Overview

Healthcare IT Market Introduction

Healthcare IT Market is estimated to value over USD 387.81 billion by 2027 end and register a CAGR of over 15.5% during the forecast period 2020 to 2027.

The advent of social media and its significant influence on the healthcare IT industry and the rising insistence for paperless technologies are some of the key factors steering the current healthcare IT market growth. Furthermore, increased government funding, a good return on investments and different initiatives taken by the associations for improving healthcare infrastructure and services are the other factors responsible for the market growth.

The services segment includes both professional services and maintenance and support. The services segment accounted for the largest healthcare IT market share in 2018 and is predicted to proliferate substantially over the forecast period. Since the usage of IT in the healthcare sector, the data volume is continuously increasing; data maintenance and storage costs have increased in recent years. Moreover, healthcare institutions have a dearth of skilled IT professionals who can handle such a massive amount of data. Therefore, the increasing cost coupled with a dearth of skilled professionals has resulted in many institutions opting for the support and maintenance services offered by healthcare IT firms.

In addition to the supporting and maintenance services, analytics, which accounts for a substantial healthcare IT market share, is also being offered by key players, for instance, Philips, GE Healthcare, IBM, etc. With the introduction and emergence of technology based on cloud services in the healthcare sector, the services segment share has gone up substantially. 

 

Key market players included in the healthcare IT industry are:

Optum, Cerner Corp., Cognizant, Change Healthcare, Philips, EPIC Systems Corp., del Technologies, Allscripts, Athenahealth, General Electric, Conduent, Conifer, Nuance, 3M, Oracle, IBM, Inovalon, Infor, Intersystems, Tata Consultancy Services.

Healthcare IT Market Segmentation:

By Product & Service

• Healthcare Provider Solutions
• Healthcare Payer Solutions
• HCIT Outsourcing Services

By Component

• Introduction
• Services
• Software
• Hardware

By End User

• Healthcare Providers
• Healthcare Payers

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

 

FutureWise Key Takeaways:

• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth

 

Objectives of the Study:

• To provide with an exhaustive analysis on the healthcare IT market by product & service, by component, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
• To forecast and evaluate micro-markets and the overall market 
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
• To record, evaluate and analyse competitive landscape mapping- technological advancements, product launches, expansions and mergers 

 

Table of Contents

1 Introduction 

1.1 Objectives of the Study 

1.2 Market Definition 

        1.2.1 Markets Covered

        1.2.2 Years Considered for the Study

1.3 Currency 

1.4 Limitations 

1.5 Stakeholders 

 

2 Research Methodology 

2.1 Research Approach 

2.2 Research Data 

        2.2.1 Secondary Sources

                 2.2.1.1 Key Data From Secondary Sources

        2.2.2 Primary Sources

                 2.2.2.1 Key Data From Primary Sources

                 2.2.2.2 Breakdown of Primary Interviews

2.3 Market Size Estimation 

2.4 Market Breakdown and Data Triangulation 

2.5 Research Assumptions 

 

3 Executive Summary 

4 Healthcare IT  Market: Premium Insights

4.1 Healthcare IT: Market Overview 

4.2 Market: Regional Growth Opportunities 

4.3 Market: By Product & Service

4.4 Geographical Mix : Market (2020-2027)

 

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

        5.2.1 Key Market Drivers

                 5.2.1.1 Government Support & Mandates for Healthcare IT Solutions

                 5.2.1.2 Increasing Use of Big Data

                 5.2.1.3 High Returns on Investment for Healthcare IT Solutions

                 5.2.1.4 Need to Curtail Escalating Healthcare Costs

        5.2.2 Key Market Restraints

                 5.2.2.1 IT Infrastructural Constraints in Emerging Countries

        5.2.3 Key Market Opportunities

                 5.2.3.1 Rising Use of Healthcare IT Solutions in Outpatient Care Facilities

                 5.2.3.2 Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets

                 5.2.3.3 Cloud-Based EHR Solutions

                 5.2.3.4 Shift Towards Patient-Centric Healthcare Delivery

        5.2.4 Key Market Challenges

                 5.2.4.1 Security Concerns

                 5.2.4.2 Interoperability Issues

6 Industry Insights 

6.1 Evolution of Healthcare Information Technology in the US

6.2 Industry Trends

        6.2.1 Technology Giants Entering the Market

        6.2.2 Big Data in Healthcare

        6.2.3 Cloud Computing

6.3 Adoption Trends

        6.3.1 North America: Adoption Trends

        6.3.2 Europe: Adoption Trends

        6.3.3 Asia Pacific: Adoption Trends

        6.3.4 Rest of the World: Adoption Trends

6.4 Potential Healthcare IT Technologies

        6.4.1 AI Platforms

        6.4.2 App-Enabled Patient Portals

        6.4.3 Medical Device Data Integration Into Care Delivery Processes

 

7 Healthcare IT Market, By Product & Service

 

7.1 Introduction

 

7.2 Healthcare Provider Solutions

 

7.3 Healthcare Payer Solutions

 

7.4 HCIT Outsourcing Services

 

8 Healthcare IT Market, By Component

 

8.1 Introduction

 

8.2 Services

 

8.3 Software

 

8.4 Hardware

 

9 Healthcare IT Market, By End User

9.1 Introduction

 

9.2 Healthcare Providers

 

9.3 Healthcare Payers

 

 10 Healthcare IT Market, By Region

 

  10.1 Introduction

 

  10.2 North America

 

          10.2.1 US

 

                     10.2.1.1 The US Accounted for the Largest Share of Market Globally.

          10.2.2 Canada

 

                     10.2.2.1 Deployment of Digital Health Initiative Boosting the Market.

  10.3 Europe

          10.3.1 Germany

                     10.3.1.1 High Adoption of EHR Systems Among Primary Care Physicians is A Major Driver in Germany.

          10.3.2 UK

 

                         10.3.2.1 The UK is Rapidly Transforming Its Organizations Into Paperless Environments Through EHRs and Electronic Document Management Systems.

          10.3.3 France

 

                     10.3.3.1 Upcoming Retirement of A Large Volume of French Doctors Will Draw Attention to the Need for Effective Patient Management Solution.

          10.3.4 Italy

 

                     10.3.4.1 The National Ehealth Pact is Driving the Market in Italy

          10.3.5 Spain

 

                         10.3.5.1 Spain’s Higher Levels of Mobile Phone Penetration in Europe is Driving the Mobile Health Market.

          10.3.6 Rest of Europe

 

                         10.3.6.1 RoE is One of the Fastest Adopter of Advanced Technologies Such as Blockchain Which in Turn is Driving the Adoption.

  10.4 Asia Pacific

 

          10.4.1 Japan

 

                     10.4.1.1 Japan is the Largest Market in APAC.

          10.4.2 China

 

                     10.4.2.1 Strong Government Support in China is Driving the Market.

          10.4.3 India

 

                         10.4.3.1 Foreign Direct Investment (Fdi) in Healthcare Industry is Driving the Market in India.

          10.4.4 Rest of Asia Pacific

 

                     10.4.4.1 Australia is the Leading Market in RoAPAC Region.

  10.5 Latin America

          10.5.1 Brazil

 

                     10.5.1.1 Brazil Accounted for the Largest Share of the Latin American Market in 2019.

          10.5.2 Mexico

 

                     10.5.2.1 New Government Strategies Boosting the Adoption in Mexico.

          10.5.3 Rest of Latin America

 

                         10.5.3.1 Rising Healthcare Expenditure is Expected to Provide Lucrative Growth Opportunities for Players Operating in the Market

  10.6 Middle East and Africa

 

          10.6.1 Increasing Investing in Modernizing the Healthcare Systems is Boosting the Market.

 

11 Company Profiles

 

  11.1 Optum (A Part of Unitedhealth Group)

  11.2 Cerner Corporation

  11.3 Cognizant

  11.4 Change Healthcare

  11.5 Philips

  11.6 EPIC Systems Corporation

  11.7 Dell Technologies

  11.8 Allscripts

  11.9 Athenahealth (Part of Veritas Capital)

  11.10 General Electric

  11.11 Other Major Companies

          11.11.1 Conduent

          11.11.2 Conifer

          11.11.3 Nuance

          11.11.4 3M

          11.11.5 Oracle

          11.11.6 IBM

          11.11.7 Inovalon

          11.11.8 Infor

          11.11.9 Intersystems

          11.11.10 Tata Consultancy Services

 

12 Competitive Landscape

 

  12.1 Introduction

  12.2 Competitive Leadership Mapping (Overall Market)

          12.2.1 Visionary Leaders

          12.2.2 Innovators

          12.2.3 Dynamic Differentiators

          12.2.4 Emerging Companies

  12.3 Competitive Leadership Mapping (Emerging Players)

          12.3.1 Progressive Companies

          12.3.2 Emerging Blocks

          12.3.3 Responsive Companies

          12.3.4 Dynamic Companies

  12.4 Competitive Situation and Trends

          12.4.1 Product Launches

          12.4.2 Mergers and Acquisitions

          12.4.3 Agreements, Partnerships, and Collaboration

          12.4.4 Expansions

 

Chapter 13 Research Finding and Conclusion

 

Chapter 14 Research Methodology

 

Chapter 15 Research Data Source

Tables

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