Healthcare IT Market growth is driven by Increasing Demand for Remote Patient Monitoring for Improved Out-Of-Hospital Care

Healthcare IT Industry Overview

The global healthcare IT market size was valued at USD 135.6 billion in 2021 and is projected to exhibit a CAGR of 29.3% in the forecast period. The growing trend of digitalization in healthcare, rising demand for preventive care solutions, the emergence of various entrepreneurship ventures, and growing partnerships & funding are propelling the market growth. Furthermore, the evolution and advancements in network connectivity and development of network infrastructure coupled with increased healthcare IT spending are driving the market growth. Key participants are focusing on innovative product development strategies and are making constant technological advancements with support from improving IT infrastructure. Market players are integrating big data, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) algorithms in their existing solutions to enhance health & medical processes, which is fueling the market growth.

Growing healthcare expenditure coupled with rising consumer demand for efficient, effective, and advanced treatment solutions is supporting the development and growth of the market. Increasing consumer awareness towards innovative and upgraded solutions is boosting market growth over the forthcoming years. As per a Healthcare IT News article published in 2020, healthcare IT services have witnessed an upsurge in adoption over the past years, whilst remote monitoring services recorded an increment in adoption from 13% in 2016 to 22% in 2019.

Gather more insights about the market drivers, restraints, and growth of the Global Healthcare IT market

Growing smartphone penetration and improving internet coverage are directly contributing to the adoption of healthcare IT solutions. According to Data Report January 2022 estimates, 5.31 billion individuals globally are unique mobile phone years and approximately 4.95 billion individuals are internet users. In addition, as per The Mobile Economy 2020 estimates, the unique mobile phone users are expected to reach 5.8 billion by 2025. In addition, the number of internet users across the globe increased by 192 million in 2021 in comparison to 2020, and globally, the number of internet users is growing at 4% annually. Furthermore, technological advancements in the field of smartphones and internet connectivity to improve clinical outcomes, patient experience, and patient engagement is expected to accelerate market growth.

The growing global geriatric population coupled with increasing chronic disease burden, increasing health & medical expenses, and growing demand for home-care services such as remote patient monitoring is anticipated to support the adoption of IT services and propel market growth. The growing prevalence of chronic diseases such as diabetes, hypertension, cancer, and cardiovascular diseases is boosting the demand for advanced IT solutions. Healthcare IT provides multiple benefits such as minimized medical errors, reduced operational costs, and improvement in clinical outcomes which is driving the adoption of these technological solutions. Furthermore, growing government recognition and favorable initiatives in emerging economies to boost the adoption of IT solutions and growing infrastructure are expected to drive growth.

The ongoing Covid-19 pandemic burdened the existing care system and caused disruptions in the functioning of systems, Moreover, the pandemic drove the demand for virtual care and online consultation services across the globe. This growing demand was met with innovations and developments in the IT industry, growing digital literacy, and positive changes in consumer behavior with respect to technology.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

Telehealth Market - The global telehealth market size was valued at USD 83.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 24.0% from 2023 to 2030.

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Healthcare IT Market Segmentation

Grand View Research has segmented the market based on application, and region:

Healthcare IT Application Outlook (Revenue, USD Million, 2016 - 2030)

• Electronic Health Records
• Computerized Provider Order Entry Systems
• Electronic Prescribing Systems
• PACS
• Laboratory Information Systems
• Clinical Information Systems
• Tele-healthcare

Healthcare IT Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Companies profiled:

Some of the key players operating in the global healthcare IT market include:

• Philips Healthcare
• Agfa Healthcare
• Hewlett-Packard Enterprise
• Carestream Health
• GE Healthcare
• E-MDS, Inc.
• Athenahealth, Inc.
• eClinicalworks
• McKesson Corporation

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Remote Patient Monitoring Market SWOT Analysis, Growth Drivers, and Future Trends

Global Remote Patient Monitoring Market is anticipated to grow at a significant CAGR of 15.66% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Remote patient monitoring devices, as the name suggests, supports in the monitoring of the patient’s physical state at a distance. The patient does not need to visit the medical consultant. The factors that propel the growth of the market include technological advancements, rise in the prevalence of chronic diseases like diabetes and heart conditions, growing aged population across the globe and increasing awareness among people. On the other hand, there are factors that may hamper the growth of the market including lack of training, high cost of device and unavailability of expert professionals.

The remote patient monitoring market may be explored by condition, component, application, end user and geography. The market may be explored by the condition as chronic obstructive pulmonary disease (COPD), congestive heart failure (CHF), diabetes, mental health, blood pressure, and others. Based on the component, the market could span software and devices.

The key applications that could be explored in the market include cardiovascular diseases treatment, cancer treatment, diabetes treatment, weight management, fitness monitoring and sleep disorder treatment and others. The “Heart rate monitor” segment led the market in 2015 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes increase in the demand for home health care and independent living by the aged population.

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The market could span as end user as home healthcare, hospital-based patients, ambulatory patients, alternate site patient monitoring and others. The “Hospital-Based Patients” segment led the market in 2017 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of the market includes high demand.

North America accounted for the major share of the remote patient monitoring market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include technological advancements, implementation of appropriate government initiatives in order to curb the deteriorating environmental conditions and improved healthcare infrastructure. North America is followed by the Asia-Pacific region.

Some of the key players that fuel the growth of the remote patient monitoring market comprise Honeywell, Philips, American Telecare, Philips Healthcare, Roche, Bosch, Intel, Bortnick, Welch Allyn, Covidien Plc, Johnson & Johnson, and Health anywhere Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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Medical Alert System Market Key Players, Global Demand, and Competitive Strategies

The Global Medical Alert System Market is anticipated to grow at a higher CAGR in the forthcoming period due to growing demand in nursing homes, speedily aging people, old age care facilities, and emergency alert supports. Yet, valuing and the product obtainability would be critical reasons affecting development of the market. Growing usage of medical alert systems due to affordability and comfort of usage is estimated to stimulate development of the market. Increasing number of road mishaps and additional medicinal crises for example, heart attacks are likely to empower the development of the market in the approaching years.

Increasing alertness about security and fitness in emerging nations together with growing number of ageing patients may expand the development of market; coupled with frequent progressions in technology and increasing circumstances of long-lasting sicknesses. The Medical Alert System market on the source of Type of End Users could span Specific Patients, Old Age Homes, Senior Care Hubs, Hospitals, and Nursing Homes.

The Medical Alert System market on the source of Type of Technology could span Unmonitored Medical Alert Systems, Two-way Voice Systems, and Medical Alert Alarm [Button] System. The Medical Alert System market on the source of Type could span Landline, Mobile, Wall-Mounted Apparatus / Standalone Apparatus. The subdivision of Mobile is estimated to observe substantial development for the duration of the prediction. It is credited to growing usage of smartphones for checking health.

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The Medical Alert System market on the source of Area with respect to Trades in terms of intake, Profits, Market stake and Development percentage in these areas, for the duration of the prediction could span North America, Europe, India, Japan, China, and Southeast Asia. By the source of geography, the North American market is estimated to observe important development due to greater alertness about the health among persons residing in the area. Likewise, in the Europe, the market is estimated to track development form of North America and produce considerable income for the duration of the prediction.

In the nations like Japan, China and India, the market is expected to develop at a remarkable CAGR for the duration of the prediction. It is credited to growing number of elderly inhabitants in the area. Furthermore, the greater occurrence of long-lasting sicknesses is expected to trigger the progress of the market.

In Southeast Asia, the market for medical alert systems is expected to observe considerable development for the duration of the prediction, due to growing funds in the subdivision of healthcare from native administrations. Furthermore, increasing earnings, rising inhabitants, and greater occurrence of long-lasting sicknesses are expected to motivate the demand in the area.

The statement revises Trades in terms of intake of Medical Alert System in the market; Particularly in North America, Europe, India, Japan, China, and Southeast Asia. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field on international basis are Koninklijke Philips N.V., Life Alert Emergency Response, Inc., Care line UK Monitoring Limited, Alert One Services, LLC, Life Station, Inc., Galaxy Medical Alert Systems, Ltd., and Bay Alarm Medical. Additional notable companies operating in the field on international basis are Guardian Alarm, Valued Relationships, Inc., ADT LLC dba ADT Security Services, Life one, and Medical Guardian LLC.

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