U.S. Healthcare IT Market to Generate $370.51 Billion by 2032 at 13.41% CAGR: The Brainy Insights
The need for better population health management and patient outcomes is driving the healthcare IT market in the US. Healthcare providers are focusing on solutions for improving patient engagement and satisfaction. The U.S. Healthcare IT market’s growth will be influenced by demand for cost-effective and effective healthcare solutions.
Newark, June 19, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the US Healthcare IT market is expected to grow from USD 105.27 Billion in 2022 to USD 370.51 Billion by 2032, at a CAGR of 13.41% during the forecast period 2023-2032.
Healthcare IT solutions are broadly getting adopted by organizations in the US healthcare sector as they offer several advantages that help in the improvement and transformation of a broad range of healthcare services. It uses several settings like hospitals, clinics and other healthcare facilities. It is broadly used in research institutions, health agencies and pharmaceutical organizations for managing and analyzing health data. It is used for patient care, clinical research and drug development for population health management. Healthcare IT solutions help healthcare providers in accessing patient health records and clinical data in real time, which helps in improving clinical decision-making and improved patient outcomes. The need for better population health management and patient outcomes is driving the healthcare IT market in the US.
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To enhance their market position in the US Healthcare IT market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In April 2023: 3M announced the collaboration with Amazon Web Services (AWS) to use its AI for clinical documentation. 3M plans to use AWS’s Machine Language and AI services to speed up, enhance and increases the delivery of its real-time speech recognition platform. This would help the organization gain market share in the healthcare IT market.
Market Growth & Trends
Based on one of the studies, healthcare spending in the US was around USD 74.1 Billion in 1970. Healthcare expenditures reached around USD 1.4 trillion by 2000, and in 2021 the expenditure tripled to USD 4.3 trillion. The health spending increase was around 2.7% from 2020 to 2021, much slower than the around 10.3% increase from 2019 to 2020. It was observed that the US health expenditure increased by USD 111 Billion in 2021 in comparison to 2020. Around half of the increase in the expenditure is attributed to the surge in spending on hospital expenditures. Growing clinical expenditures, medical goods, retail prescription drugs etc., are also involved in this growth. Based on one of the sources’ estimation, the healthcare analytics market would reach more than USD 7 Billion in the US by the end of 2020, and this is attributed to population health management, operational automation by patients, payers, physicians, procedures and financial performance improvement, among others. Health information technology, like electronic health records, can potentially improve healthcare providers’ efficiency and effectiveness. Moreover, Federal and state governments, insurance organizations and other large medical organizations are broadly promoting the adoption of electronic health records. Based on one of the studies of the US in 2021, around 88.2% of office-based physicians use any EMR/EHR system, and around 77.8% of office-based physicians use certified EMR/EHR systems. These factors are eventually driving the US healthcare IT market. The middle-aged have already outnumbered the children, but by 2034 the older population would be more than the children population as it is estimated that the people aged 65 and above would reach 77 million and children under age 18 would be around 76.5 million. Also, it has been observed that the fastest-growing age group in America is people aged above 85, and the next fastest is people aged 100 and above. Based on many experts, there would be a 12-fold increase in people aged 100 and above by 2060. All these factors would eventually drive the US healthcare IT market in the forecast period. There is a high implementation cost for healthcare IT solutions. Moreover, there are concerns about data privacy and security. All these factors are acting as restraints for the market.
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• In 2022, the telehealthcare segment dominated the market with the largest market share of 58.81% and market revenue of 61.91 Billion.
The application segment is divided into tele-healthcare, electronic health records, laboratory information systems, clinical information systems and others. In 2022, the telehealthcare segment dominated the market with the largest market share of 58.81% and market revenue of 61.91 Billion. Based on one of the surveys, at present, more than 80% of physicians feel that patients have good access to care using telehealth, and 94% of the patients who encounter telehealth want to continue to access it in the future.
• In 2022, the healthcare providers segment dominated the market with the largest market share of 78.44% and market revenue of 82.57 Billion.
The end-user segment is divided into healthcare providers and healthcare payers. In 2022, the healthcare providers segment dominated the market with the largest market share of 78.44% and market revenue of 82.57 Billion. Based on one of the studies, in 2017, around 76% of the US hospitals were connected with consulting practitioners at a distance and patients using video and different technologies.
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Key players operating in the US Healthcare IT market are:
• IBM Corp.
• GE Healthcare
• Greenway Health
• HealthStream, Inc.
• SAS Institute
• Koch Industries
This study forecasts revenue at US level from 2019 to 2032. The Brainy Insights has segmented the US Healthcare IT market based on below mentioned segments:
US Healthcare IT Market by Application:
• Electronic Health Records
• Laboratory Information System
• Clinical Information System
US Healthcare IT Market by End User:
• Healthcare Providers
• Healthcare Payers
About the report:
The US Healthcare IT market is analysed based on value (USD Billion). All the segments have been analysed on US. The study includes the analysis for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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