Global Healthcare IT Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth

Global Healthcare IT Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Healthcare information technology (healthcare IT) involves the design, development, creation, use, and maintenance of information systems related to the healthcare industry. Healthcare IT digitizes existing paper-based healthcare systems, ensuring adequate care and patient safety.

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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.

Healthcare informatics enables high quality and error-free care delivery in efficient and effective ways. Electronic health records provide safer transmission of patient information and access to more reliable prescriptions for physicians. They also help with legible and complete documentation of patients’ medical history. With connected infrastructure, HCIT solutions enable easier tracking of unforeseen drug interactions and also help to improve decision support. Healthcare institutions across the globe are focusing on automating their systems and operational workflows with the incorporation of a variety of HCIT tools and solutions.For instance, In May 2019, Philips Healthcare launched Cares Aging & Caregiving service.

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The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources. Because of the progress and improvement in internet sourced technology, increasing occurrences of chronic sicknesses, and rising acceptance as well as encouraging consumer actions regarding the latest technology in healthcare, the Covid-19 pandemic has globally increased the demand as well as acceptance of virtual otherwise online medical consultancy. The pandemic boosted the acceptance of virtual health. Such as, the proportion of the customers or respondents, making use of virtual visits, improved as of 15.0% in 2019 toward 19.0% in the early months of 2020. An unexpected spike of about 28.0% was observed in April 2020. As a result, such occasions are expected to maintain the expansion of the market, in the near future. For Instance: 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 the Type, the market is mainly fragmented into EHR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM. The EHR segment dominated the market in 2020 and gathered XX % in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. Increasing demand for cost-effectiveness and efficiency has led to an increased focus on the usage of EHR in Healthcare IT.

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Additionally, the report provides detailed initiatives that are being taken in the field of Healthcare IT. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. North America dominated the market with US$ XX million in 2020 of prime importance, to the rising prevalence of chronic diseases, and an increasing adoption of digital health across the world. The United States Healthcare IT Market is projected to grow with a significant CAGR in the forecast period.

Global Healthcare IT Market Segmentation

Market Insight, by Product Type

  • EHR
  • mHealth
  • PHM
  • RIS
  • PACS
  • RCM
  • Healthcare Analytics
  • Telehealth
  • SCM

Market Insight, by Delivery Mode

  • Web
  • Cloud

Market Insight, by End User

  • Healthcare providers
  • Healthcare payers

Market Insight, by Region

  • North America
    • United States
    • Canada
    • Rest of North America
  • Europe
    • France
    • Germany
    • Spain
    • Italy
    • United Kingdom
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • 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