Healthcare IT Market Synopsis
The current report by Market Research Future (MRFR) asserts that the global healthcare IT market 2020 is slated to acquire a substantial market valuation at a moderate CAGR over the review period.
Healthcare IT Market Drivers and Restraints
The market for healthcare IT is estimated to grow at a tremendous rate due to the aggregate demand for improved healthcare facilities along with technological advancements in this field globally. The increasing need to manage regulatory acquiescence through healthcare IT solutions, the rising need to restrain healthcare costs, government funding for HCIT solutions, and greater return on investment for HCIT solutions are the dynamics expected to fuel the market over the review period. On the other hand, the high cost of deployment and reluctance among medical professionals to adopt advanced healthcare IT tools may limit the market growth.
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Healthcare IT Market Segmentation
The global healthcare IT market has been analyzed based on components, products and services, and end-user.
Based on the products and services, the global healthcare IT market can be divided into healthcare provider solutions, HCIT outsourcing services, healthcare payer solutions, and others.
On the basis of components, the global healthcare IT market can be divided into software, services, and hardware.
Based on the end-user, the global healthcare IT market is segmented into healthcare payers, healthcare providers, third-party administrators, research centers, and government institutions.
Healthcare IT Market Regional Overview
The geographical overview global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The Americas region accounted for the major market share of the global healthcare IT market due to the presence of superior healthcare systems and modern medical technology in the country. The Americas dominated the global healthcare IT market owing to the use of healthcare IT solutions that reduces errors associated with healthcare facilities and lowers the cost of treatment thus improving the overall efficiency of the healthcare system.
The European healthcare IT market is the second-largest market, followed by the Asia Pacific. Healthcare providers across Europe are implementing social media technologies, and this is driving the European healthcare IT market.
The Asia Pacific region is projected to display the fastest growth throughout the forecast period due to the augmented economic growth of countries in the region and the growing need to regulate the soaring healthcare costs. These aspects are also accountable for the emerging trend towards the digitalization of patient records among healthcare organizations in this region. Countries such as China and India are displaying rapid growth, followed by South Korea. Consequently, the government in these developing economies have taken numerous efforts to fix the healthcare services and provide better infrastructure. In these conditions, healthcare IT acts as a bridge that connects all healthcare entities, diminishes manual errors, and controls expenses. Though the healthcare information technology sectior in India is still at its promising stage, the demand for healthcare IT solutions is anticipated to increase during the forecast period.
The Middle Eastern region is anticipated to grow at a stable pace owing to factors such as the increasing occurrence of chronic disorders, improving healthcare infrastructure, and growing demand for better healthcare services.
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Healthcare IT Market Competitive Landscape
The top market players indetified by MRFR in the global market are Oracle Corporation (U.S.), Epic Systems Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Cerner Corporation (U.S.), McKesson Corporation, (U.S.), Infor, Inc. (U.S.), Syntel Inc. (U.S.), athenahealth, Inc. (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), United Healthcare Group (U.S.), McKesson Corporation (U.S.), IBM (U.S.), GE Healthcare (UK), Wolters Kluwer (Netherland), Koninklijke Philips N.V. (The Netherlands), Kronos Incorporated (U.S.), 3M health Information Systems (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Conifer Health Solutions (U.S.), Orion Health (New Zealand), Lexmark Healthcare (U.S.), CSI Healthcare IT (U.S.), Spok Inc. (U.S.), and others.
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