communication Software (PACS)
6.1.5 Computerized Provider Order Entry (CPOE)
6.1.6 Others (Billing, Patient Portals, and E-prescriptions)
6.2 By End-user
6.2.1 Government and Public Health
6.2.2 Private Hospitals and Diagnostic Centers
6.3 By Geography***
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Italy
6.3.3 Asia Pacific
6.3.3.1 China
6.3.3.2 Japan
6.3.3.3 India
6.3.3.4 South Korea
6.3.4 Latin America
6.3.4.1 Brazil
6.3.4.2 Argentina
6.3.4.3 Mexico
6.3.5 Middle East and Africa
6.3.5.1 United Arab Emirates
6.3.5.2 Saudi Arabia
6.3.5.3 South Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Cognizant Technology Solutions Corporation
7.1.2 GE Healthcare
7.1.3 Athenahealth
7.1.4 Medical Information Technology Inc.
7.1.5 Clinicea
7.1.6 NextGen Healthcare
7.1.7 Veradigm LLC
7.1.8 eClinicalWorks
7.1.9 Epic Systems Corporation
7.1.10 Oracle Corporation
8. FUTURE OUTLOOK AND OPPORTUNITIES OF THE MARKET
Clinical Healthcare IT Industry Segmentation
The scope of the study focuses on the market analysis of clinical healthcare IT around the world. The market size encompasses the revenue generated through clinical healthcare IT solutions offered by various market players. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the market, supporting market estimations and growth rates over the forecast period.
The clinical healthcare IT market is segmented by software type (electronic health records, lab information management system (LIMS), telemedicine and telehealth, picture archiving and communication software (PACS), computerized provider order entry (CPOE) and other software), end user (government and public health and private hospitals and diagnostic centers), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Software | |
| Electronic Health Records | |
| Lab Information Management System (LIMS) | |
| Telemedicine and Telehealth | |
| Picture Archiving and Communication Software (PACS) | |
| Computerized Provider Order Entry (CPOE) | |
| Others (Billing, Patient Portals, and E-prescriptions) |
| By End-user | |
| Government and Public Health | |
| Private Hospitals and Diagnostic Centers |
| By Geography*** | ||||||
| ||||||
| ||||||
| ||||||
| ||||||
|
Clinical Healthcare IT Market Research FAQs
How big is the Clinical Healthcare IT Market?
The Clinical Healthcare IT Market size is expected to reach USD 0.39 trillion in 2024 and grow at a CAGR of 24.22% to reach USD 1.17 trillion by 2029.
What is the current Clinical Healthcare IT Market size?
In 2024, the Clinical Healthcare IT Market size is expected to reach USD 0.39 trillion.
Who are the key players in Clinical Healthcare IT Market?
GE Healthcare, Medical Information Technology, Inc., NextGen Healthcare, eClinicalWorks and Athenahealth are the major companies operating in the Clinical Healthcare IT Market.
Which is the fastest growing region in Clinical Healthcare IT Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Clinical Healthcare IT Market?
In 2024, the Asia Pacific accounts for the largest market share in Clinical Healthcare IT Market.
What years does this Clinical Healthcare IT Market cover, and what was the market size in 2023?
In 2023, the Clinical Healthcare IT Market size was estimated at USD 0.30 trillion. The report covers the Clinical Healthcare IT Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Clinical Healthcare IT Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Clinical Healthcare IT Industry Report
Statistics for the 2024 Clinical Healthcare IT market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Clinical Healthcare IT analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
