The 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.
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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.
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 Insights
The North America healthcare IT market, supported by the presence of established players and investment accounts, is the largest market in the world with the highest market share. Healthcare IT companies in the region might offer a variety of customized solutions. In addition, the abundant availability and widespread use of healthcare software solutions, high-quality healthcare systems, and modern medical technologies, combined with the accessibility to complementary resources, are driving growth in the regional market.
The European market is the world’s second-largest healthcare IT market, driven by technological advances and the growing number of clinical management software used by healthcare professionals, primarily in the United Kingdom, Germany, and France. In addition, health care providers in the region are embracing social media technologies that support market growth in the region.
The Asia Pacific market is expected to post the highest CAGR in the coming years, driven by market growth in countries such as India, Japan, and China, due to growing demand for IT for health services, healthcare spending, and the growing number of healthcare software solution providers. These factors also support the emerging trend of digitizing patient records in health care facilities in this region.
Regions such as Saudi Arabia and the United Arab Emirates, are set to turn the tide in the Middle East and Africa markets, with remarkable growth. The healthcare IT market in Africa is expected to grow sluggishly due to political conditions and adverse economic.
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