Global Technology Spending On Core Administration in Healthcare Market Insights Forecasts to 2033

• The Global Technology Spending On Core Administration in Healthcare Market Size was Valued at USD 34.8 Billion in 2023
• The Market Size is Growing at a CAGR of 5.86% from 2023 to 2033
• The Worldwide Technology Spending On Core Administration in Healthcare Market Size is Expected to Reach USD 61.5 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Technology Spending On Core Administration in Healthcare Market Size is Anticipated to Exceed USD 61.5 Billion by 2033, Growing at a CAGR of 5.86% from 2023 to 2033.

Market Overview

The term "technology spending on core administration" in the healthcare industry refers to the funding that healthcare institutions spend on information technology (IT) solutions that are specifically created to improve and expedite the operational facets of core administrative tasks in the medical field. Most of these responsibilities have to do with patient care, billing, claims processing, and regulatory compliance. Due to developments in cloud storage, edge computing, and the Internet of Things, the market for technology spending on core administration in healthcare will be growing more rapidly than forecast.

Several factors drive the industry, including EMR (Electronic Medical Records) and telemedicine services are becoming more and more popular, and patients and doctors alike are realizing the advantages of technology. Furthermore, key market players include Health Solutions Plus, Inc., ikaSystems Corporation, HealthEdge Software, Inc., Plexis Healthcare Systems, TriZetto Corporation, and Evolent Health. In addition, insurance firms have convinced healthcare providers to move from a volume-based to a value-based model. This is increasing the market for technology spending on core administration in healthcare and creating demand for core administration.

For Instance, in March 2022, the new Edison platform for healthcare organizations was launched by GE Healthcare. For convenient provider access, the platform combines patient data and apps from many sources and integrates them with current clinical workflows. 

Report Coverage

This research report categorizes the global technology spending on core administration in the healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing global technology spending on core administration in the healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global technology spending on core administration in the healthcare market.

Driving Factors

The growing need for operational effectiveness is anticipated to drive market growth in the forecast period. Providing high-quality care at the lowest possible cost is a constant for healthcare providers. It is because of this that essential administrative tasks like scheduling, invoicing, and managing patient information have become more technologically advanced. Healthcare providers can achieve substantial cost savings and improved efficiency by introducing automation into these procedures. The market is expected to be driven over the forecast period by increasing regulatory compliance requirements. With stringent compliance requirements, the healthcare industry is highly regulated. To make sure that these requirements are followed, this has increased technology investment in core administration. To efficiently manage and track compliance-related tasks, healthcare providers are investing in advanced technology.

Restraining Factors

Expensive implementation expenses impacted the market. These expenditures cover the cost of the technology itself as well as personnel training and system maintenance. Adoption of these technologies is severely restricted by high implementation costs, which are especially exorbitant for smaller healthcare providers.

Market Segmentation

The global technology spending on core administration in healthcare market share is classified into solution, deployment, and end user.

• The hardware segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period.     

Based on the solution, the global technology spending on core administration in healthcare market is divided into hardware, software, and services. Among these, the hardware segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period. Hardware is the term for the actual devices, like computers and servers, needed for data processing and storage. Large volumes of patient data can be processed, stored, and transmitted due to these essential components, which serve as the foundation of the healthcare IT infrastructure.

• The cloud-based segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period.     

Based on the deployment, the global technology spending on core administration in healthcare market is divided into cloud-based and on-premise. Among these, the cloud-based segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period. The convenience of a substantial volume of data that can be stored makes cloud-based systems appealing. Healthcare practitioners can quickly access patient data collected from several sources, share it with other parties, and send out prescriptions and treatment plans on time due to cloud computing. In addition, it shortens the distance between experts, enabling them to assess circumstances and provide their perspectives independent of barriers related to location.   

• The providers segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period. 

Based on the end-user, the global technology spending on core administration in healthcare market is divided into payers and providers. Among these, the provider's segment is expected to hold the largest share of the global technology spending on core administration in healthcare market during the forecast period. This is explained by the speedy access to patient records, which enables more effective and well-coordinated care. Moreover, securely sharing electronic health information with patients and other doctors. In addition, supporting medical facilities like hospitals in improving patient diagnosis, lowering medical errors, and delivering safer care.   

Regional Segment Analysis of the Global Technology Spending On Core Administration in Healthcare Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global technology spending on core administration in healthcare market over the predicted timeframe.

North America is anticipated to hold the largest share of the global technology spending on core administration in healthcare market over the predicted timeframe. The largest consumer of technology for healthcare core administration is found in North America. More than half of all the money used in the healthcare sector with cutting-edge core administration technology was spent in North America. This can be attributed to both the rapid use of cloud-based technology in the healthcare industry and a strong medical infrastructure. In the USA, for instance, the National Institutes of Health (NIH) established the N3C program, which assists researchers in utilizing big data analytics and medical records to examine the data of COVID-19-affected people.  

Asia Pacific is expected to grow at the fastest pace in global technology spending on core administration in healthcare market during the forecast period. Asia Pacific is expected to emerge as the most potential investment location for healthcare industry technology related to core administration. The Asia Pacific healthcare sector will continue to see a rise in technology spending due to the strong and active medical tourism business, rising consumer purchasing power on technologically enhanced services, and growing multinational investments in the healthcare sector.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved in the global technology spending on core administration in healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Health Solutions Plus, Inc.
• ikaSystems Corporation
• HealthEdge Software, Inc.
• Plexis Healthcare Systems
• TriZetto Corporation
• Evolent Health
• Plexis Healthcare Systems
• Trizetto Corporation
• DST System Inc.
• UPP Technology
• Volent Health,
• Visiant Health
• IBM
• SAP
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In April 2024, IBM launched new storage features that allow customers to optimize performance in the data center by giving them choice and control. Access to IBM FlashSystem hardware and software advances is made possible via a new IT life cycle management solution called IBM Storage Assurance, which can help safeguard clients' investments right away.

• In October 2023, in Vienna to assist clients in cost control, risk mitigation, and productivity enhancement, SAP SE announced new developments in business AI and user experience for its complete spend management and business network solutions. The news was presented during the industry's preeminent spend management conference, SAP Spend Connect Live, which took place in Vienna in October.   

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global technology spending on core administration in healthcare market based on the below-mentioned segments: 

Global Technology Spending On Core Administration in Healthcare Market, By Solution

• Hardware
• Software
• Services

Global Technology Spending On Core Administration in Healthcare Market, By Deployment

• Cloud-Based
• On-Premise

Global Technology Spending On Core Administration in Healthcare Market, By End User

• Payers
• Providers

Global Technology Spending On Core Administration in Healthcare Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa