The healthcare IT market is projected to reach USD 280.25 Billion by 2021 from USD 134.25 Billion in 2016, at a CAGR of 15.9% during the forecast period. Factors such as growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, high return on investment for HCIT solutions, growing focus on improving quality of care and clinical outcomes, emergence of accountable care organizations, and rising usage of Big Data analytics are driving the healthcare IT market.

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The global healthcare IT market is segmented on the basis of product & service, component, and end user. On the basis of product and service, the healthcare IT market is divided into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment is further segmented into clinical solutions and nonclinical solutions. The healthcare IT outsourcing services market is segmented into provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT outsourcing services, and IT infrastructure management services.

On the basis of component, the market is segmented into services, software, and hardware. In 2015, the services segment accounted the largest share of the global healthcare IT market. On the basis of end user, the market is categorized into healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies. The hospitals segment accounted for the largest share of the global healthcare IT market in 2015, and this segment is poised to grow at the highest CAGR during the forecast period.