Healthcare IT Market – Global Industry Dynamics

Major 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

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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?

“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.

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.

Recent Developments:

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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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.