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
1. What are the key market statistics (Market Overview, Market Size, Forecast, CAGR, Market Segmentation, Market Shares) of Global Healthcare IT Market?
2. What are the key market or technology trends in Global Healthcare IT Market?
3. What are the significant innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Healthcare IT Market?
4. Who are the key competitors or market players and how they perform in global competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Healthcare IT Market study?