What This Study Will Help You With:
The study involved four major activities in estimating the size of the North America healthcare IT market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their trends at the country level. Industry experts further validated the data obtained through secondary research through primary research.
Furthermore, the market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product and services, components, and end user). After that, market breakdown and data triangulation methods were used to estimate the size of segments and subsegments.
Expected Revenue Surge:
The North America healthcare IT market size is projected to reach USD 239.9 billion by 2025 from USD 96.3 billion in 2019, at a CAGR of 16.4% during the forecast period.
Major Growth Boosters:
A majority of this growth is attributed to the growing adoption of various healthcare IT solutions by providers to meet the heightened regulatory requirements for patient care and safety, increasing need to curtail soaring healthcare costs, and growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations.
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Target Audience:
# North American healthcare IT manufacturers
# North American healthcare IT distributors
# Healthcare payer companies
# Government associations
# Market research and consulting firms
# Venture capitalists and investors
By end-users, the healthcare providers segment accounted for the largest share of the North America healthcare IT market in 2018
Based on end-users, the North American healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is divided further into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies.
The healthcare payers segment is divided further into private payers and public payers. Hospitals form the largest end-user segment of the North American healthcare IT market, owing to the huge demand for various HCIT solutions among hospitals to manage the increasing load of patient information generated in hospitals and growing need to improve the quality of healthcare while improving operational efficiencies within organizations.
Recent Developments:
# In 2019, Cerner Corporation launched the Next-generation cognitive health platform.
# In 2019, GE Healthcare launched Edison Datalogue and my.Cryochain software.
# In 2019, Cerner Corporation collaborated with Uniform Data System for Medical Rehabilitation to integrate their solutions that would help improve workflow for inpatient rehabilitation facilities.
# In 2019, Epic Systems partnered with Teledoc Health to integrate Teledoc Health’s virtual care platform to Epic’s App Orchard that would help the company conduct telehealth video visits.
North America will continue to dominate the North America healthcare IT market during the forecast period
The market, by country, is segmented into the US, Canada, and Mexico. US accounted for the largest share of the North America healthcare IT industry in 2018 due to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies, such as EPIC Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Infor, Inc. (U.S.), and Allscripts Healthcare Solutions, Inc.
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Major Players:
Some of the prominent players operating in the North American healthcare IT market are McKesson Corporation (US), Oracle Corporation (US), GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Athenahealth, Inc. (US), Infor, Inc. (US), Cognizant (US), Dell Technologies (US), and CVS Health (US).
