Healthcare IT Market to Record Robust Growth by 2024

December 10 18:00 2019
Healthcare IT Market to Record Robust Growth 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)
The non-clinical segment of healthcare providers solutions to witness the highest growth from 2019-2024

The report, 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 is about the expected growth of the healthcare IT industry based on the current trend, adoption of IT applications in healthcare and changing directives of regulatory authorities. The global healthcare IT market size is likely to grow to USD 390.7 billion in the year 2025 from USD 187.6 billion in the year 2019 at a CAGR of 15.4% during the forecast period.

Adoption of modern techniques such as the use of artificial intelligence for data analysis, digital medical record-keeping, better returns on healthcare investment and depreciation in the cost of medical treatments are some of the drivers behind this expected growth. The healthcare IT market is the collaboration of the healthcare industry, along with IT, that helps in managing the operations of medical organizations to provide patient-centric medical facilities.

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The healthcare provider solutions segment is expected to grow the highest among all segments of the healthcare IT market

During the forecast period of 2019-2025, the growth of healthcare provider solutions is expected to grow with the highest CAGR. The major factors behind this growth are increasing demand for patient safety and patient care, strict guidelines to follow for healthcare provider solutions, and the requirement of integrated healthcare systems. The development has also brought some disadvantages to it, and the rise in chronic diseases is one of them. This has increased the demand for better healthcare facilities in medical treatment. This, in turn, has led to the adoption of IT solutions in healthcare, skilled assets, and well-developed infrastructure by the healthcare providers. This growth means speed diagnosis, better treatments, and improved reimbursement facilities for the patients.

North America is expected to continue having the largest share in the Healthcare IT market

The five major regions of the global healthcare IT industry are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America had the largest share in the Healthcare IT market in the year 2018. Technology advancement in the healthcare industry, a well-established infrastructure, and better medical reimbursements are the major factors for the growth of this region. The other key factors that have attributed to the growth of the healthcare IT industry in North America are a rise in healthcare expenditure, an increase in patient safety, and continuous change in regulatory requirements for improved healthcare quality.

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Some of the renowned names that are operational in the healthcare IT market are Cerner (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands), Leidos (US), Change Healthcare (US), Epic Systems (US), Allscripts (US), Dell Technologies (US), GE Healthcare Healthcare (US), Athenahealth (US), IBM (US), Oracle Corporation (US), Infor (US), Conduent (US), Wipro Limited (India), Omnicell (US), Conifer Health (US), 3M (US), Nuance (US), Tata Consultancy Services (India), InterSystems (US), Softheon (US), and Ciox Health (US). 

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