Healthcare IT Market Research Report: By Products and Services (Healthcare Provider Solutions, Healthcare Payer Solutions) Component (Services, Software) End-User (Healthcare Providers, Healthcare Payers, Research Centers)- Forecast Till 2027
Healthcare IT Market Overview
The healthcare IT market size is anticipated to reach USD 1,92,638.5 Million at a CAGR of 12% during the forecast period of 2020 to 2027. Healthcare information technology or healthcare IT is a significant branch of IT that deals with designing, creating, developing, and maintaining information systems in clinics, hospitals, and other healthcare organizations. Healthcare IT provides various opportunities and advantages to transform and improve the healthcare industry. The Healthcare IT Market Trends can reduce human errors, improve clinical outcomes, facilitate better care coordination, enhance efficiencies of healthcare practice, and track data effectively.
Growth Drivers and Deterrents
Increased focus on preventive care and the rising spending on several mobile health start-ups have been favorable for the healthcare IT industry. The mounting network coverage along with the surging advances in network infrastructure also add to the market value. Technological innovations, with respect to healthcare IT and its infrastructure, including the implementation of IoT, big data and AI in multiple processes are significant growth boosters. Patients’ demand for better and more efficient treatment combined with the growing awareness about the upgraded and the latest technologies can enhance the market share in the ensuing period.
Segmentation
The global healthcare IT market has been segmented on the basis of products and services, component, and end-user.
On the basis of products and services, the global healthcare IT market can be segmented into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services, and others.
Leading Vendors
The strongest contenders in the global market for healthcare IT include Cerner Corporation (U.S.), Oracle Corporation (U.S.), Infor, Inc. (U.S.). Cognizant Technology Solutions Corporation (U.S.), Spok Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies (U.S.), McKesson Corporation (U.S.), McKesson Corporation, (U.S.), United Healthcare Group (U.S.), athenahealth, Inc. (U.S.), Koninklijke Philips N.V. (The Netherlands), Wolters Kluwer (Netherland), IBM (U.S.), 3M health Information Systems (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Kronos Incorporated (U.S.), GE Healthcare (UK), Orion Health (New Zealand), CSI Healthcare IT (U.S.), Syntel Inc. (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Lexmark Healthcare (U.S.), Conifer Health Solutions (U.S.), and many more.
Regional Insight
The American market for healthcare IT is in the lead, primarily due to the large-scale healthcare expenditure coupled with the frequent deployment of the latest medical technologies. The US market should perform incredibly well in the coming years, thanks to the soaring need to follow the strict regulatory guidelines, government efforts with respect to eHealth, and the growing need to curb the mounting healthcare costs.
Europe could be the second strongest contender in the global market, owing to the rising pressure to bring down the huge healthcare costs coupled with the frequent technological advances in terms of IT in the healthcare industry. Local firms’ efforts to bolster their solution and service portfolio for enhanced profit margins could also work in favor of the European market in the years to come.
Asia Pacific could attain the fastest CAGR in the coming years, with the rapid development in healthcare infrastructure paired with the expanding number of healthcare IT firms in China and India. Increasing funds obtained by the research and development centers, rise in reforms that aim to improve the healthcare infrastructure and the financial assistance provided by the government can further warrant significant prospects for the APAC market.
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