|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The healthcare IT market is expected to register a CAGR of nearly 12.5% during the forecast period, with a revenue of approximately USD 95,023 million in 2020, and it is expected to reach USD 192,639 million by 2026.
The healthcare IT market is predicted to witness a positive impact during the COVID-19 pandemic. With the global lockdown and restrictions of travel and hospital visits for nonelective and non-urgent procedures, along with the reluctance of the people in visiting hospitals and clinics in fear of being contacted with the SARS-CoV2 virus, digital healthcare has witnessed a spike within the healthcare systems. The increasing adoption of teleconsultation instead of face-to-face physician consultations during the current pandemic boosted the studied market. Additionally, with the increasing number of COVID-19 patients worldwide, there exists a huge demand for the maintenance and storage of bid data related to patient information, medical reports, financial analytics, and many others. The healthcare IT solutions are expected to ease the process of storage and access of COVID-19 patient's medical reports. Also, as per the research article published in the New England Journal of Medicine 2020, the Office of Civil Rights (OCR) at the Department of Health and Human Services (HHS) announced that it would use its enforcement discretion and will not impose penalties for using HIPAA-noncompliant private communications technologies to provide telehealth services during this public health emergency, which would further enhance the usage of technology infrastructure among healthcare professionals. Thus, COVID-19 is expected to have a direct significant impact on the growth of the studied market during the pandemic.
The rise in the demand for paperless technology, the emergence of social media, and its impact on the healthcare IT industry are some of the major factors responsible for the current growth of the market studied. Along with these, increased funding from governments, various initiatives are taken by the associations for the improvement of healthcare services and infrastructure, and a good return on investments are the other factors augmenting the growth of the market.
In today’s changing healthcare landscape, the usage of the internet and digitalization of the healthcare processes has become important to develop a better understanding of healthcare information technologies and their impact on health communication. Additionally, the high adoption of hospitals toward healthcare IT is driven by the benefits, such as ease of use and saves time, labor, and space. As healthcare Information technology helps in the secure exchange of medical information between consumers, payers, and providers, the demand for healthcare IT solutions is on the rise, globally.
Also, the growing burden of chronic diseases globally plays a vital role in the growth of the studied market, as healthcare IT solutions minimize the risk of misplacement of medical records and help in remote access of patient's health report, globally. Thus, the above-mentioned factors are expected to aid in the growth of the healthcare IT market over the forecast period.
Scope of the Report
According to the United States Department of Health and Human Services, healthcare IT is defined as the application of information processing involving both computer hardware and software that deals with the storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making. The main goal of the health information technology market is to maintain records containing the patients’ health information and delivering it to doctors, patients, or their families, safely and efficiently. The healthcare IT market is segmented by business segment (laboratory information systems (LIS), picture archiving and communication system (PACS) and vendor neutral archive (VNA), radiology information systems (RIS), cardiovascular information system (CVIS), electronic health records (EHR), telemedicine, clinical decision support system (CDSS), claims management solutions, population health management solutions, fraud analytics, provider management services, billing and accounts management services, and other business segments), component (software, hardware, and services), delivery mode (on-premise and cloud-based), end user (payers and providers), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers market size and forecasts for the Healthcare IT market (in USD million) for all the above segments.
|Laboratory Information Systems (LIS)|
|Picture Archiving and Communication System (PACS) and Vendor Neutral Archive (VNA)|
|Radiology Information Systems (RIS)|
|Cardiovascular Information System (CVIS)|
|Electronic Health Records (EHR)|
|Clinical Decision Support System (CDSS)|
|Claims Management Solutions|
|Population Health Management Solutions|
|Provider Management Services|
|Billing and Accounts Management Services|
|Other Business Segments|
Key Market Trends
The Services Sub-segment is Expected to Hold the Highest Market Share in the Component Segment Over the Forecast Period
In the component segment of the healthcare IT market, services are believed to have the largest market size over the forecast period.
The services sub-segment includes both support and maintenance and professional services. Since the implementation of IT in healthcare, the amount of data has been increasing continuously; the storage and maintenance costs of data have increased over the last few years. Additionally, healthcare institutions lack skilled IT professionals to handle this huge amount of data. Hence, the increasing cost, along with the lack of skilled professionals, has compelled several institutions to opt for the maintenance and support services provided by healthcare IT companies.
Also, with the emergence and introduction of cloud-based and other advanced technology platforms in healthcare, the need for services across healthcare IT solutions is in great demand. For instance, in October 2020, Infosys collaborated with Mobile Health AG to set up and manage cloud and infrastructure services and support, security and monitoring, and platform management services for Mobile Health AG across multiple geographies. Thus, the share of the service sub-segments is expected to dominate significantly over the forecast period.
To understand key trends, Download Sample Report
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America, being the developed region, is currently dominating the market for healthcare IT and is expected to continue to hold a large market share for a few more years. The major factors responsible for the region's largest market share in the future are the well-established healthcare industry and better reimbursement facilities in the region. The United States holds the majority of the market in the North American region; this is due to the higher adoption of digital healthcare in the country, along with the high concentration of key market players and rising investments by the companies in research and development activities for the launch of advanced products.
To understand geography trends, Download Sample Report
The healthcare IT market is highly competitive and consists of several major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new services at affordable prices. Companies, like GE Healthcare, Philips Healthcare, Siemens Healthcare, Cerner Corporation, and Allscripts Healthcare Solutions Inc., hold a substantial share in the market.
- In October 2020, Microsoft launched a Microsoft Cloud for Healthcare, which includes managed services, such as Azure, Microsoft 365, Dynamics 365, Power Platform, and partner solutions, to support healthcare firms.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in the Demand for Paper-less Technology
4.2.2 Emergence of Social Media and Its Impact on the Healthcare IT Industry
4.2.3 Increased Government Funding on Healthcare Services and Infrastructure
4.2.4 Good Return of Investments (ROI)
4.3 Market Restraints
4.3.1 Lack of Skilled Personnel
4.3.2 High Maintenance Costs
4.3.3 Reluctance to Shift to New Technology
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Business Segment
5.1.1 Laboratory Information Systems (LIS)
5.1.2 Picture Archiving and Communication System (PACS) and Vendor Neutral Archive (VNA)
5.1.3 Radiology Information Systems (RIS)
5.1.4 Cardiovascular Information System (CVIS)
5.1.5 Electronic Health Records (EHR)
5.1.7 Clinical Decision Support System (CDSS)
5.1.8 Claims Management Solutions
5.1.9 Population Health Management Solutions
5.1.10 Fraud Analytics
5.1.11 Provider Management Services
5.1.12 Billing and Accounts Management Services
5.1.13 Other Business Segments
5.3 Delivery Mode
5.4 End User
5.5.1 North America
22.214.171.124 United States (By Business Segment, By Component, By Delivery Mode, and By End User)
126.96.36.199 Canada (By Business Segment, By Component, By Delivery Mode, and By End User)
188.8.131.52 Mexico (By Business Segment, By Component, By Delivery Mode, and By End User)
184.108.40.206 Germany (By Business Segment, By Component, By Delivery Mode, and By End User)
220.127.116.11 United Kingdom (By Business Segment, By Component, By Delivery Mode, and By End User)
18.104.22.168 France (By Business Segment, By Component, By Delivery Mode, and By End User)
22.214.171.124 Italy (By Business Segment, By Component, By Delivery Mode, and By End User)
126.96.36.199 Spain (By Business Segment, By Component, By Delivery Mode, and By End User)
188.8.131.52 Rest of Europe (By Business Segment, By Component, By Delivery Mode, and By End User)
184.108.40.206 China (By Business Segment, By Component, By Delivery Mode, and By End User)
220.127.116.11 Japan (By Business Segment, By Component, By Delivery Mode, and By End User)
18.104.22.168 India (By Business Segment, By Component, By Delivery Mode, and By End User)
22.214.171.124 Australia (By Business Segment, By Component, By Delivery Mode, and By End User)
126.96.36.199 South Korea (By Business Segment, By Component, By Delivery Mode, and By End User)
188.8.131.52 Rest of Asia-Pacific (By Business Segment, By Component, By Delivery Mode, and By End User)
5.5.4 Middle-East and Africa
184.108.40.206 GCC (By Business Segment, By Component, By Delivery Mode, and By End User)
220.127.116.11 South Africa (By Business Segment, By Component, By Delivery Mode, and By End User)
18.104.22.168 Rest of Middle-East and Africa (By Business Segment, By Component, By Delivery Mode, and By End User)
5.5.5 South America
22.214.171.124 Brazil (By Business Segment, By Component, By Delivery Mode, and By End User)
126.96.36.199 Argentina (By Business Segment, By Component, By Delivery Mode, and By End User)
188.8.131.52 Rest of South America (By Business Segment, By Component, By Delivery Mode, and By End User)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 GE Healthcare
6.1.2 Koninklijke Philips NV
6.1.3 Siemens Healthcare
6.1.4 Cerner Corporation
6.1.5 Allscripts Healthcare Solutions Inc.
6.1.7 Oracle Corporation
6.1.9 SAS Institute Inc.
6.1.10 Dell Technologies Inc.
6.1.11 Mckesson Corporation
6.1.12 Optum Inc.
6.1.13 Cognizant Corporation
6.1.14 Change Healthcare
6.1.15 EPIC Systems Corporation
6.1.16 Athena Health
6.1.17 Nuance CommunicationsInc.
6.1.18 Conduent Inc.
6.1.19 Conifer Health Solutions LLC
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Global Healthcare IT Market market is studied from 2018 - 2026.
What is the growth rate of Global Healthcare IT Market?
The Global Healthcare IT Market is growing at a CAGR of 12.5% over the next 5 years.
Which region has highest growth rate in Global Healthcare IT Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Healthcare IT Market?
North America holds highest share in 2020.
Who are the key players in Global Healthcare IT Market?
GE Healthcare, Philips Healthcare, Siemens Healthcare, Cerner Corporation, Allscripts Healthcare Solutions Inc. are the major companies operating in Global Healthcare IT Market.