The U.S. healthcare IT market was valued at $96,930.26 Million in 2022, and is projected to reach $344,074.09 Million by 2032, registering a CAGR of 13.4% from 2023 to 2032.Healthcare IT is the use of computer hardware, software, or infrastructure to record, store, protect, and retrieve clinical, administrative, or financial information. Healthcare IT includes electronic health records, medical coding, personal health records, electronic, medical records, and electronic prescribing (e-prescribing).
The growth of the U.S. healthcare IT market is majorly driven by increase in demand for quality healthcare services & solutions, rise in acceptance of mHealth & telehealth practices, surge in demand for improved patient safety & patient care, and increase in government initiatives to promote healthcare IT. Furthermore, rise in integration of artificial intelligence (AI) for development of advanced healthcare devices drives the growth of market. For instance, in February 2022, AliveCor, the leading innovator in personal electrocardiogram (ECG) technology, received the U.S. FDA clearance for its KardiaMobile Card, the slimmest, most convenient personal ECG device. The KardiaMobile Card is an AI-enabled device, pairs with a smartphone using Bluetooth technology to detect six of the most common arrhythmias.
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Furthermore, increase in prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases (CVDs), and hypertension boosts the demand for advanced healthcare services. For instance, according to the Pan American Health Organization (PAHO), in 2019, 2.0 million people died from CVDs. Thus, prevalence of chronic diseases drives the focus of key players towards developing AI-integrated medical devices. For instance, Medtronic, the U.S. leader in medical technology, received the U.S. FDA clearance for two AccuRhythm AI algorithms for used with the LINQ II insertable cardiac monitor (ICM). AccuRhythm AI applies AI to heart rhythm event data collected by LINQ II, improving the accuracy of information physicians receive so they can better diagnose and treat abnormal heart rhythms.
Impact of COVID-19 on U.S. Healthcare IT Market
Increase in acceptability of mHealth and telehealth services in the U.S. due to the outbreak of the COVID-19 pandemic acts as a key growth driver of the healthcare IT market. In addition, surge in number of smartphone users encourages key players to develop health software, which is anticipated to notably contribute toward the market growth. For instance, in 2022, approximately, 294.15 million population in the U.S. were using smartphones. Moreover, in June 2022, Philips, a global leader in health technology, entered into a collaboration with American Telemedicine Association (ATA) to further help the adoption of telehealth software, demonstrating telehealth software efficiency in the connecting care sector across acute, post-acute, and home care settings. This collaboration spotlights the growing adoption of telehealth amidst COVID-19 and the need to for exponential shift to telehealth. Thus, all these factors collectively are expected to foster the growth of the healthcare IT market.
U.S. Healthcare It Market Segmentation
The healthcare IT market is segmented on the basis of product type and end user. By product type, the market is categorized into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. Depending on end user, it is segregated into healthcare providers and healthcare payers.
Depending on product type, the healthcare provider solutions segment dominated the market in 2022, and this trend is expected to continue during the forecast period, owing to increase in demand for patient safety and care. However, the healthcare payer solutions segment is expected to witness considerable growth during the forecast period, due to rise in demand by payers for patient documentation and billing.
On the basis of end user, the healthcare providers segment garnered the major share in 2022, and is expected to dominate the U.S. market during the forecast period, owing to rise in prevalence of chronic diseases, high demand for accurate & precise patient documentation, and development of well-established healthcare infrastructure.
The key players operating in the U.S. healthcare IT market include 3M, Allscripts Healthcare Solutions, Inc., athenahealth, Inc, Eclinicalworks, GE Healthcare, Greenway Health, LLC, HealthStream, Inc, International Business Machines Corporation, Koch Industries, and SAS Institute Inc.
Key Benefits For Stakeholders
- The report provides an in-depth analysis of the U.S. healthcare IT market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2022 to 2032, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the U.S. healthcare IT market growth.
Segments Covered in the Report:
By Product Type
- Healthcare Provider Solutions
- Healthcare Payer Solutions
- HCIT Outsourcing Services
By End User
- Healthcare Providers
- Ambulatory Care Centers
- Diagnostic & Imaging Centers
- Others (home Healthcare Agencies, Nursing Homes, and Assisted Living
- Healthcare Payers
- Private Payers
- Public Payers
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