The global Healthcare IT market is projected to reach USD 829.2 billion by 2026 from USD 319.2 billion in 2021, at a CAGR of 21.0% during the forecast period. The growth in this market is driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets. On the other hand, IT infrastructural constraints in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers.
“The healthcare provider solutions segment accounted for the largest share of the Healthcare IT market in 2020.”
Based on products and services, the Healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The factors attributing to the large revenue of the healthcare provider solutions segment include the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.
“The market in Asia Pacific is projected to witness the highest growth rate during the forecast period (2021–2026).”
North America accounted for the largest share of the Healthcare IT market in 2020. Stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in North America account for their larger market shares.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type (Supply-side): Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C-level: 35%, Director-level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 30%, Asia-Pacific: 20%, Latin America: 3% and Middle East & Africa: 2%
The major players in the Healthcare IT 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), eClinicalWorks (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), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).
The report analyzes the Healthcare IT market and aims at estimating the market size and future growth potential of this market based on various segments such as product and services, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
Reasons To Buy the Report
The report can help established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one, or a combination of the below mentioned five strategies.
This report provides insights into the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the Healthcare IT market. The report analyzes the market based on the products and services, and region.
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and product launches in the Healthcare IT market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of Healthcare IT solutions across regions.
- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the Healthcare IT market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the Healthcare IT markets.