Healthcare IT or Healthcare Information technology has emerged as a promising development to transform the paper-based healthcare system into digitized healthcare system, ensuring effective care and patient safety. Health information technology (HIT) is the field of IT involving the design, development, creation, use and maintenance of information systems for the healthcare industry.
Rising pressures to cut healthcare cost, growing demand to integrate healthcare systems, high rate of return on investment while using healthcare IT systems, financial support from governments, growing medical tourism, government initiatives such as e-health, health connect, pay-for-performance (P4P) program, rise in aging population, growing demand of CPOE adoption in order to reduce medication errors, and rise in incidences of chronic disorders such as cardiovascular disorder, cancer, neurological disorder etc. are the major drivers that are propelling this market. The recent onset of cloud computing is also giving a boost to the market as the cloud-based delivery mode is a perfect fit in the healthcare setting driven by need to share lot of confidential data across locations. Cloud based solutions helps in fast and secure transfer of data between organizations.
The principal components of the Healthcare IT market are software, hardware and services.
Commonly used Healthcare IT solutions by Healthcare Providers include electronic medical records, computerized physician order entry, electronic prescribing, clinical decision support, picture archiving and communication systems and more. The non clinical information system includes application such as payroll, automatic patient billing, claim management, revenue cycle management, cost accounting others. The payer Healthcare IT solutions include pharmacy audit and analysis, claims management, customer relationship management, fraud detection, billing, payroll, general ledger and others.
MarketsandMarkets tracks the development of software/hardware/services and Integrated products with applications in clinical trial management, healthcare delivery, medical diagnostics, healthcare administration, healthcare payers, Pharmaceutical Industry and relentlessly explores emerging opportunities for the stakeholders including IT companies in healthcare space.
Healthcare IT, also known as Health Information Technology (HIT), refers to the use of technology and information systems in the healthcare industry to store, manage, transmit, and analyze health-related data. It encompasses a wide range of technologies, software applications, hardware devices, and systems that aid in the collection, storage, exchange, and utilization of healthcare information for improving patient care, enhancing operational efficiency, and supporting decision-making processes.
Healthcare IT includes various components and functionalities such as electronic health records (EHRs), computerized physician order entry (CPOE) systems, clinical decision support systems (CDSS), telehealth and telemedicine solutions, health information exchange (HIE) platforms, healthcare analytics, mobile health applications, patient portals, and more. These technologies and systems are designed to streamline workflows, enhance communication and collaboration among healthcare providers, improve patient engagement, ensure data security and privacy, and facilitate evidence-based care delivery.
Healthcare IT plays a crucial role in transforming the healthcare landscape by enabling the digitization and interoperability of health information, promoting data-driven insights, facilitating remote patient monitoring and virtual consultations, supporting population health management, and facilitating research and innovation in healthcare. It aims to improve the quality, safety, and efficiency of healthcare delivery, reduce medical errors, enable personalized medicine, and empower patients to actively participate in their healthcare journey.
Overall, healthcare IT encompasses the strategic use of technology and information systems to enable the efficient and effective management of healthcare data and processes, leading to improved healthcare outcomes, better patient experiences, and cost-effective healthcare delivery.
Futuristic scope –
The future of healthcare IT holds immense potential for transforming the healthcare industry and improving patient outcomes. Here are some key areas that showcase the futuristic scope of healthcare IT:
The futuristic scope of healthcare IT lies in harnessing the power of emerging technologies to enable more personalized, proactive, and efficient healthcare delivery. By leveraging AI, precision medicine, IoMT, blockchain, VR/AR, and data analytics, healthcare IT has the potential to revolutionize diagnosis, treatment, patient engagement, and healthcare outcomes.
Merger & Acquisition –
The healthcare IT industry has been witnessing significant merger and acquisition (M&A) activities as organizations seek to strengthen their capabilities, expand their market reach, and enhance their portfolio of healthcare IT solutions. M&A in healthcare IT often involves the acquisition of software companies, technology startups, or specialized healthcare IT service providers. Here are a few notable examples of M&A activities in the healthcare IT sector:
These are just a few examples of M&A activities in the healthcare IT industry. M&A provides opportunities for companies to combine their expertise, technologies, and resources to drive innovation, improve interoperability, and deliver comprehensive healthcare IT solutions. By acquiring or partnering with complementary organizations, companies can accelerate their growth, expand their market presence, and address evolving industry needs.
Key segments in Healthcare IT:
The healthcare IT industry comprises various key segments that play vital roles in the digital transformation of healthcare. These segments include:
These segments represent the core components of healthcare IT, driving the digital transformation of healthcare and supporting efficient, data-driven, and patient-centric care delivery. Each segment plays a crucial role in improving healthcare outcomes, enhancing operational efficiency, and fostering innovation in the healthcare industry.
subsegments in Healthcare IT:
Within the broader segments of healthcare IT, there are several subsegments that focus on specific areas or functionalities. Here are some subsegments in healthcare IT:
These subsegments represent specific areas within the broader healthcare IT landscape. Each subsegment addresses specific needs, challenges, and functionalities, contributing to the overall digital transformation and improvement of healthcare delivery.
Healthcare IT Ecosystem:
The healthcare IT ecosystem refers to the interconnected network of technologies, organizations, and stakeholders involved in the delivery, management, and utilization of healthcare information technology. It encompasses a diverse range of components that work together to support the digital transformation of healthcare. These components include:
The healthcare IT ecosystem is a complex and dynamic network that aims to leverage technology to improve healthcare outcomes, enhance patient experiences, and optimize healthcare delivery. Collaboration among stakeholders within the ecosystem is crucial to harness the full potential of healthcare IT and drive positive transformation in the healthcare industry.
Top players:
The healthcare IT industry is home to several top players who provide innovative and comprehensive solutions. While the landscape is dynamic and subject to change, here are some prominent companies in the healthcare IT space:
It's important to note that the healthcare IT industry is constantly evolving, and new players emerge while others may gain prominence. The list above represents some established companies with a strong presence in the healthcare IT market, but it's always advisable to research and stay updated on the latest developments and key players in the industry.
High grown opportunities:
The healthcare IT industry presents several high-growth opportunities driven by technological advancements, changing healthcare needs, and increasing demand for digital solutions. Some of the key high-growth opportunities in healthcare IT include:
These high-growth opportunities reflect the evolving needs of the healthcare industry and the increasing reliance on technology to drive innovation, efficiency, and improved patient outcomes. Companies that can effectively address these opportunities have the potential to make a significant impact in the healthcare IT space.
Challenges in Healthcare IT Industry:
The healthcare IT industry faces several challenges that impact its growth, implementation, and widespread adoption. Some of the key challenges include:
Addressing these challenges requires collaboration among stakeholders, ongoing innovation, and a commitment to continuous improvement in healthcare IT systems and processes. Overcoming these hurdles will be crucial for leveraging the full potential of technology in improving healthcare delivery, patient outcomes, and population health.
High CAGR geography:
The healthcare IT industry is experiencing significant growth across various geographies, driven by technological advancements, increasing healthcare digitization, and the need for improved healthcare delivery. While the growth rates may vary, several regions are witnessing a high compound annual growth rate (CAGR) in healthcare IT. Some of the geographies with high CAGR in healthcare IT include:
Healthcare IT or Healthcare Information technology has emerged as a promising development to transform the paper-based healthcare system into digitized healthcare system, ensuring effective care and patient safety. Health information technology (HIT) ....see more
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The global healthcare consulting services market, valued at US$29.11 billion in 2024, stood at US$32.17 billion in 2025 and is projected to advance at a resilient CAGR of 10.1% from 2025 to 2030, culminating in a forecasted valuation of US$51.95 billion by the end of the period. The prominent players in the Healthcare consulting services market include Accenture Plc (Ireland), Cognizant Technology Solutions Corporation (US), Deloitte (UK), McKinsey & Company (UK), PwC (UK), Ernst & Young Global Limited (EY) (UK), Huron Consulting Group Inc. (US), KPMG (UK), Boston Consulting Group (US), Bain & Company, Inc. (US), and IQVIA Inc. (US), among others.
The global nuclear medicine software market, valued at US$887.5million in 2024, stood at US$970.0 million in 2025 and is projected to advance at a resilient CAGR of 9.0% from 2025 to 2030, culminating in a forecasted valuation of US$1,491.5 million by the end of the period. This growth is mainly driven by the increasing demand for early and accurate diagnostics, as precision imaging is essential for treatment planning.
The global North American healthcare IT market, valued at US$202.12 billion in 2024, stood at US$229.05 billion in 2025 and is projected to advance at a resilient CAGR of 13.9% from 2025 to 2030, culminating in a forecasted valuation of US$439.09 billion by the end of the period. The growth of this market can be attributed to increasing awareness about digital health, government mandates, financial incentives for adopting healthcare IT solutions, and a shift toward value-based care.
The global healthcare dispensing systems market, valued at US$4.36 billion in 2024, stood at US$4.61 billion in 2025 and is projected to advance at a resilient CAGR of 6.3% from 2025 to 2030, culminating in a forecasted valuation of US$6.27 billion by the end of the period. The market's accelerated growth trajectory is primarily driven by increasing demand for precision dispensing in pharmaceutical manufacturing, diagnostics, and medical device production.
The global healthcare BPO market, valued at US$337.6 billion in 2024, stood at US$417.7 billion in 2025 and is projected to advance at a resilient CAGR of 10.7% from 2025 to 2030, culminating in a forecasted valuation of US$694.3 billion by the end of the period. Factors such as the increasing pressure to control rising healthcare costs, the transition to ICD-10 coding standards, the anticipated adoption of ICD-11, and the growing trend of outsourcing in the pharmaceutical and biopharmaceutical sectors are expected to drive market expansion during the forecast period.
The global quantum computing in healthcare market, valued at US$191.3 million in 2024, stood at US$265.9 million in 2025 and is projected to advance at a resilient CAGR of 37.9% from 2025 to 2030, culminating in a forecasted valuation of US$1324.2 million by the end of the period. The quantum computing in healthcare market is rapidly growing, driven by the need for faster and more advanced data analysis in areas like drug discovery, genomics, and precision medicine.
The global revenue cycle management market, valued at US$54.97 billion in 2024, stood at US$61.11 billion in 2025 and is projected to advance at a resilient CAGR of 11.5% from 2025 to 2030, culminating in a forecasted valuation of US$105.35 billion by the end of the period. The rapid growth of the market is largely driven by the widespread adoption of advanced revenue cycle management (RCM) solutions following the pandemic.
The global healthcare data monetization market, valued at US$0.50 billion in 2024, stood at US$0.58 billion in 2025 and is projected to advance at a resilient CAGR of 14.9% from 2025 to 2030, culminating in a forecasted valuation of US$1.16 billion by the end of the period. The growth in this sector is driven by the increasing commercial value of real-time patient data, a growing emphasis on data-driven decision-making in life sciences, and the rise of data-as-a-service (DaaS) business models within healthcare.
The global IoT medical devices market, valued at US$53.78 billion in 2024, stood at US$65.08 billion in 2025 and is projected to advance at a resilient CAGR of 18.9% from 2025 to 2030, culminating in a forecasted valuation of US$ 154.74 billion by the end of the period. Factors such as the growing use of IoT medical devices to comply with the stringent regulatory requirements and the increasing focus on improving the efficiency of laboratories are expected to drive market growth in the coming years.
The global track and trace solutions market, valued at US$6.20 billion in 2024, stood at US$6.96 billion in 2025 and is projected to advance at a resilient CAGR of 12.0% from 2025 to 2030, culminating in a forecasted valuation of US$ 12.27 billion by the end of the period. The rising adoption of cloud-based track and trace platforms, coupled with the growing use of analytics for real-time supply chain monitoring and risk management, is expected to create lucrative opportunities for market players in the coming years.
The global healthcare simulation market, valued at US$3.00 billion in 2024, stood at US$3.50 billion in 2025 and is projected to advance at a resilient CAGR of 15.6% from 2025 to 2030, culminating in a forecasted valuation of US$7.23 billion by the end of the period. This growth is likely to be driven by rising demand for standardized clinical training, increasing prevalence of chronic diseases, higher investment in healthcare technology, and more medical and nursing schools adopting simulation.
Global digital pathology market valued at $1.30B in 2024, reached $1.46B in 2025, and is projected to grow at a robust 13.5% CAGR, hitting $2.75B by 2030. The key driver of this growth is the mounting need for telepathology to enable pathologists to remotely view slides and interact live over distances. The other factor is integrating artificial intelligence (AI) in digital pathology systems, boosting diagnostics through automated image analysis and predictive analytics.
Global electronic lab notebook market valued at $0.68B in 2024, reached $0.72B in 2025, and is projected to grow at a robust 7.3% CAGR, hitting $1.03B by 2030. The adoption of electronic lab notebooks (ELNs) is driven by the growing emphasis on laboratory digitization, the rising need for efficient data management, and integrated compatibility with advanced technologies. Additionally, the increasing use of ELNs within the life sciences sector is expected to fuel their adoption in the life sciences sector.
The global clinical decision support systems (CDSS) market, valued at US$2.25B in 2024, is forecasted to grow at a 9.6% CAGR, reaching US$2.46B by 2025 and US$3.89B by 2030.
The global electronic clinical outcome assessment (eCOA) solutions market, valued at US$1.94B in 2024, is forecasted to grow at a 16.1% CAGR, reaching US$2.27B by 2025 and US$4.78B by 2030. This growth is primarily driven by increasing investments in research and development from medical device companies looking for digital endpoints.
The global computer vision in healthcare market, valued at US$3.93B in 2024, is forecasted to grow at a 24.3% CAGR, reaching US$4.86B by 2025 and US$14.39B by 2030. Market growth is propelled by the regulatory initiatives and incentives that promote the adoption of computer vision in healthcare. Regulatory agencies, such as the FDA and EMA, provide frameworks for validating and approving medical devices and software applications based on computer vision technologies.
The global laboratory information management Systems (LIMS) market, valued at US$2.54B in 2024, is forecasted to grow at a 12.5% CAGR, reaching US$2.88B by 2025 and US$5.19B by 2030. The adoption of cloud-based LIMS is driven by the growing volume of laboratory data, growing pharmaceutical & biotechnology R&D expenditure, and the reduced total cost of ownership for informatics solutions.
Global vendor-neutral archive (VNA) & picture archiving and communication systems (PACS) market valued at $4.62B in 2024, reached $5.10B in 2025, and is projected to grow at a robust 9.2% CAGR, hitting $7.92B by 2030. The growth in the medical imaging sector is predominantly fueled by the escalating volume of imaging data and a stronger regulatory push for EHR implementation.
The global Artificial Intelligence (AI) in healthcare market, valued at US$14.92B in 2024, is forecasted to grow at a 38.6% CAGR, reaching US$21.66B by 2025 and US$110.61B by 2030. Market growth in the Asia Pacific can be attributed to the presence of a large and growing patient population, a gradual shift toward adopting technologies such as automation, data analytics, and cloud computing, and increasing spending on HCIT infrastructure.
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The global digital twins in healthcare market, valued at US$2.69B in 2024, is forecasted to grow at a 68.0% CAGR, reaching US$4.47B by 2025 and US$59.94B by 2030. AI and machine learning algorithms can help analyze and interpret large volumes of data, identify trends, and forecast outcomes, particularly as data from sources like healthcare providers and payers become more accessible.
Global life science analytics market valued at $35.69B in 2024, reached $40.03B in 2025, and is projected to grow at a robust 11.4% CAGR, hitting $68.81B by 2030. Emerging technologies like artificial intelligence (AI), quantum computing, and cognitive computing play a vital role in transforming large volumes of raw data into actionable insights.
Global hospital information systems (HIS) market valued at $58.13B in 2024, reached $63.80B in 2025, and is projected to grow at a robust 10.6% CAGR, hitting $116.75B by 2030. Market growth in the Asia Pacific can be attributed to the growing patient population, an increasing need for innovative solutions, the rising emergence of big data in healthcare, and increasing spending on hospital systems infrastructure.
The global pharmacy automation market, valued at US$6.23B in 2023, is forecasted to grow at a 7.1% CAGR, reaching US$6.65B by 2024 and US$10.00B by 2030. The growth of the market is mainly fueled by the increasing incidence of chronic diseases, enhancing the need for effective and precise management of drugs. Moreover, the requirement of efficient pharmacy operations to boost the efficiency of the workflow and cut down medication mistakes is accelerating the usage of automation.
The global AI in remote patient monitoring market, valued at US$1551.8B in 2023, is forecasted to grow at a 27.5% CAGR, reaching US$1,967.7B by 2024 and US$8,438.5B by 2030. The growth of the AI in remote Patient Monitoring (RPM) market is driven by the expansion of telehealth services and the rising need for easier access to healthcare. Supportive policies, like the 2025 updates from the US Centers for Medicare & Medicaid Services and the Telehealth Modernization Act, are helping expand telehealth access and improve virtual patient care.
The global clinical communication and collaboration market, valued at US$2.36 billion in 2023, stood at US$2.59 billion in 2024 and is projected to advance at a resilient CAGR of 13.2% from 2024 to 2029, culminating in a forecasted valuation of US$4.82 billion by the end of the period. Growth of the market is mainly driven by advantages of clinical communication solutions in enhancing patient care and safety, significant demand for cost-containment solutions within healthcare delivery systems, rising geriatric population, along with the growing adoption and prominence of big data and mHealth tools.
The global eclinical solutions market, valued at US$10.26 billion in 2023, stood at US$11.62 billion in 2024 and is projected to advance at a resilient CAGR of 13.7% from 2024 to 2029, culminating in a forecasted valuation of US$22.09 billion by the end of the period. eClinical solutions outperform traditional ways of clinical trials in terms of clinical trial efficiency, site performance, reduced research effort, and cost efficiency; this has significantly contributed to market growth.
The global remote patient monitoring market, valued at US$24.39B in 2023, is forecasted to grow at a 12.7% CAGR, reaching US$27.72B by 2024 and US$56.94B by 2030. The key drivers behind this growth include increasing chronic diseases, home healthcare preferences, advances in wearable technology, and the digital transformation of healthcare.
The global telehealth and telemdicine market, valued at US$83.62B in 2023, is forecasted to grow at a 11.5% CAGR, reaching US$94.14B by 2024 and US$180.86B by 2030. The telehealth and telemdicine market is experiencing significant growth primarly driven by the growing geriatric and medically underserved (especially rural) populations, the growing prevalence of chronic conditions, the benefits of telehealth & telemedicine given the current shortage of physicians and care personnel, and advancements in telecommunication technologies, and expansion of remote patient monitoring (RPM) systems.
The global sleep software market, valued at US$776.2 million in 2023, stood at US$878.9 million in 2024 and is projected to advance at a resilient CAGR of 10.1% from 2024 to 2030, culminating in a forecasted valuation of US$1,569.2 million by the end of the period. The market growth is mainly fueled by increased awareness of sleep health and the rising adoption of wearable technologies and AI-based solutions.
The global biosimulation market, valued at US$3.64 billion in 2023, stood at US$4.24 billion in 2024 and is projected to advance at a resilient CAGR of 16.7% from 2024 to 2029, culminating in a forecasted valuation of US$9.18 billion by the end of the period. The major factors driving the growth of this market include the high rate of clinical trial failures, the increasing necessity to predict drug pharmacokinetics and pharmacodynamics, and the importance of toxicity management. According to a research article published by the National Library of Medicine in February 2022, the drug discovery and development process takes approximately 10-15 years for a new drug to be approved for clinical use, with 90% of drug candidates failing during phases I, II, and III of clinical trials and the approval process.
The global healthcare EDI market, valued at US$4.1 billion in 2023, stood at US$4.5 billion in 2024 and is projected to advance at a resilient CAGR of 9.7% from 2024 to 2029, culminating in a forecasted valuation of US$7.1 billion by the end of the period. Growth in the market is mainly driven by the increasing number of claims submissions, the growing use of API integrations, improved interoperability standards (HL7 and FHIR integrations), and regulatory mandates for healthcare EDI solutions.
The global AI in biotechnology market, valued at US$2.73 billion in 2023, stood at US$3.23 billion in 2024 and is projected to advance at a resilient CAGR of 19.1% from 2024 to 2029, culminating in a forecasted valuation of US$7.75 billion by the end of the period. The demand for advanced data analysis, precision medicine, and faster drug development is driving the growth of AI in biotechnology market.
The global advanced visualization market, valued at US$3.36 billion in 2023, stood at US$3.78 billion in 2024 and is projected to advance at a resilient CAGR of 11.7% from 2024 to 2029, culminating in a forecasted valuation of US$6.55 billion by the end of the period. Technological advancements in advanced visualization tools, the rising need for early detection of diseases, and the growing support from government & private organizations are key factors driving the market growth.
The global healthcare analytics market, valued at US$36.29 billion in 2023, stood at US$44.83 billion in 2024 and is projected to advance at a resilient CAGR of 24.3% from 2024 to 2029, culminating in a forecasted valuation of US$133.19 billion by the end of the period. The growth of the market is primarily driven by increasing initiatives to boost EHR adoption, growing demand for data-driven decision-making, cost management, and operational efficiency, regulatory mandates aimed at improving value-based care, and rising venture capital investments in healthcare analytics startups.
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The global healthcare supply chain management market, valued at US$3.51 billion in 2023, stood at US$3.71 billion in 2024 and is projected to advance at a resilient CAGR of 5.3% from 2024 to 2030, culminating in a forecasted valuation of US$5.06 billion by the end of the period. Growth in the North American market can be attributed to the high per capita healthcare expenditure, ongoing technological developments, and the presence of a large number of key players in the region.
The global artificial Intelligence (AI) in medical imaging market, valued at US$1.29 billion in 2023, stood at US$1.65 billion in 2024 and is projected to advance at a resilient CAGR of 22.4% from 2024 to 2029, culminating in a forecasted valuation of US$4.54 billion by the end of the period. The factors driving the market growth include increasing government initiatives on AI-based technologies, higher funding for AI startups, a massive inflow of big data, and growing cross-industry collaborations.
The global clinical informatics market, valued at US$198.33 billion in 2023, stood at US$231.45 billion in 2024 and is projected to advance at a resilient CAGR of 16.0% from 2024 to 2030, culminating in a forecasted valuation of US$563.18 billion by the end of the period. Technological advancements in clinical informatics solutions, the rising need for improved data standardization, and the growing adoption of integrated solutions in clinical applications are key factors driving the market growth.
The global AI in oncology market, valued at US$1.92 billion in 2023, stood at US$2.45 billion in 2024 and is projected to advance at a resilient CAGR of 29.4% from 2024 to 2030, culminating in a forecasted valuation of US$11.52 billion by the end of the period. The AI in oncology market is experiencing significant growth due to rising investments in the pharmaceutical and biotech companies to develop potential and advance cancer drugs to reduce the growing cancer burden worldwide.
The global AI in clinical trials market, valued at US$1.20 billion in 2023, stood at US$1.35 billion in 2024 and is projected to advance at a resilient CAGR of 12.4% from 2024 to 2030, culminating in a forecasted valuation of US$2.74 billion by the end of the period. The AI in clinical trials market is experiencing significant growth driven by increasing demand for patient-centred and patient-driven situated trials, where AI improves remote monitoring of patients along with improving retention and recruitment of patients.
The global AI in medical diagnostics market, valued at US$1.33 billion in 2023, stood at US$1.71 billion in 2024 and is projected to advance at a resilient CAGR of 22.5% from 2024 to 2029, culminating in a forecasted valuation of US$4.72 billion by the end of the period. Growth in the AI in medical diagnostics market is primarily driven by the growing demand for AI tools, increasing focus on reducing the workload of radiologists, influx of large & complex datasets, funding for AI-based startups, and growing cross-industry partnerships & collaborations.
The global AI in Precision Medicine market, valued at US$0.60 billion in 2023, stood at US$0.78 billion in 2024 and is projected to advance at a resilient CAGR of 30.7% from 2024 to 2030, culminating in a forecasted valuation of US$3.92 billion by the end of the period. Growth in precision medicine, AI’s efficiency in drug discovery, integration of Real-World Evidence (RWE) in emerging markets to drive the market significantly.
The global healthcare IT market, valued at US$368.15 billion in 2023, stood at US$420.23 billion in 2024 and is projected to advance at a resilient CAGR of 14.7% from 2024 to 2029, culminating in a forecasted valuation of US$834.35 billion by the end of the period. The growth of the market is mainly driven by technological advancements, rising adoption of telehealth solutions, and increasing importance of user-generated digital health data.
The global AI in drug discovery market, valued at US$1.39B in 2023, is forecasted to grow at a 29.9% CAGR, reaching US$1.86B by 2024 and US$6.89B by 2029.The growth of this market is primarily driven by the growing number of cross-industry collaborations and partnerships, the need to control drug discovery & development costs and reduce the overall time taken in this process, and the increasing focus on oncology indication.
The global antimicrobial susceptibility testing market, valued at US$4.28 billion in 2023, stood at US$4.45 billion in 2024 and is projected to advance at a resilient CAGR of 5.0% from 2024 to 2029, culminating in a forecasted valuation of US$5.68 billion by the end of the period. Major driving factors for market growth include the increasing prevalence of antibiotic-resistant infections and a greater demand for effective treatments.