Rising Popularity of Telehealth Promoting Demand for Healthcare IT at a Stellar 17.8% CAGR through 2031
Global healthcare IT market size was valued at USD 740.48 Billion by 2031, growing at a CAGR of 17.8% in the forecast period (2024-2031). Healthcare IT adoption in the healthcare industry is projected to be driven by increasing focus on improving operational efficiency and patient outcomes. The rising penetration of digital technologies in the healthcare space and growing demand for remote patient monitoring are also predicted to help the healthcare IT market development in the future.
Rising Demand for Telehealth Solutions
Telehealth enables healthcare professionals to conduct consultations and provide healthcare services in non-traditional settings. The growing popularity of home healthcare and the increasing availability of telehealth services from medical professionals are also estimated to promote the adoption of healthcare IT solutions and services in the future. The COVID-19 pandemic played a crucial role in promoting the popularity and adoption of telehealth and telemedicine, which has also greatly benefitted the healthcare IT market growth.
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High Costs of Implementation and Maintenace Hinder Healthcare IT Adoption
Deployment of healthcare IT solutions and services requires significant investments in healthcare infrastructure development. From developing hardware infrastructure to acquiring software licenses, the cost of deployment of healthcare IT solutions becomes very high. Moreover, the maintenance of healthcare IT solutions is also an expensive task as regular support and maintenance personnel are required to keep these solutions functioning at their best. All of these factors contribute to a high ownership cost and therefore impede market growth. Healthcare IT companies can overcome this restraint by opting for the development of cloud-based healthcare IT solutions. Cloud-based healthcare IT solutions can be offered at an affordable cost, be easily scalable, and do not require significant investments in deployment or maintenance.
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Growing Use of Digital Healthcare Technologies and Solutions
The rapid adoption of digital transformation initiatives around the world has resulted in the increased proliferation of digital healthcare technologies in the healthcare industry. The growing use of digital healthcare solutions such as EHR (electronic health record), HIE (healthcare information exchange), and PHM (population health management) is also bolstering the demand for healthcare IT over the coming years. Increasing emphasis on optimization of healthcare delivery around the world is also slated to promote the demand for healthcare IT in the future. Preference of aging population to remain independent in their end-of-life days will also foster new demand for healthcare IT that enable remote healthcare going forward.
What’s Next for the Healthcare IT World?
Healthcare IT market players should focus on developing advanced telehealth and telemedicine solutions to maximize their revenue generation in the future. Healthcare IT companies can focus on providing solutions that can improve healthcare accessibility in remote areas, whilst reducing healthcare costs for all. Integrated telehealth solutions that connect patients with medical professionals seamlessly will be highly popular once the healthcare IT adoption reaches its saturation on a global level. Healthcare IT market players can also deploy collaborative healthcare IT models to improve healthcare delivery and patient outcomes as well.
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