This study involved four major activities in estimating the
current size of the healthcare IT market. Exhaustive secondary research was
done to collect information on the market as well as its peer and parent
markets. The next step was to validate these findings, assumptions, and sizing
with industry experts across the value chain through primary research.
Both top-down and bottom-up approaches were employed to
estimate the complete market size. Thereafter, market breakdown and data
triangulation were used to estimate the sizes of segments and subsegments.
Recent
Developments:
# In 2019, Philips launched Cares Aging & Caregiving
service.
# In 2018, Change Healthcare launched Dx Gap Advisor
# In 2017, Optum acquired DaVita Medical Group (US). The
acquisition of DaVita enhanced Optum’s physician-led primary, specialty,
in-home, and surgery-care delivery services business.
# In 2017, Cognizant acquired TMG Health (US) to expand its
business process-as-a-service solutions for government and public health
programs
# In 2018, Optum collaborated with Humana (US), MultiPlan
(US) and Quest Diagnostics (US) to form a group to explore the blockchain
technology to improve data quality and reduce administrative costs in
healthcare
Looking Out for
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Key Questions
Addressed in the Report:
# Who are the top 10 players operating in the healthcare IT
market?
# What are the driving factors, restraints, opportunities,
and challenges in the market?
# What are the industry trends as well as the current
scenario in the healthcare IT market?
# What are the growth trends in the market at the segmental
and overall market levels?
Factors
Influencing Global Industry Growth:-
The demand for healthcare IT solutions and services
is driven by government mandates & support for healthcare IT solutions,
rising use of big data in healthcare, high returns on investment for healthcare
IT solutions, and the need to curtail escalating healthcare costs. However, IT
infrastructural constraints in developing countries are expected to restrain
the growth of this market during the forecast period.
Restraints:
# IT Infrastructural Constraints in Developing
Countries
Challenges:
# Security Concerns
# Interoperability Issues
Key
Market Opportunities:
# Rising Use of Healthcare IT Solutions in
Outpatient Care Facilities
# Growing Mhealth, Telehealth, and Remote
Patient Monitoring Markets
# Cloud-Based EHR Solutions
# Shift towards Patient-Centric Healthcare
Delivery
Industry’s
Revenue Growth Expectations:
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%
during the forecast period.
Geographical Growth Scenario:
The Healthcare IT market is broadly segmented into five major
regions, namely, North America, Europe, the Asia Pacific, Latin America, and
the Middle East & Africa. North America accounted for the largest share of
the Healthcare IT market in 2018. The large share of this region can be
attributed to the technological competencies of healthcare industry and
presence of well-established healthcare IT infrastructure in this regions.
Changing regulatory requirements for improving quality of
healthcare and increasing patient safety and rising healthcare expenditures are
some of the key factors driving the growth of the healthcare IT market in North
America.
Read More:
Leading Market
Players:
# Optum (US)
# Cerner (US)
# Cognizant (US)
# Change Healthcare (US)
# Philips Healthcare (Netherlands)
# Epic
Systems (US) and
many more…
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