This study involved four major activities in estimating the current size of the Global Healthcare IT Industry. 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.
Objectives of this Study
# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
# To analyze opportunities in the market for stakeholders and to provide details of the competitive landscape for market leaders
# To forecast the size of the healthcare IT market with respect to five geographic regions – North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa
# To profile key players in the healthcare IT market and comprehensively analyze their core competencies2 and market shares
# To track and analyze competitive developments such as agreements, partnerships, and collaborations; mergers and acquisitions; new product/technology/service launches and upgrades; and research and development activities of leading players in the healthcare IT market
Recent Developments in the Global HIT Industry:
# 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
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Key Questions Addressed by This Study:
# 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 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.
# IT Infrastructural Constraints in Developing Countries
# 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
# Security Concerns
# Interoperability Issues
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Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: 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:
“North America dominated the Healthcare IT market in 2018”
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.
Leading Market Players:
# Optum (US)
# Cerner (US)
# Cognizant (US)
# Change Healthcare (US)
# Philips Healthcare (Netherlands)
# Epic Systems (US) and many more… Product deployments, product launches, & approvals; acquisitions; and partnerships, agreements, and collaborations were the key strategies adopted by key players.