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.
Based on products and services, the healthcare providers segment accounted for the largest share of the North America healthcare IT market in 2018
Based on the products and services, the healthcare providers segment accounted for the largest share of the North American healthcare IT market in 2018. The large share of this segment is mainly attributed to the rising adoption of EHRs and other hospital information systems by healthcare providers, the inclination of the healthcare industry towards deployment of interoperable solutions, and growing regulatory requirements regarding patient information and safety. In this report, the healthcare provider solutions segment is segmented further into clinical solutions and non-clinical solutions. EHR, mHealth solutions, and PACS & VNA are some of the key clinical healthcare IT solutions covered in this report.
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By components, the services segment accounted for the largest share of the North America healthcare IT market in 2018
Based on components, the market is segmented into services, software, and hardware. In 2018, the services segment accounted for the largest share of the North American healthcare IT market. This is attributed to the introduction of complex software, the need for integration and interoperability of software, and the growing demand for consulting and outsourcing of various healthcare processes such as revenue cycle management, EHR management, pharmacy information management, and fraud detection.
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.
Global Key Players:
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).
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Market Size Estimation:
Both top-down and bottom-up approaches were used to anticipate and validate the size of the North America healthcare IT market and to estimate the size of various other dependent submarkets.
After arriving at the market size, the total North America Healthcare IT market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation, and market breakdown procedures were employed, wherever applicable.