Healthcare IT Market Insight
Global healthcare IT market is expected to exhibit a robust 15% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global healthcare IT market is mainly driven by the growing adoption of IT solutions in the healthcare sector in developing countries, where the healthcare IT market has a vast scope due to the relatively underdeveloped network of healthcare IT resources. Healthcare IT solutions are being implemented in clinical as well as nonclinical applications in the healthcare sector, thus driving the scope of the global healthcare IT market. Increasing government support for healthcare IT solutions is also likely to be a major driver for the global healthcare IT market. Governments are becoming increasingly supportive of healthcare IT solutions due to the improvement they bring about in the efficiency of the healthcare sector. This is likely to remain a major driver for the global healthcare IT market.
The growing deployment of electronic patient data storage systems is likely to be a major driver for the global healthcare IT market over the forecast period. Due to the convenience of having medical data available on mobile phones, many patients prefer electronics healthcare record systems. Hospitals are tapping into this consumer demand to install new and advanced patient data storage systems. The increasing use of telehealth solutions is also likely to increase the need for electronic data storage systems in the healthcare sector, thus driving the global healthcare IT market at a strong pace.
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Healthcare IT Market Competitive Analysis:
Leading players in the global healthcare IT market include Spok Inc., Syntel Inc., CSI Healthcare IT, Orion Health, Lexmark Healthcare, Anthelio Healthcare Solutions Inc., Kronos Inc., Conifer Health Solutions, 3M Health Information Systems, IBM, Wolters Kluwer, Koninklijke Philips NV, GE Healthcare, United Healthcare Group, McKesson Corporation, Dell Technologies, athenahealth Inc., Cognizant Technology Solutions Corporation, Infor Inc., Oracle Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation, and Epic Systems Corporation.
In December 2019, Cerner extended its collaboration with Amazon Web Services by selecting the latter as its official provider of AI and machine learning solutions.
Healthcare IT Market Segmentation:
The global healthcare IT market is segmented on the basis of product and service, component, end use, and region.
On the basis of product and service, the global healthcare IT market is segmented into healthcare provider solutions, healthcare payer solutions, healthcare IT outsourcing services, and others.
By component, the global healthcare IT market is segmented into services, software, and hardware.
On the basis of end use, the global healthcare IT market is segmented into healthcare providers, healthcare payers, research centers, third-party administrators, and government institutes. The healthcare providers segment is further sub-segmented into hospitals, ambulatory care centers, home healthcare agencies, nursing homes, assisted living centers, diagnostic and imaging centers, and pharmacies. The healthcare payers segment is further subdivided into private and public payers.
Healthcare IT Market Regional Analysis:
The Americas region accounted for the largest share in the global healthcare IT market and is likely to retain the position over the forecast period. The Americas are home to some or most of the largest players in the global healthcare IT market, leading to consistent product innovation and development in the region. This has been a major driver for the healthcare IT market in North America, where widespread adoption of healthcare IT solutions has been made possible by the presence of leading players, the widespread usage of smartphones, and the increasing government support to healthcare IT solutions. Modern medical technology finds its spiritual home in North America, where many of the leading pioneers in the healthcare IT sector are located. This is likely to drive the Americas market for healthcare IT over the forecast period.
Europe is also likely to be a major regional market for healthcare IT over the forecast period due to the growing presence of leading healthcare IT players and widespread adoption of healthcare IT solutions.
Asia Pacific is likely to be an important region for the healthcare IT market going forward, as it is home to some of the fastest developing economies in the world, which house rapidly growing healthcare sectors in which healthcare IT solutions are being adopted in increasing volume. India and China are likely to remain important regional markets over the forecast period.
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