The usage of mobile healthcare devices for monitoring the health of the patients is leading to a significant surge in the market growth of Healthcare IT market. The constant rise in the prevalence of chronic diseases among individuals, such as cardiovascular diseases, cancer, blood pressure, and kidney disorders, is surging the demand for healthcare IT services and integration of technology.
Big data analytics plays an important role in the Healthcare IT market and its implementation has been snowballing at an astronomical rate over the years. Moreover, with the increasing usage of cloud-based platforms is leading to the growth of the healthcare sector with the emerging need for storing the data in the cloud.
According to the MarkNtel Advisors’ research report titled “Global Healthcare IT Market Analysis, 2020”, the market is expected to surge at a CAGR of around 13% during 2020-25. The rise of the paperless technology is paving the way for the usage of software-based systems thereby, surging the Global Healthcare IT market in recent years.
Healthcare Provider Solutions Acquired the Majority Market Share
The healthcare provider solutions segment dominated the market in 2019 and is expected to grow at a robust rate during 2020-25 owing to rising government initiatives to improve the patient’s care quality and need for controlling healthcare costs and improving the healthcare services. Clinical Solutions within the healthcare provider segment dominated the market in 2019. However, non-clinical solutions are registering a robust growth. The non-clinical solutions are expected to grow during the forecast period due to continuous technological innovations in the field of IT leading to customized software platforms. The reduction in loss of revenue on an account of lack of proper documents and strict regulations is fuelling the demand for IT solutions in the Global Healthcare IT market in non-clinical segment.
Asia-Pacific is witnessing a surge in demand owing to the continuous improvement in the healthcare infrastructure and government initiatives toward improving patient care. Moreover, many governments, especially in China and India, are spending considerably on the healthcare sector. However, North America captured the largest market share in the market, as the region has high integration of IT in healthcare and continuously integration of technologies such as AI, machine learning, robotics, etc., especially in the United States and Canada.
Services segment led the market of healthcare IT with the largest market share in 2019 due to the growing need for monitoring, safeguarding, etc. The same trend is set to prevail during the forecast period as well.
According to the MarkNtel Advisors, the leading players are Cognizant, General Electric Healthcare, Siemens AG, Oracle, Cerner Corporation, Philips, Optum, All Scripts Healthcare Solutions, eClinical Works, and MCKensson Corporation among others. Major companies such as Philips launched caregiving and care aging services in 2019. Optum, Quest Diagnostics, Humana and MultiPlan came together and formed a group to discover blockchain technology to reduce administrative cost and improve data quality in 2018.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Healthcare IT Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Billion, while the market volume is measured in terms of units sold.
Q. What would be the CAGR of the Global Healthcare IT Market during 2020 to 2025?
A. The market size of Global Healthcare IT Market would register a CAGR of 13% during 2020-25.
Q. Which of the regions would be a bright spot for Global Healthcare IT Market during 2020?
A. Asia-Pacific and North America are witnessing a surge in demand owing to the continuous improvement in the healthcare infrastructure and government initiatives towards improving the patient’s care. It is expected that the markets will create substantial opportunities for competitors in Global Healthcare IT Market during the forecast period.
Q. Who are the key players or major competitors in Global Healthcare IT Market?
A. Cognizant, General Electric Healthcare, Siemens AG, Oracle, Cerner Corporation, Philips, Optum, All Scripts Healthcare Solutions, eClinical Works, McKesson Corporation are few of the leading players with majority market share in Global Healthcare IT Market.
Q. Does the report scope cover Healthcare IT service wise market statistics also?
A. Yes, the scope of the report encompasses detailed Healthcare IT service wise statistics such as market size, market segmentation based on various subcategories.
Q. Which of the product and service segment type would be a bright spot for Global Healthcare IT Market during 2020-2025?
A. The healthcare provider solutions segment dominated the market and is expected to grow at a robust rate during 2020-25 owing to rising government initiatives to improve the patient’s care quality and need for controlling healthcare costs and improving the healthcare services.
