Healthcare IT Market to Register Substantial Expansion by 2024

Healthcare IT Market to Register Substantial Expansion by 2024

“The prominent players operating in the healthcare IT market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell”
Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) – Global Forecast to 2024

What is the future growth analysis of global Healthcare IT Market?

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8%

What are key factors driving growth of global Healthcare IT Market?

The growing volume of patient data, an increase in technological know-how, and demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions.

 

What the growth opportunities are in Healthcare IT Market?

1. Rising Use of Healthcare IT Solutions in Outpatient Care Facilities
2. Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets
3. Cloud-Based EHR Solutions
4. Shift Towards Patient-Centric Healthcare Delivery

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Global Market Segmentation:

In the current market scenario, there is a growing demand for Healthcare IT Market. The market has been categorized based on the product, end user and region.

The healthcare provider solutions segment is expected to grow at the highest CAGR in the healthcare IT market, by product and services, during the forecast period. This is attributed to government initiatives to improve the quality of patient care and the need to control growing healthcare costs & improve the efficiency of healthcare services.

The non-clinical solutions is expected to grow at the highest CAGR in healthcare provider solutions market. Technological innovations in the field of IT have led to the development of customized software platforms as per healthcare providers’ requirement. This is boosting the adoption of healthcare IT solutions among end users. In addition, the reduction in reimbursements, loss of revenue due to lack of proper documentation and stringent regulations for quality management are driving the market for non-clinical segment.

Geographic Growth Analysis:

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Factors such as large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC market.

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Key Players In Global Healthcare IT Market:

The prominent players operating in the healthcare IT market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).

Cerner Corporation is a global provider of healthcare information technology (HCIT) solutions. Cerner has a robust HCIT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets. 

The company strategically collaborates with other market players through agreements, partnerships, and collaborations. For instance, in April 2017, Cerner collaborated with NeuroLogix Technologies (US) to integrate the C3Logix concussion management system with Cerner’s HealtheAthlete health management system.

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