Healthcare IT Market Worth $511.06 Billion by 2027, Growing at a CAGR of 13.8% from 2019.

Digitization of healthcare is one of the prime focuses among the governments across the globe. The healthcare IT companies are highly competitive across the globe with the presence of several large and small players. The healthcare clinical IT solutions market is highly fragmented in nature with top five players accounting for less than 25% share of the overall market.

Meticulous Research®– leading global market research company published a research report titled “Healthcare IT Market  by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode  (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare)- Global Forecast to 2027”. 

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According to this latest publication from Meticulous Research®, the Healthcare IT Market is projected to grow at a CAGR of 13.8% from 2019 to 2027 to reach $511.06 billion by 2027. The growth of healthcare IT market is mainly attributed to the increasing awareness about the value of digital health in reducing healthcare costs, easy data accessibility and data sharing, government mandates and financial incentives for adoption of HCIT solutions, shift towards value-based care, rising use of big data in healthcare management, and rising incidence of chronic diseases. However, high installation & maintenance cost and lack of required IT infrastructure in the developing countries are restraining market growth to a certain extent.

The global healthcare IT market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2027-by product type [(healthcare provider solutions (clinical and non-clinical solutions), healthcare payer solutions claims management solutions, customer relationship management solutions, fraud analytics solutions, provider network management solutions, pharmacy audit and analysis solutions, member eligibility management solutions, population health management solutions, and payment management solutions), and healthcare IT outsourcing services (provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT Outsourcing services, and IT infrastructure management services)], delivery mode (on-premises and wed & cloud based), component (services, software, and hardware), end-user [healthcare providers (hospitals, ambulatory centers, home healthcare & assisted living centers, diagnostic centers, and pharmacies), healthcare payers (public payers and private payers)]. The study also evaluates industry competitors and analyzes the market at a regional and country level.

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Based on product type, healthcare provider solutions segment accounted for the largest share of the overall healthcare IT market in 2019 and is also projected to continue its dominance during the forecast period of 2019-2027. The large share of this segment is mainly attributed to the increasing demand for integrated healthcare solutions, growing focus on patient safety & care, rising investments in development of healthcare infrastructure in the emerging countries, increasing demand for quality healthcare, growing number of government initiatives and regulatory mandates on implementing eHealth solutions, and rising awareness about Electronic Health Records (EHRs) and other eHealth solutions.

Based on type, healthcare provider solutions market is further segmented into clinical healthcare IT solutions and non-clinical healthcare IT solutions. Clinical HCIT solutions segment accounted for largest share for the overall healthcare IT market in 2019 and will also be the leading segment during the forecast period of 2019-2027, owing to the factors such as growing focus on patient safety & care, increasing demand for integrated health IT solutions among healthcare providers, transition of healthcare industry towards value based care, and increasing regulatory requirements for healthcare providers to incorporate digitization solutions.

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The healthcare payer solutions market segment mainly comprises claims management solutions, population health management solutions, pharmacy audit and analysis solutions, payment management solutions, member eligibility management solutions, fraud and risk analytics solutions, and provider network management solutions, among others. In 2019, the claims management solutions segment accounted for the largest share of the overall healthcare payer solutions market. The growing volume of claim submissions and transactions processed every day, increasing number of hospital visits or utilization of number of healthcare services by patients are some of the key factors driving the adoption of claims management solutions.

Based on delivery mode, the overall healthcare IT market comprises on-premises and web/cloud-based mode. Web/cloud-based mode accounted for the largest share of this market in 2019 owing to its higher adoption considering the benefits such as on-demand self-serving deployment model, lower upfront cost of deployment, no maintenance cost, lower storage cost, excessive storage flexibility, and enhanced scalability.

Based on component, the healthcare IT market comprises services, software, and hardware. The services segment accounted for the largest share of the overall healthcare IT market in 2019. The largest share of this segment is primarily driven by shift towards cloud-based services, increasing need to reduce healthcare costs, and growing adoption of digital solutions across healthcare organizations.

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Based on end-user, the healthcare IT market comprises healthcare providers and health payers. Healthcare providers accounted for the largest share of the overall healthcare IT market in 2019. The largest share of this segment is primarily attributed to the rising patient volume, growing healthcare spending by the countries across the globe, rising awareness about Electronic Health Records (EHRs), growing geriatric population, and increasing adoption of healthcare IT solutions by healthcare providers.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Benelux, Nordics, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America (RoLA)), and the Middle East & Africa. North America commanded the largest share of the overall healthcare IT market in 2019, followed by Europe and Asia Pacific. However, the healthcare IT market in Asia Pacific region is expected to witness high growth during the forecast period. Growing aging population and resultant increasing incidence & prevalence of chronic diseases is creating a burden on the healthcare systems in Asia-Pacific region, thereby driving the need for eHealth solutions to curtail soaring healthcare costs and enhance healthcare operations to increase volume of patient treated and to ensure patient safety concern.

TOP 10 COMPANIES IN HEALTHCARE IT MARKET – 2020

The major players operating in the global healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.) among others.

Key questions answered in the report-

  • Which are the high growth market segments in terms of products, component, delivery mode, end-users, and region/countries?
  • What was the historical market for healthcare IT solutions across the globe?
  • What are the market forecasts and estimates for the period of 2019-2027?
  • What are the major drivers, restraints, opportunities, and challenges in the healthcare IT market?
  • Who are the major players in the healthcare IT market?
  • How is the competitive landscape and who are the market leaders 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 market?
  • What are the geographical trends and high growth regions/ countries?

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