Healthcare IT Market Size

Healthcare IT Market Size is Forecast to Reach USD 910 Bn by 2027 Says Nova one advisor

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[150+ Pages Research Report] According to the recent analysis research report; the global Healthcare IT Market in 2020 was approximately USD 252 Billion. The market is expected to grow at a CAGR of 23.4% and is anticipated to reach around USD 910 Billion by 2027. Top market players are Philips Healthcare; Agfa Healthcare; Hewlett-Packard Enterprise; Carestream Health; GE Healthcare; E-MDS, Inc.; Athenahealth, Inc.; eClinicalworks; McKesson Corporation ,Change Healthcare, Koninklijke Philips N.V.

Growth Factors:

The growth in the healthcare IT market is mainly driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.

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Market Dynamics
Driver:
In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years. In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The length of the data and its heterogeneity make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.

Restraint:
Cost issues are one of the major barriers to the adoption of healthcare IT solutions. The maintenance and software update costs of these systems are more than the price of the software. Support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure amounting to almost 30% of the total cost of ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of ownership of these systems. The implementation cost of healthcare IT solutions in healthcare systems of emerging economies is even more as they also require capital for building an infrastructure needed for implementing healthcare IT solutions. Therefore, hospitals often prefer investing in the core technologies directly linked to patient quality of care than investing in allied departments. Thus, the high cost of deployment and maintenance restricts smaller healthcare organizations from investing in healthcare IT solutions, especially in the emerging markets across the APAC and Latin America.

Opportunity:
In response to the rising pressures on health systems to lower the cost of care, the industry is shifting towards outpatient settings to reduce the care cost. In addition, convenience is another important factor driving the rise of ambulatory care. With the increase in the number of outpatient settings and patient influx, the demand and usage of healthcare IT solutions in outpatient settings will increase.

By product & services segment, the healthcare provider solutions segment accounted for the largest market share in 2020
Among the products & services segment, the healthcare provider solutions segment accounted for the largest market share in 2020. The large share of this segment is attributed to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.

In the healthcare provider solutions segment, clinical healthcare IT solutions accounted for the largest market share during the forecast period. This can be attributed majorly to The increasing demand for improved patient safety and patient care, stringent regulations, and the increasing need for integrated healthcare systems.

Under the segment of the HCIT outsourcing services, IT infrastructure management services held the largest share during the forecast period. Growth in this market is mainly driven by the growing demand for various HCIT solutions and the increasing use of cloud-based technologies.

Asia-Pacific is the fastest-growing market for healthcare IT market during the forecast period.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to rising medical tourism, the implementation of new ICT guidelines in Japan, investments and reforms to modernize China’s healthcare infrastructure, the rapidly growing healthcare industry in India, and the implementation of IT programs in Australia and New Zealand. In addition, government initiatives for the adoption of HCIT, the growth of the geriatric population, the rising prevalence of chronic diseases, soaring healthcare expenditure, and the growth of purchasing power of consumers will also propel the market.

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare IT market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Healthcare IT Market include:  Philips Healthcare; Agfa Healthcare; Hewlett-Packard Enterprise; Carestream Health; GE Healthcare; E-MDS, Inc.; Athenahealth, Inc.; eClinicalworks; McKesson Corporation

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

  • By Product & Services
  • Healthcare Provider Solutions
    • EHR
    • Population Health Management Services
    • Specialty Information Management Systems
    • PACS & VNA
    • Mobile Health Applications
    • HCIT Integration Systems
    • Telehealth Solutions
    • Medical Image Analysis Systems
    • Laboratory Information Systems
    • Practice Management Systems
    • Clinical Decision Support Systems
    • Computerized Physician Order Entry Systems
    • Cardiovascular Information Systems
    • Patient Registry Software
    • Infection Surveillance Solutions
    • Radiation Dose Management Solutions
    • Clinical Solutions
  • Non-Clinical Solutions
    • Front-End RCM Solutions
    • Mid-RCM Solutions
    • Back-End RCM Solutions
    • Healthcare Asset Management Solutions
    • Revenue Cycle Management Solutions
  • Healthcare Analytics
    • Clinical Analytics
    • Financial Analytics
    • Operation and Administrative Analytics
  • Customer Relationship Management Solutions
  • Pharmacy Information Systems
  • Healthcare Interoperability Solutions
  • Healthcare Quality Management Solutions
  • Supply Chain Management Solutions
    • Procurement Management Solutions
    • Inventory Management Solutions
  • Medication Management Systems
    • Electronic Medication Administration Systems
    • Barcode Medication Management Systems
    • Medication Inventory Management Systems
    • Medication Assurance Systems
  • Workforce Management Solutions
  • Financial Management Systems (Billings & Accounting)
  • Healthcare Information Exchanges
  • Medical Document Management Solutions
  • Healthcare Payer Solutions
    • IT Infrastructure Management Services
    • Payer HCIT Outsourcing Services
      • Claims Management Services
      • Provider Network Management Services
      • Billing and Accounts Management Services
      • Fraud Analytics Services
      • Other Payer HCIT Outsourcing Services
    • Revenue Cycle Management Services
    • Medical Document Management Services
    • Laboratory Information Management Services
    • Other Provider HCIT Outsourcing Services
    • Supply Chain Management Services
    • Business Process Management Services
    • Other Operational IT Outsourcing Services
    • Claims Management Solutions
    • Population Health Management Solutions
    • Pharmacy Audit and Analysis Solutions
    • Payment Management Solutions
    • Customer Relationship Management Solutions
    • Member Eligibility Management Solutions
    • Fraud Analytics Solutions
    • Provider Network Management Solutions
    • HCIT Outsourcing Services
    • Provider HCIT Outsourcing Services
    • Operational HCIT Outsourcing Services
  • By Component
    • Services
    • Software
    • Hardware
  • By End User
    • Hospitals
    • Ambulatory Care Centers
    • Home Healthcare Agencies & Assisted Living Facilities
    • Diagnostic & Imaging Centers
    • Pharmacies
    • Private Payers
    • Public Payers
    • Healthcare Providers
    • Healthcare Payers

Regional Segmentation:

– North America Region (U.S., Canada, Mexico)

– Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)

– Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

– South America Region (Brazil, Argentina, Columbia, Rest of South America)

– The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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Scope of the Study

This Healthcare IT market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Final Report will add the analysis of the impact of COVID-19 on this industry.

Important years considered for this report:

Historical Years: 2017-2019

Base Year: 2020

Forecast Period: 2021-2027

Key Points Covered in Healthcare IT Market Survey

  • Demand will remain high in the U.S., backed by favourable reimbursement policies and presence of some of the leading market players.
  • Europe will continue showcasing high demand. Sales will remain high, especially in the U.K., Germany, France, and other countries.
  • China and India will exhibit high demand for Healthcare IT, backed by expanding healthcare sector.
  • Focus on research and development will increase in Brazil, creating opportunities for the expansion of the Healthcare IT market.
  • Hospitals are expected to showcase higher demand for Healthcare IT on account of greater access to advanced technologies and higher footfall of patients.
  • Driven by the presence of some of the leading pharmaceutical producers, demand in the Japan Healthcare IT market will continue increasing at a high pace.

Some of the key highlights covered in the report include:

  • Healthcare IT Market Demand-Supply Analysis -The report covers detailed insights into demand and supply forces prevailing in the global Healthcare IT market. It examines trends and factors influencing demand for Healthcare IT globally and gauges the impact of the same on the production.
  • Healthcare IT Pricing Analysis – The report presents exclusive pricing analysis. It compares pricing strategies adopted by the leading market players and identifies the most remunerative strategies.
  • Market Segmentation – The report segments the global market in terms of diverse criteria. It identifies the leading segment within each category and identifies growth drivers and restraints affecting growth across each segment.
  • Regional Analysis – The report segments the market in terms of North America, Europe, Latin America, Asia Pacific, and Rest of the World in terms of region. It has chapters exclusively dedicated to analyzing growth trends across each region. It identifies growth drivers as well challenges affecting demand for Healthcare IT across the world.
  • Competitive Analysis – Some of the leading market players are profiled in the report on Healthcare IT. The report offers estimation of share individually helps by the market players and determines the impact of some of their popular strategies.
  • COVID-19 Impact Analysis – This chapter is exclusively dedicated to gauging how the market has evolved or will develop in the post-pandemic era.
  • Growth Recommendations – In the end, the report presents valuable recommendations to ready businesses for unforeseen challenges in the near future.

Why should you invest in this report?

If you are aiming to enter the global Healthcare IT market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Healthcare IT are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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