The growth in Healthcare IT Market is mainly driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.
Research Methodologies Followed for This Study:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the Healthcare IT market.
The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from research organizations. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.
The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the healthcare IT market.
It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
# To define, describe, and forecast the global healthcare IT market by products and services and region.
# To provide detailed information about the significant factors influencing the market growth (such as drivers, restraints, opportunities, and challenges).
# To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall healthcare IT market.
# To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
# To forecast the size of the healthcare IT market in five major regions along with their respective key countries (Europe, North America, Asia-Pacific, Latin America, and Middle East & Africa).
# To profile the key players in the global healthcare IT market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as product launches, expansions, and R&D activities of the leading players in the Healthcare IT market.
Opportunity: Rising use of healthcare IT solutions in outpatient care facilities
In response to the rising pressures on health systems to lower the cost of care, the industry is shifting towards outpatient settings to reduce the care cost. In addition, convenience is another important factor driving the rise of ambulatory care. With the increase in the number of outpatient settings and patient influx, the demand and usage of healthcare IT solutions in outpatient settings will increase.
Recent Developments in the Healthcare IT Industry:
# In May 2021, Optum and Bassett Healthcare Network collaborated to further enhance Bassett’s clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across Central New York.
# In June 2021, Cognizant and Aker Solutions partnered to modernize and simplify its entire IT infrastructure, including its business technology network and application maintenance and development.
# In March 2021, Change Healthcare collaborated with Amazon Web Services to announce the launch of a new Data Science as a Service (DSaaS) platform, which is aimed at improving outcomes and healthcare economics for vulnerable health communities.
# In August 2020, Cerner Corporation collaborated with Amazon to easily connect vital health and well-being information with their broader healthcare teams.
Asia-Pacific is the fastest-growing healthcare IT market during 2020 – 2026
During the forecast period, the Asia Pacific market is projected to grow at the highest CAGR. This growth is driven by the rising medical tourism, investments and reforms to modernize China’s healthcare infrastructure, and the implementation of IT programs in Australia and New Zealand, among other factors.
Key Healthcare IT Market Players
The major players in the global healthcare IT market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), athenahealth (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).
Projected Growth in Revenue Generation:
The global healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
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