Major Growth Boosting Factors:
The growth in the healthcare IT market is mainly driven primarily 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. Market growth is hindered due to 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.
Major Revenue Growth Expectations:
The global Healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
Global Industry Segmentation:
By product and services type segment, the healthcare provider solutions segment accounted for the largest market share during the forecast period.
Based on products and services, the healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment accounted for the largest share of the global healthcare IT market in 2020. The large share of this segment is attributed to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.
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In the HCIT outsourcing services segment, the largest contribution was IT infrastructure management services. The growth of this segment is driven by the growing demand for various HCIT solutions and the increasing use of cloud-based technologies.
North America dominates the Healthcare IT market during the forecast period.
North America accounted for the largest share of the Healthcare IT market in 2020. This can be attributed to 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. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to rising medical tourism, the implementation of new ICT guidelines in Japan, investments and reforms to modernize China’s healthcare infrastructure, the rapidly growing healthcare industry in India, and the implementation of IT programs in Australia and New Zealand. In addition, government initiatives for the adoption of HCIT, the growth of the geriatric population, the rising prevalence of chronic diseases, soaring healthcare expenditure, and the growth of purchasing power of consumers will also propel the market.
Key Players:
The major players in the global 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).
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