LONDON, April 24, 2023 (GLOBE NEWSWIRE) — The Business Research Company’s research on the healthcare technology market forecasts the size of the global healthcare technology market to increase from $371.4 billion in 2022 to $439.5 billion in 2023, with a compound annual growth rate (CAGR) of more than 18%. The economic recovery from the COVID-19 pandemic was disrupted by the Russia-Ukraine war, resulting in economic sanctions on several countries, inflation across goods and services, and supply chain disruptions. Nonetheless, as per the report the health tech market size is expected to reach $852.2 billion in 2027, with a CAGR of 18%.
North America was the most prominent region in the healthcare technology market in 2022, followed by Asia-Pacific region, which is expected to have the second highest growth rate in the global healthcare technology market during the forecast period.
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As per the Business Research Company, the growth of the healthcare technology market is primarily driven by the rising demand for preventive care solutions. Preventive care solutions refer to detecting or preventing significant diseases and medical problems before they become serious. According to an article published in September 2022 in First Opinion, a weekly podcast on the people, issues, and ideas that are shaping healthcare, free preventive services will now be available to over 152 million people with private health insurance, 61 million Medicare beneficiaries, and 20 million people covered by Medicaid expansion under the ACA, along with 52 evidence-based preventive services recommended by the United States Preventive Services Task Force.
The healthcare technology market report identifies the following significant players in the market: NextGen Healthcare Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., Cerner Corporation, Epic System Corporation, Change Healthcare, and others.
These major companies operating in the healthcare technology market are focused on innovating new technologies to sustain their position in the market. Change Healthcare, a US-based healthcare technology company, for instance, introduced a new technology called Change Healthcare Stratus Imaging PACS in August 2021, a new, comprehensive cloud software as a service (SaaS) solution for radiology practices that is currently in beta testing, that will provide long-term efficiency benefits.
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The report highlights the following top segments that players in the healthcare technology market should focus on:
1) By type segmented into healthcare payers solutions, healthcare providers solutions, and HCIT outsourcing solutions
2) By component segmented into software and hardware
3) By delivery mode segmented into on-premise and cloud-based
4) By application segmented into electronic health records, computerized provider order entry systems, electronic prescribing systems, PACS (picture archiving and communication system), laboratory information systems, clinical information systems, and tele-healthcare
Healthcare Technology Global Market Report 2023 by The Business Research Company provides insights on the healthcare technology market size, healthcare technology market segments, healthcare technology market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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