Healthcare IT Market Research Report: By Products and Services (Healthcare Provider Solutions, Healthcare Payer Solutions) Component (Services, Software) End-User (Healthcare Providers, Healthcare Payers, Research Centers)- Forecast Till 2027

Healthcare IT Market Overview

The healthcare IT market size is anticipated to reach USD 1,92,638.5 Million at a CAGR of 12% during the forecast period of 2020 to 2027. Healthcare information technology or healthcare IT is a significant branch of IT that deals with designing, creating, developing, and maintaining information systems in clinics, hospitals, and other healthcare organizations. Healthcare IT provides various opportunities and advantages to transform and improve the healthcare industry. The Healthcare IT Market Trends can reduce human errors, improve clinical outcomes, facilitate better care coordination, enhance efficiencies of healthcare practice, and track data effectively. 

 Potential and Pitfalls

With the growing need to curtail healthcare costs and manage regulatory compliance through healthcare IT solutions, the global healthcare IT market is considered to expand at a rapid pace. Also, high return on investment for healthcare IT solution and government support for healthcare IT solutions are further anticipated to stimulate the global market. Moreover, the ever-increasing population and urbanization are fueling the demand for automated procedures, thereby driving the global market. A steady rise in prominence of big data analytics in the digital healthcare sector is considered to fuel the market growth in the coming years. With the growing prevalence of chronic diseases such as diabetes, cardiovascular ailments, blood pressure, and kidney disorders, the global market for healthcare IT is likely to flourish.

On the flip side, reluctance among the medical professionals to adopt advanced IT tools related to healthcare and high cost of deployment are some of the major factors considered to impede the market growth in the coming years.

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Competitive Dashboard

The major players operating the global market are Allscripts Healthcare Solutions Inc. (U.S.), McKesson Corporation (U.S.), Kronos Incorporated (U.S.), Oracle Corporation (U.S.), United Healthcare Group (U.S.), Cerner Corporation (U.S.), Koninklijke Philips N.V. (The Netherlands), Wolters Kluwer (Netherland), CSI Healthcare IT (U.S.), Infor Inc. (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), GE Healthcare (UK), Dell Technologies (U.S.), Spok Inc. (U.S.), Epic Systems Corporation (U.S.), McKesson Corporation (U.S.), CTS (U.S.), athenahealth Inc. (U.S.), Orion Health (New Zealand), IBM (U.S.), Syntel Inc. (U.S.), Lexmark Healthcare (U.S.), Conifer Health Solutions (U.S.), 3M Health Information Systems (U.S.), and others.

Global Healthcare IT Market: Segmental Analysis

The healthcare IT market has been segmented on the basis of component, products and services, end-users, and region.

By mode of products and services, the global healthcare IT market has been segmented into healthcare payer solutions, healthcare provider solutions, HCIT outsourcing services, and others.

On the basis of component, the healthcare IT market has been segmented into software, services, and hardware.

By mode of end-user, the global healthcare IT market has been segmented into healthcare payers, healthcare providers, third-party administrators, research centers, and government institutions. Among all the regions, hospitals are considered to form the largest end-user segment of the global healthcare IT market. The growth is due to the high demand for various healthcare IT solutions among hospitals to manage the increasing load of patient information generated in the hospitals. Also, the growing need to improve the healthcare quality while improving operational efficiencies within the organizations is likely to fuel the segment growth.

Regional Insights

Geographically, the healthcare IT market span across regions namely, Europe, America, the Middle East and Africa, and Asia Pacific.

Among all the regions, America is considered to hold the largest share in the market and is presumed to maintain its dominance in the coming years. The growth is attributed to the presence of high-quality healthcare systems along with modern medical technology in this region.

Europe registers the second position in the global market as healthcare providers in this region are extensively adopting social media technologies. The Asia Pacific region is considered to register the fastest growth due to the accelerated economic growth of the countries. Also, the growing need to control the soaring healthcare costs are responsible for the emerging trends toward the digitization of patient records.

Industry Updates

November 01, 2018: National Health Service Scotland has recently signed a new agreement with Microsoft in order to deploy Office 365 and migrate all systems to Windows 10 E5. This effort has been made to mitigate any potential threats and boost cyber resilience.

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