The global healthcare IT market accounted for a value of USD 177.2 billion in 2019. And is projected to register growth at a CAGR of 11.7% during forecast period.
COVID-19 has impacted the healthcare IT market as it has opened various opportunities for information technology in healthcare. The tele-health solution is gaining immense popularity due to social distancing norms. Due to this pandemic, IT sector is very beneficial in stopping corona transmission within hospital staff. The healthcare IT market is likely to witness boost during COVID-19.
For more details, visit: Global Healthcare Information Technology Market By Application (Electronic Health Records, Laboratory Information Systems, Others.), By End-Users (Healthcare Providers and Healthcare Payers) By Region, Forecast & Opportunities to 2026
The adoption of healthcare IT is increasing in various regions of the world as it helps in improving chronic disease management as the chronic diseases are increasing in the world. The demand for preventive care is increasing and the investment is also increasing healthcare sector around the world. This drives growth in healthcare IT during forecast period.
On the basis of end-users, the healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is projected to register growth at highest CAGR during forecast period. Governments across the world have adopted various initiatives in order to improve quality of patient care. Healthcare providers help in reducing costs and improve efficiency of healthcare services. Healthcare providers adopting healthcare IT at large scale and this drives growth in healthcare provider end-users during forecast period.
On the basis of application, the healthcare IT market is segmented into electronic health records, computerized provider order entry system, PACS, laboratory information systems, electronic prescribing systems, clinical information systems and tele-healthcare. The electronic health records (EHR) segment is accounted for 41.4% of share in 2019. The demand for EHR was very high in 2019.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The population is very large in this region. China and India together contributes the largest population size. The per capita income is increasing which results in increase in spending on medical by people. The investment is increasing on healthcare segment. The adoption of IT and various new technologies is also increasing in this region and major companies are establishing their facilities in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in healthcare IT industry are Optum, Cerner Corporation, Cognizant, Change Healthcare, Philips, EPIC Systems Corporation, Dell Technologies, Allscripts, Athenahealth, General Electric, Conduent, Conifer, Nuance, 3M, Oracle, IBM, Inovation, Infor and Intersystems.
- What are the expected industry trends over the next three to five years?
- Which of the healthcare IT application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?