COVID-19 Impact on Healthcare IT Market: Major Revenue Surge is Expected in Near Future

What This Report Will Provide:

This study involved four major activities in estimating the current size of the healthcare it market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.

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. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.

Expected Revenue Growth:

The global Healthcare IT Market size is projected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%.

Major Growth Boosters:

The market for healthcare information technology is driven primarily by the rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs. However, high costs of solutions, implementation, and infrastructure, and concerns regarding data security are likely to challenge the growth of this market.

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Recent Developments:

1. In April 2020, OptumServe, the federal health services business of Optum, partnered with the California state in the US to increase testing for COVID-19 in the state’s communities

2. In April 2020, UnitedHealth Research & Development and The Everett Clinic, part of Optum, led a research study which revealed that alternative swab materials and commonly available saline are effective for COVID-19 testing, providing more options for sample collection. These new findings, in conjunction with nasal sampling, allow for greater flexibility in obtaining samples, reduce the risk of infection to clinicians in collecting samples and reduce the need for clinicians to use protective equipment.

3. In April 2020, Cerner Corporation started offering complimentary access to critical de-identified COVID-19 patient data to selected health systems and academic research centers in the US, to help fight the pandemic. This will provide eligible healthcare researchers with free access to Cerner’s COVID-19 data set to support epidemiological studies, clinical trials, and medical treatments related to COVID-19, in line with the applicable laws and guidelines.

North America
accounted for the largest share of the healthcare it market. The large share of this region can primarily be attributed to the high adoption of telehealth solutions, the high number of positive COVID-19 cases & deaths in the US, a strong healthcare system and IT infrastructure, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US can easily manufacture these devices.

Key Questions Addressed in The Report:

Who are the top 10 players operating in the global Healthcare IT market?
2. What are the drivers, restraints, opportunities, and challenges in the Healthcare IT Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Healthcare IT in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?

Telehealth Segment:

The telehealth segment is expected to grow at the highest CAGR during the forecast period. The use of telehealth solutions facilitates remote doctor-patient consultations (telemedicine) and vital sign monitoring. These solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations.

The COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.

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Key Players:

The key players in the global healthcare it market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US), among others.