Global Healthcare IT Market is Expected to Undergo Major Technological Transformations in Near Future

Research Methodologies Used in This Study:

Secondary Research:

In the secondary research process, various secondary sources such as annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles by recognized authors; trade directories; and databases such as D&B Hoovers and Bloomberg Business week were referred to identify and collect information for this study.

Primary Research:

The healthcare IT market comprises several stakeholders such as hospitals (small, mid-size, and large hospitals), ambulatory centers, diagnostic centers, TPAs, and stakeholders in corporate & government bodies. Primary sources from the supply side, including CEOs, vice presidents, marketing and sales directors, business development managers, technology and innovation directors of healthcare IT developing companies, suppliers, and distributors, have been considered. Demand-side primary sources include industry experts such as directors of hospitals and clinics, hospital & clinic managers, physicians, research scientists, and related key opinion leaders.

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Recent Developments in the Global Healthcare IT Industry:

In 2019, Philips launched Cares Aging & Care giving 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

Expected Revenue Growth During Forecast Period:

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. 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.

Key Questions Addressed in the Report

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?

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Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the healthcare IT market. These methods were also used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the industry and markets have been identified through extensive secondary research.
The industry’s market size, in terms of value, has been determined through primary and secondary research.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Global Leaders:

Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Cerner Corporation (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands) and Epic Systems (US) are some of the leaders in the healthcare IT solutions market.

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.

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