Expected Revenue Surge:
The global Healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
Growth Influencing Factors:
The growth of this market is majorly attributed to government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.
On the other hand, IT infrastructural constraints in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers.
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Covid-19 Impact on the Healthcare IT Market
Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters.
The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.
By product and services type segment, the healthcare provider solutions segment accounted for the largest market share during the forecast period.
Based on products and services, the healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services. The factors attributing to the large revenue of the healthcare provider solutions segment include the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.
Clinical healthcare IT solutions accounted for the largest market share in the healthcare provider solutions segment during the forecast period.
In the healthcare provider solutions segment, clinical healthcare IT solutions accounted for the largest market share during the forecast period. This can be attributed to the increasing demand for improved patient safety and patient care, stringent regulations, and the increasing need for integrated healthcare systems.
In the segment of the healthcare payer solutions, claims management solutions accounted for the largest market share during the forecast period.
Under the segment of the healthcare payer solutions, claims management solutions held the largest share during the forecast period. Growth in this market is mainly driven by the frequent need for upgrades in software applications.
North America dominates the Healthcare IT market during the forecast period.
North America accounted for the largest share of the Healthcare IT market in 2020. Stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in North America are the major factor contributing to this.
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Key Players:
The major players in the global 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), eClinicalWorks (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), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).
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