Expected Growth in Revenue Generation:
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.
Major Growth Boosting Factors
The demand for healthcare IT solutions and services is driven by government mandates & support for healthcare IT solutions, rising use of big data in healthcare, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the healthcare IT market. These methods were also used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research.
# The industry’s market size, in terms of value, has been determined through primary and secondary research.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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Data Triangulation:
After arriving at the overall market size—using market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Industry Segmentation:
“The healthcare provider solutions segment is estimated to grow at the highest CAGR during the forecast period”
The healthcare provider solutions segment is estimated to witness the highest growth in the Healthcare IT market, by product and services, 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.
“The healthcare payer fraud detection analytics market is estimated to witness high growth from 2019 to 2024”
Based on healthcare payers solutions, the market is segmented into claims management, customer relationship management, payer fraud analytics solutions, provider network management, pharmacy audit & analysis, member eligibility management, population health management solutions, and payment management solutions. The fraud analytics solutions is estimated to witness high growth from 2019 to 2024.
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Geographical Growth Scenario:
“North America dominated the Healthcare IT market in 2018”
The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018.
The large share of this region can be attributed to the technological competencies of healthcare industry and presence of well-established healthcare IT infrastructure in this regions. Changing regulatory requirements for improving quality of healthcare and increasing patient safety and rising healthcare expenditures are some of the key factors driving the growth of the healthcare IT market in North America.
Global Industry Players:
Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Cerner Corporation (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands) and Epic Systems (US) are some of the leaders in the healthcare IT solutions market.
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