Healthcare Information Technology Market size is forecast to reach $427.3 billion by 2025, growing at a CAGR of 16.4% during the forecast period 2020-2025. Rising demand of patient safety and data accuracy along with the growing investment towards improving healthcare infrastructure are the major factors driving the growth of the market. Growing healthcare costs and improved efficiency of healthcare services by adopting IT technologies such as Big Data, Artificial Intelligence (AI) is set to further enhance the overall market demand of healthcare information technology market during the forecast period 2020-2025.
Product Type- Segment Analysis
The healthcare provider solutions segment held the largest share in the Healthcare Information Technology Market in 2019 and is estimated to grow at a CAGR of 15.21% during the forecast period 2020-2025. The growth in this segment can be attributed to the government initiatives to improve the quality of patient care and the need to control growing healthcare costs and improve the efficiency of healthcare services. Rise in the adoption of electronic health records and other hospital information system by healthcare providers is increasing the growth of the healthcare information technology market. Healthcare payer solutions is set to be the fastest growing segment and is estimated to register a highest CAGR during the forecast period 2020-2025 owing to the rise in new technologies and substantial investment in digital healthcare startups.
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End User – Segment Analysis
The Healthcare Providers segment held the largest share in the Healthcare Information Technology Market in 2019 owing to the increasing chronic disease and increasing healthcare infrastructure. Increasing demand for new technologies and substantial investment in digital health startups along with the growing awareness about the advantages associated with implementation of healthcare technology is increasing the demand of the healthcare information technology market. Healthcare providers is set to be the fastest growing segment and is poised to register a highest CAGR during the forecast period 2020-2025.
Geography – Segment Analysis
North America dominated the healthcare information technology market in 2019 with a share of more than 44%, followed by Asia Pacific owing to the technical capabilities of the healthcare industry and the well-established healthcare IT networks. Increasing efforts of government to improve healthcare services and provide better infrastructure is increasing the growth of the healthcare information technology market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the improving healthcare infrastructure and government initiatives along with the increasing demand of healthcare. Adoption of IT technologies by the system and rising disposable incomes among the population is also poised to have a positive impact on the market in this region.
Drivers – Healthcare Information Technology Market
Patient safety and data accuracy
The healthcare information technology market is driven by the patient safety and data accuracy and improved medical care along with public health that enhanced efficiency for better patient satisfaction. Increasing demand for advanced healthcare services and growing investment towards improving healthcare infrastructure is set to drive healthcare information technology market in the future. Healthcare Information technology market is also estimated from benefit from blockchain to get medical records through a streamlined and secure process. It allows exchange of health-related information among organizations electronically.
Reduction in reimbursements and stringent regulations for quality management
Reduction in reimbursements and stringent regulations for quality management is driving the growth of the healthcare information technology market. It helps in effectively managing population and reduces the expense of chronic health conditions. It increases the healthcare information technology as it helps in developing new therapies and drugs. Increasing need for streamlining the day-to-day operations and limiting overhead expenses in order to offer efficient quality care services to the patient by adopting advanced technology globally is anticipated to drive the global market growth.
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Challenges – Healthcare Information Technology Market
High cost associated with implementation
Some of the factors which can impede the growth of the healthcare information technology market are increased costs associated with implementation, lack of experienced professionals, interoperability and maintenance along with the security and privacy concerns.
Healthcare Information Technology Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the healthcare information technology market. In 2019, Healthcare Information Technology Market share is consolidated by the top ten players present in the market. Healthcare Information Technology Market top 10 companies are Optum, Cerner, Cognizant, Change Healthcare, Philips Healthcare, Epic Systems, Dell Technologies, Allscripts, GE Healthcare and IBM , among others.
In May 2019, Philips Healthcare launched Cares Aging & Caregiving service.
In June 2017, Optum acquired DaVita Medical Group (US). The acquisition of DaVita enhanced Optum’s physician-led primary, specialty, in-home, and surgery-care delivery services business.
In August 2017, Cognizant acquired TMG Health to expand its business process-as-a-service solutions for government and public health programs.
North America dominated the Healthcare Information Technology Market in 2019 owing to the technical capabilities of the healthcare industry and the well-established healthcare IT networks. The healthcare information technology market scope for different regions will be provided in the final report.
Rising demand for patient safety & data accuracy and improving healthcare infrastructure is likely to aid in the market growth of healthcare information technology market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the healthcare information technology Market report.
High cost associated with implementation and maintenance of digital health solutions is poised to create hurdles for the healthcare information technology market.
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