Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2024
“The global healthcare IT market is projected to grow at a CAGR of 6.8%”
The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period. The growing volume of patient data, an increase in technological know-how, and demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions. Presently, healthcare systems across the globe are focusing on curtailing rising healthcare expenditure while providing quality care. The advent of information technology in the healthcare and life sciences industries has improved process efficiency in healthcare systems.
“The healthcare providers solutions segment accounted for the largest share of the healthcare IT market, by product and services, in 2018”
The healthcare providers segment is expected to dominate the healthcare IT market during the forecast period. This is attributed to government initiatives to improve the quality of patient care and the need to control growing healthcare costs & improve the efficiency of healthcare services. This segment is also expected to grow at higher CAGR during the forecast period.
“Clinical solutions segment expected to hold largest market share in the healthcare provider solutions market, by type, during the forecast period”
The healthcare provider solutions segment is further categorized into clinical and non-clinical healthcare IT solutions. The clinical solutions segment accounted for the largest share of the healthcare IT provider solutions market in 2018. This segment is also projected to grow at the highest CAGR during the forecast period. Growth in this segment is attributed to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems.
“North America to account for the largest share of the healthcare IT market during the forecast period (2019-2024)”
North America is expected to dominate the healthcare IT market during the forecast period. This is attributed to the large adoption of healthcare IT solutions in this region, stringent regulations regarding quality of healthcare, and the increasing need to curtail escalating healthcare costs through healthcare IT solutions.
A breakdown of supply-side primary participants is mentioned below:
• By Company Type: Tier 1-35%, Tier 2-45%, and Tier 3-20%
• By Designation: C-level-35%, Director-level-25%, Others-40%
• By Region: North America-45%, Europe-20%, Asia Pacific-30%, RoW-5%
Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).
In this report, the healthcare IT market is segmented by product and service, component, end user, and region. This report provides detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and challenges). It also provides a detailed analysis of competitive developments (such as partnerships, agreements, collaborations, mergers & acquisitions, product developments, geographical expansions, and R&D activities) as well as the profiles the key players, their market shares, and their core competencies in the healthcare IT market.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analysis—the market share analysis of top players, company profiles that comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the healthcare IT market; high-growth regions; and market drivers, restraints, and opportunities. The report provides the latest statistics and industry trends, allowing buyers to identify high-growth product segments and potential customers and suppliers, hence driving revenue growth and profitability.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the healthcare IT products offered by the top players operating in the global healthcare IT market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and product launches in the global healthcare IT market.
• Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the healthcare IT market across regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the global healthcare IT market.
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global healthcare IT market.
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