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:
1. 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.
