Latest Trends in Healthcare IT Procurement

As the healthcare industry continues to undergo significant transformations, healthcare IT decision-makers are faced with increasing financial burdens and dynamic patient expectations. According to a report by us, the global healthcare IT market is projected to reach USD 442.6 billion by 2027, with a compound annual growth rate (CAGR) of 15.8%. With such substantial growth, healthcare leaders are re-evaluating their organizations' technology and business strategies to remain competitive in the evolving healthcare IT ecosystem.

In a recent study conducted by Expert Market Research, we spoke to hundreds of C-suite health IT executives and departmental decision-makers to gain insight into their purchasing decisions. Our conversations revealed five key trends driving healthcare IT procurement decisions.

One trend identified was the consolidation of IT procurement, as many health systems and care networks regularly depend on the use of digital tools. Our report further supports this trend, citing a growing demand for healthcare IT consolidation solutions, such as electronic health records (EHRs), telehealth, and revenue cycle management. The report also highlights that the EHR segment of the healthcare IT market is expected to reach USD 42.3 billion by 2027, with a CAGR of 6.2%.

Another trend driving healthcare IT procurement is reducing data siloes while improving interoperability and analytics. Our conversations with healthcare IT decision-makers revealed that incomplete patient information at the point of care is a constant problem. A recent survey by the Office of the National Coordinator for Health Information Technology found that only 38% of hospitals can exchange patient health information with providers outside their organization. This lack of interoperability hinders patient care and creates inefficiencies in healthcare operations.

Furthermore, many healthcare IT decision-makers we spoke to highlighted the need for appropriate tools to perform in-depth data analysis that produces actionable insights. According to the report by Expert Market Research, the healthcare analytics market is projected to reach USD 84.2 billion by 2026, with a CAGR of 25.4%. The report highlights that the need to reduce healthcare costs, increase patient outcomes, and improve patient care quality is driving the growth of this market.

Lastly, our conversations with healthcare IT decision-makers revealed an increasing emphasis on the need to work with IT vendors that offer future-proof technology, access to third-party partnerships, and innovation to continuously support the changing needs of their organizations. Another report by Expert Market Research supports this trend, projecting that the healthcare cloud computing market will reach USD 51.9 billion by 2027, with a CAGR of 14.9%. The report highlights that cloud computing solutions provide scalability, agility, and cost-effectiveness, making them an attractive option for healthcare organizations.

In conclusion, the healthcare IT market is experiencing significant growth and transformation, and healthcare IT decision-makers must remain informed of key trends driving procurement decisions. Healthcare organizations that adopt strategies to consolidate IT procurement, reduce data siloes, and employ analytics tools will be better positioned to deliver high-quality care, improve patient outcomes, and reduce costs.