Clinical Healthcare IT Market Size (2024 - 2029)

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 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.