Expected Revenue Growth:
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.
“The healthcare provider solutions segment is estimated to grow at the highest CAGR during the forecast period”
The healthcare provider solutions segment is estimated to witness the highest growth in the Healthcare IT market, by product and services, during the forecast period. Growth in this segment is attributed to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems.
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“The healthcare payer fraud detection analytics market is estimated to witness high growth from 2019 to 2024”
Based on healthcare payers solutions, the market is segmented into claims management, customer relationship management, payer fraud analytics solutions, provider network management, pharmacy audit & analysis, member eligibility management, population health management solutions, and payment management solutions. The fraud analytics solutions is estimated to witness high growth from 2019 to 2024. The growing incidence of healthcare fraud (leading to the increasing healthcare costs and rising insurance premiums) has compelled payers and other stakeholders in the market to increase their focus on adopting data analytics software for faster and efficient fraud detection and prevention.
“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.
Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).
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