Healthcare IT Market Worth 223.16 Billion USD by 2023Published On: March 1, 2018
Meticulous Research®, leading global market research company published a research report titled ” Healthcare IT Market By Product (EMR, EHR, MHealth, PHM, LIS, RIS, VNA, PACS, RCM, Analytics, EDI, SCM, HIE), Component (Software, Service), Delivery (Web, Cloud) & End User (Hospital, Payor, Pharmacy, Ambulatory, Homecare) – Global Forecast To 2023 “.
According to this latest publication from Meticulous Research®, the global healthcare IT solutions market will grow at a CAGR of 13.7% from 2018 to 2023 to reach USD 223.16 billion by 2023. Factors such as rise in demand of paper-less technology, focus on improving quality of care, growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, growing need to improve quality of patient’s demographic, financial and clinical information, integration of big data in healthcare, and technological advancements are driving the global healthcare IT market.
Emerging economies such as Latin America, Asia Pacific, & Africa provides significant opportunities for various stakeholders in this market. However, interoperability issues and data security & privacy issues are challenging the growth of healthcare IT market to some extent.
Key Market Segments to Watch
The global healthcare IT market is mainly categorized by product (clinical & non-clinical solutions), component (services, software, and hardware), deployment mode (web & cloud based and on-premise), end user (healthcare providers and healthcare payers), and geography. Clinical solutions segment is further segmented into Electronic Health Record (EHR), m-heath solutions, population health management solutions, care management systems, telemedicine, laboratory information systems, computerized physician order entry, Clinical Decision Support System (CDSS), patient registry software, E-Prescribing systems, Radiology Information Systems (RIS), specialty information systems, digital pathology system, PACS & VNA, and other solutions.
Non-clinical solutions segment is further segmented into revenue cycle management solutions, healthcare analytics, supply chain management solutions, workforce management systems, electronic data interchange, medication management solutions, provider network management solutions, HIE & interoperability solutions, customer relationship management solutions, fraud management solutions, and other solutions. On the basis of product type, non-clinical healthcare IT solutions commanded the largest share in the global healthcare IT market in 2017, mainly due to rising patient volume, increasing burden on healthcare systems across globe, growing adoption of health information exchanges (HIEs) and EHR systems, growing insured population and rising number of frauds related with claims, and improved quality of care and clinical outcomes.
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On the basis of deployment mode, web & cloud based solutions accounted for the largest share in the global healthcare IT market in 2017. This large adoption is mainly attributed to the flexibility of working from remote areas, affordability, and automated updating features of web-& cloud-based solutions.
Based on end user, healthcare providers segment commanded the largest share in the global healthcare IT market in 2017, mainly due to the rising patient volume, growing healthcare spending by many countries across globe, growing geriatric population, and increasing adoption of healthcare IT solutions by various healthcare providers. Hospitals segment accounted for the largest share in the global healthcare providers market in 2017, primarily due to growing healthcare infrastructure, rising number of tertiary/specialty care hospitals, rising chronic disease population, increasing demand for quality healthcare, affordable care act, growing demand to manage large patient data, and increasing adoption of HCIT solutions.
North America accounted for the largest share of the global HCIT market, mainly attributed to the growing adoption of various healthcare IT solutions by healthcare providers in order to meet the heightened regulatory requirements for patient care and safety, increasing need to curtail soaring healthcare costs, presence of leading HCIT vendors in this region, and growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations. The Asia-Pacific market is estimated to register the fastest growth during the forecast period, owing to the growing healthcare infrastructural activities in the emerging countries such as China, India, Thailand, Indonesia, and Vietnam.
Key players in the global market
The key players in the global healthcare IT market are McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Optum Health (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), Optum, Inc. (U.S.), and Infor, Inc. (U.S.).
Key questions answered in the report-
- Which are the high growth market segments in terms of product type, component, deployment mode, end user, and regions/countries?
- What is the historical market for healthcare IT solutions across the globe?
- What are the market forecasts and estimates from the period 2018-2023?
- What are the major drivers, restraints, opportunities, and challenges in the global healthcare IT market?
- Who are the major players in the global healthcare IT market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- What are the competitive landscapes and who are the market leaders by sub-region in the global healthcare IT market?
- What are the recent developments in the global healthcare IT market?
- What are the different strategies adopted by the major players in the global healthcare IT solutions market?
- What are the geographical trends and high growth regions/ countries?
- Who are the local emerging players in the global healthcare IT solutions market and how do they compete with the global players?
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