With the rise in digitalization, quick and efficient healthcare processes, need for paperless technology, increasing government initiatives for healthcare is driving the healthcare IT market. Moreover, with the use of cloud-based platforms, large amounts of data are generated owing to which the need for storage space is emerged thereby, integration of IT in healthcare is emerging.
Moreover, increasing prevalence of chronic disease and mushrooming patient count is surging the need for healthcare IT. Burgeoning government initiatives for improvement in the healthcare services and infrastructure and better patients care is coupled with increasing patient’s information confidentiality for safety is mounting the demand for healthcare IT thereby, escalating the healthcare IT market.
According to the MarkNtel Advisors’ research report, “Global Healthcare IT Market Analysis, 2020”, the global market is expected to register a CAGR of around 13% during 2020-25. The rising demand for quick and efficient healthcare processes and systems is driving the demand for HCIT systems in recent years.
The United States to Lead the Global Healthcare IT Market
North America grabbed the largest market share in 2019 due to the prevalence of chronic diseases and availability of better IT integrated technology and services with improved infrastructure especially in United States. The country boasts of largest spending in technologies to facilitate research and development, developing remedies of global phenomenon and strengthening its healthcare infrastructure.
The US National health expenditures represent approximately 18% of the GDP (Gross Domestic Product), which is expected to reach roughly 20%, by 2020, according to CMS.
Services Segment to Dominate the Global IT Market During 2020-25
In 2019, the service segment held the largest share in 2019 with the implementation of It in healthcare the amount of data has been increasing continuously thereby, mounting the storage and maintenance cost over the years. It services companies to take care of the increasing healthcare costs and thus; the healthcare institutions opt for maintenance and support services from IT companies to restrict the growing cost. Moreover, with increasing focus towards improving healthcare services and technology, the global healthcare spending has reached around USD 8.5 trillion in 2020 as compared to 2015 which was around USD 7 trillion, as revealed by MarkNtel Advisors’ in their research report, “Global Healthcare IT Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players are Cognizant, General Electric Healthcare, Siemens AG, Oracle, Cerner Corporation, Philips, Optum, All Scripts Healthcare Solutions, eclinical Works, McKensson Corporation among others. Companies are merging and forming alliances for improving and innovating new areas in the healthcare sector. For instance, Cognizant acquired TMG Health of the United States to expand its business process as a service solution for public and government programs in 2017.
“Global Healthcare IT Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for healthcare IT providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
Industry Segmentation:
1. By Product and Services (HCIT Outsourcing, Healthcare Provider Solutions and Healthcare Payers),
2. By Component (Service, Software and Hardware)
3. By End-User (Hospitals and Healthcare Payers)
4. By Region (North America, South America, Europe, Middle East and Africa, Asia-Pacific)
5. By Country (United States, Canada, Mexico, Brazil, Germany, Italy, United Kingdom, Spain, Russia & CIS, France, UAE, Saudi Arabia, South Africa, China, India, Japan, Australia, South Korea, Malaysia and Singapore)
6. By Company (Cognizant, General Electric Healthcare, Siemens AG, Oracle, Cerner Corporation, Philips, Optum, All Scripts Healthcare Solutions, Eclinical Works, MCKensson Corporation)
Key questions answered in the study:
1. What are the current and future trends of the global healthcare IT market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global healthcare IT market industry?
6. What are the customer orientation, purchase behavior, and expectations from global healthcare IT suppliers across various regions?