U.S. Healthcare IT Market Expected to Reach $344 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Healthcare IT Market by Product Type and End User: Opportunity Analysis and Industry Forecast, 2021–2030", the U.S. healthcare IT market was valued at $96,930.26 Million in 2020, and is estimated to reach $344,074.09 Million by 2030, growing at a CAGR of 13.4% from 2021 to 2030. 

Healthcare IT is the application of information and technology in the field of healthcare. It supports health information management across computerized systems and secures the exchange of health information.  

Surge in demand for reducing healthcare costs as well as establishment of hassle-free processes in the healthcare industry act as the key driving forces of the U.S. healthcare IT market. However, high costs incurred for implementation, maintenance, and upgrading services retrain the growth of the market. Conversely, increase in collaborations between key healthcare IT product developers for developing efficient products are anticipated to open new avenues for the expansion of the market during the forecast period. 

Furthermore, rise in demand for clinical data storage, data managements, digital pathology solutions, and electronic health records (EHR) drives the growth of the U.S. healthcare IT market. In addition, increase in prevalence of chronic diseases such as diabetes & cancer and surge in demand for remote services in healthcare contributes toward the market growth.  

On the basis of product type, the healthcare provider solutions segment dominated the market, owing to increase in application of IT in healthcare and rise in demand for clinical solutions in the healthcare industry.
Depending on end user, the healthcare providers segment registered the highest growth in 2020, due to surge in demand for data accuracy to ensure patient safety through improved clinical outcomes, rise in healthcare reforms, and efforts to curb the healthcare expenditure.

The COVID-19 outbreak is anticipated to have a positive impact on the growth of the Healthcare IT market. This is attributed to the fact that the pandemic escalated the demand for healthcare IT solutions to provide effective services to patients through remote location. In addition, increase in demand for the use of virtual health and surge in use of telehealth propel the growth of the U.S. healthcare IT market. For instance, in 2020, Deloitte, one of the leading professional IT service firm, reported that during COVID-19 pandemic, approximately 43.5% of all U.S Medicare primary care visits were through telehealth, which was just 0.1% pre-pandemic.

Key Findings Of Study 

• On the basis of product type, the healthcare provider solutions segment was the highest 
• Depending on end user, healthcare providers garnered the largest revenue share in 2020.