Healthcare IT Market: Current Analysis and Forecast (2021-2027)

The Healthcare IT Market is projected to grow at a CAGR of XX% from 2020 to 2027 to reach US$XX billion by 2027. The market is primarily driven by shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and rising use of big data further supports the growth of this market. However, high installation and maintenance cost hinders the growth of the overall healthcare IT market to some extent.

In March 2020, Siemens Healthineers announced launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. The platform comprises more than 5,000 institutes and 23,000 connected systems in over 60 countries. This helped the company to expand its business to untapped economies as well as customer base.

Based on product type, healthcare IT are segmented into HER, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM. The electronic health record segment accounted for market share of XX % in 2019 due to initiation of several favorable policies and programs by the government to integrate EHR systems. For instance, The New Health Information System (NSIS) implemented in Italy, aimed at establishing EHR system across the country to connect each level of care. Owing to the tactical plans by diverse companies in the market, rising alertness plus the acceptance of EHR in healthcare amenities, along with an escalating figure of plans sustaining its implementation, the section is expected to develop by a stable CAGR, during forecast period.

Based on Delivery mode, the healthcare IT market is segmented into web and cloud. Web & cloud-based solutions accounted for the largest share of the overall healthcare IT market in 2019 and is expected to grow at the double digit CAGR during the forecast period owing to its benefits such as on lower upfront cost, no maintenance cost, excessive storage flexibility, and greater security in private clouds.

Based on End user, the Healthcare IT market is segmented into Healthcare Providers (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Care Centers, Others); Healthcare Payers (Private Payer, Public Payer). The Healthcare Providers segment held the largest share in the Healthcare Information Technology Market in 2019 owing to the increasing chronic disease and increasing healthcare infrastructure. Healthcare providers is set to be the fastest growing segment and is poised to register a highest CAGR during the forecast period 2020-2025.

For a better understanding of the market penetration of the Healthcare IT market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World. North America constitutes a major market for disposable medical device sensor and generated revenue of USD XX million in 2020 owing to the presence of well-established players in the region, emerging investment in healthcare R&D by players etc., However, the Asia Pacific region would grow at the highest CAGR during the forecast period.

Some of the major players operating in the Healthcare IT market are McKesson Corporation, Optum Health, International Business Machine Corporation (IBM), Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Epic Systems Corporation, Dell Technologies Inc., GE Healthcare, Cerner Corporation, Oracle Corporation, Cognizant Technology Solutions Corporation, Nuance Communications, Inc.

Healthcare Information Technology Market size is forecast to reach $XX billion by 2025, growing at a CAGR of XX % during the forecast period 2020-2025. Rising demand of patient safety and data accuracy along with the growing investment towards improving healthcare infrastructure are the major factors driving the growth of the market. Growing healthcare costs and improved efficiency of healthcare services by adopting IT technologies such as Big Data, Artificial Intelligence (AI) is set to further enhance the overall market demand of healthcare information technology market during the forecast period 2020-2025.