North American Healthcare IT Market – Global Monetary Growth Expectations | Industry Dynamics

The study involved four major activities in estimating the size of the North America Healthcare IT Market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their trends at the country level. Industry experts further validated the data obtained through secondary research through primary research.

Furthermore, the market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product and services, components, and end user). After that, market breakdown and data triangulation methods were used to estimate the size of segments and subsegments.

The North America healthcare IT market size is projected to reach USD 239.9 billion by 2025 from USD 96.3 billion in 2019, at a CAGR of 16.4% during the forecast period.

A majority of this growth is attributed to the growing adoption of various healthcare IT solutions by providers to meet the heightened regulatory requirements for patient care and safety, increasing need to curtail soaring healthcare costs, and growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations.

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Major Objectives of This Study:

To define, describe, and forecast the North America healthcare IT market with respect to product & services, application, technology, end-user, and country segments.

To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and industry-specific challenges).

To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall North America healthcare IT market.

To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

To forecast the size of the North America healthcare IT market for three countries: US, Canada, and Mexico.

To profile the key players in the North America healthcare IT market and comprehensively analyze their core competencies.

To track and analyze competitive developments such as acquisitions, new tests/technology developments, geographical expansions, and research & development activities of the leading players in the North America healthcare IT market.

By end-users, the healthcare providers segment accounted for the largest share of the North America healthcare IT market in 2018

Based on end-users, the North American healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is divided further into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies.

The healthcare payers segment is divided further into private payers and public payers. Hospitals form the largest end-user segment of the North American healthcare IT market, owing to the huge demand for various HCIT solutions among hospitals to manage the increasing load of patient information generated in hospitals and growing need to improve the quality of healthcare while improving operational efficiencies within organizations.

Target Audience:

North American healthcare IT manufacturers
North American healthcare IT distributors
Healthcare payer companies
Government associations
Market research and consulting firms
Venture capitalists and investors

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North America will continue to dominate the North America healthcare IT market during the forecast period

The market, by country, is segmented into the US, Canada, and Mexico. US accounted for the largest share of the North America healthcare IT industry in 2018 due to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies, such as EPIC Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Infor, Inc. (U.S.), and Allscripts Healthcare Solutions, Inc.

Recent Developments:

In 2019, Cerner Corporation launched the Next-generation cognitive health platform.
In 2019, GE Healthcare launched Edison Datalogue and my.Cryochain software.
In 2019, Cerner Corporation collaborated with Uniform Data System for Medical Rehabilitation to integrate their solutions that would help improve workflow for inpatient rehabilitation facilities.
In 2019, Epic Systems partnered with Teledoc Health to integrate Teledoc Health’s virtual care platform to Epic’s App Orchard that would help the company conduct telehealth video visits.

Some of the prominent players operating in the North America healthcare IT market are McKesson Corporation (US), Oracle Corporation (US), GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Athenahealth, Inc. (US), Infor, Inc. (US), Cognizant (US), Dell Technologies (US), and CVS Health (US).