Healthcare IT Market Research Report: By Products and Services (Healthcare Provider Solutions, Healthcare Payer Solutions) Component (Services, Software) End-User (Healthcare Providers, Healthcare Payers, Research Centers)- Forecast Till 2027
ID: MRFR/HCIT/4494-HCR | February 2021 | Region: Global | 120 pages
Healthcare IT Market Overview
The healthcare IT market size is anticipated to reach USD 1,92,638.5 Million at a CAGR of 12% during the forecast period of 2020 to 2027. Healthcare information technology or healthcare IT is a significant branch of IT that deals with designing, creating, developing, and maintaining information systems in clinics, hospitals, and other healthcare organizations. Healthcare IT provides various opportunities and advantages to transform and improve the healthcare industry. The Healthcare IT Market Trends can reduce human errors, improve clinical outcomes, facilitate better care coordination, enhance efficiencies of healthcare practice, and track data effectively.
In the ever-changing healthcare landscape of the present day, the use of the internet and the digitalization of different healthcare processes are important. The adoption of healthcare IT by the hospitals offers a number of benefits such as increased productivity, ease of use, and better delivery of care services. It allows the healthcare industry to save time, costs, and manual labor. Healthcare information technology facilitates the secure exchanges of vital medical information between payers, providers, and consumers. The increase in the burden of various chronic diseases globally necessitates the adoption of healthcare IT.
Healthcare information technology helps minimize the chances of misplacing medical records and allows healthcare professionals to access health reports of the patient from different remote locations. Healthcare IT allows healthcare organizations to create a paperless environment and enable healthcare professionals to always access patient data. It helps in the effective management of hospital workflows and allows error-free and high-quality care delivery in effective and efficient ways. The increase in the demand for value-based care is likely to positively influence the market. The increasing awareness about the benefits of digital health will further propel the growth of the healthcare IT market.
Covid 19 Analysis
The healthcare IT market size has been positively impacted by the outbreak of the coronavirus pandemic. The Covid-19 pandemic led to nationwide lockdowns, affecting different industry verticals. According to the United Nations Human Rights report, the pandemic has posed a threat for all members of society. The healthcare systems were affected, and the delivery of treatments and medical care to the patients became a challenge globally. Healthcare IT evolved as an optimal solution to meet the care needs of the patients during pandemic times. The Covid-19 situation resulted in the growth of the healthcare IT market by 10% from 2019 to 2020.
The key driving factors for the health IT market growth during Covid-19 include the increase in Covid-19 cases worldwide, HCIT solution initiatives, support and mandates of the government, and the need for reducing healthcare costs. Healthcare organizations' rise in the adoption of big data is another important driver of the health IT market. The developments made by the key players further accelerate the health IT market growth.
Market Dynamics
Major Market Drivers
The increase in demand for quality care is a major factor that drives the healthcare IT market size. Remote monitoring for quality care improved to 22% in 2019 from 13% in 2016. The increase in the geriatric population worldwide, the rising cost of hospital equipment, and the rise in demand for healthcare services at home are other significant drivers of the market. The increase in the number of individuals suffering from chronic illnesses such as diabetes, heart failure, and cancer is fueling the market. The rise in internet users and smartphone penetration is anticipated to contribute to increasing healthcare IT market value. The number of mobile subscribers globally was nearly 5.2 billion in 2019. The internet users worldwide in 2019 were nearly 3.8 billion.
- Major Market Opportunities
The use of healthcare IT to overcome potential issues relating to effective management of huge volumes of patient data creates an opportunity for health IT market growth in the future. The government's various initiatives to mandate IT implementations and develop the healthcare industry further provide opportunities for the growth of the market.
- Market Restraints
According to the Healthcare IT Market Outlook, the increasing concerns relating to the security and privacy of confidential patient information are a major restraint of the market. More than 20 million records of patients were breached globally in 2019. The increase in cyberattack cases across the world hampers the growth of the healthcare IT market.
- Market Challenges
The existing constraints relating to IT infrastructure in several developing countries are a major challenge to expanding the market. However, the new developments and changing market trends will assist in overcoming the potential challenges of the market.
- Cumulative Growth Analysis
According to the healthcare IT market analysis, the global market will experience unprecedented growth in the coming years. The market value has significantly increased, and the continuous increase in demand for healthcare IT will enable the market to reach the highest level. The global market is likely to witness an excellent growth rate during the forecast period.
Segment Overview
The healthcare IT market is divided into different segments based on product and services, end-user, delivery mode, component, and geographical region.
- By Product and Services
The global healthcare IT market is classified into healthcare provider solutions, HCIT outsourcing services, and healthcare payer solutions based on product. The Healthcare provider solutions segment is further segmented into non-clinical and clinical. The Healthcare payer solutions segment is classified into fraud management solutions, customer relationship management solutions, computer-assisted coding systems, claims management solutions, payment management, pharmacy analysis, audit solutions, and medical document management solutions. HCIT outsourcing services segment is divided into payer HCIT outsourcing services, IT infrastructure management services, and operational HCIT outsourcing services.
Healthcare provider solution is expected to occupy the largest healthcare IT market share during the forecast period. The increase in the adoption and use of electronic health records (EHR) and other digital information systems by global healthcare providers accounts for the market segment's growth. The rise in demand for high-quality patient care and the increase in the use of cloud technology are other prominent driving factors for the market segment's growth.
- By End-User
The healthcare IT market is divided into healthcare providers, hospitals and clinics, research centers, healthcare payers, government institutions, and third-party administrators based on end-users. The healthcare provider segment is expected to become the largest segment in the global market during the forecast period. The increase in the complexity of managing patient information is a prominent factor that accounts for the segment's growth. The healthcare payer segment is anticipated to register the highest growth rate during the forecast period.
- By Delivery Mode
Based on delivery mode, the healthcare IT market is divided into cloud platforms and on-premise.
- By Component
Based on components, the market is classified into hardware, software, and services.
- By Region
The healthcare IT market is divided into North America, Asia Pacific, Europe, the Middle East, and Africa based on region.
Geographical Region Analysis
North America occupies the leading position in the global healthcare IT market owing to high technological advancements in the healthcare field in the region.
According to the market forecast report, the geographical region analysis includes Asia Pacific, Europe, North America, the Middle East, and Africa. Asia Pacific region is expected to experience the fastest growth in the forecast period. The increase in investments in the development of healthcare infrastructure, emerging trends of digitalizing patient records, and the need to reduce healthcare costs are the factors accounting for the increase in the market size of the Asia Pacific region.
Competitive Landscape
The leading players of healthcare IT market are:
- 3M Company (U.S.)
- GE Healthcare (U.S)
- Cerner Corporation (U.S)
- Koninklijke Philips N.V. (The Netherlands )
- Conifer Health Solutions, LLC. (U.S )
- McKesson Corporation (U.S)
- NextGen Healthcare, Inc. (U.S. )
- EClinicalworks (U.S)
- Allscripts Healthcare Solutions, Inc. (U.S.)
- Optum Health (U.S.)
- International Business Machine Corporation (IBM) (U.S)
Recent Developments
- In October 2020, Microsoft rolled out Microsoft Cloud for Healthcare to provide greater support to healthcare firms.
- In 2019, Philips announced the launch of the Cares Aging & Caregiving service.
Report Overview
The healthcare IT market forecast report covers detailed market analysis and presents various factors accelerating the market growth. It focuses on the market trends and sheds light on the market dynamics, includes the opportunities, market drivers, challenges, and restraints of the market. The report also highlights the recent developments in the field and provides insights into the market's key players.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2027: 1,92,638.5 MN |
| CAGR | 2020-2027: 12% |
| Base Year | 2019 |
| Forecast Period | 2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Products and Services, Component, and End-user |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), McKesson Corporation, (U.S.), Oracle Corporation (U.S.), Infor, Inc. (U.S.). Cognizant Technology Solutions Corporation (U.S.), athenahealth, Inc. (U.S.), Dell Technologies (U.S.), McKesson Corporation (U.S.), United Healthcare Group (U.S.), GE Healthcare (UK), Koninklijke Philips N.V. (The Netherlands), Wolters Kluwer (Netherland), IBM (U.S.), 3M health Information Systems (U.S.), Conifer Health Solutions (U.S.), Kronos Incorporated (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Lexmark Healthcare (U.S.), Orion Health (New Zealand), CSI Healthcare IT (U.S.), Syntel Inc. (U.S.), Spok Inc. (U.S.) |
| Key Market Opportunities | Adopt advanced healthcare IT tools |
| Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
Healthcare IT Market size is expected to have a CAGR of approximately 12% with USD 1,92,638.5MN by 2027.
Healthcare Information Technology (IT) is a vast field that applies IT for creating, designing, using, and maintaining the data systems in the field of healthcare.
High deployment and installation costs are the major restraining factor of the global healthcare IT market.
The Americas can dominate the global healthcare IT market due to high-quality healthcare systems and upgradation of medical equipment.
The APAC region can display the fastest growth rate in the global healthcare IT market till 2023.
Anthelio Healthcare Solutions Inc., Spok Inc., Wolters Kluwer, Syntel Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Kronos Incorporated, Lexmark Healthcare, Oracle Corporation, McKesson Corporation, GE Healthcare, Conifer Health Solutions, IBM, CSI Healthcare IT, Infor, Inc., athenahealth, Inc., Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., Dell Technologies, Epic Systems Corporation, Orion Health, United Healthcare Group, McKesson Corporation, and 3M health Information Systems are key players in the global healthcare IT market.
Global healthcare IT market is expected to grow at a CAGR of 12% by 2027
Global healthcare IT market is driven by demands for improved healthcare facilities.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Healthcare IT Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Healthcare IT Market Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Healthcare IT Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Healthcare IT Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
Chapter 6. Healthcare IT Market, by Product & Services
6.1 Introduction
6.2 Healthcare Provider Solutions
6.2.1 Market Estimates & Forecast, 2020–2027
6.2.2 Clinical Solutions
6.2.2.1 Electronic Health Records/Electronic Medical Records Systems
6.2.2.2 Picture Archiving and Communication Systems and Vendor Neutral
Archive Systems
6.2.2.3 Computerized Physician Order Entry Systems
6.2.2.4 Clinical Decision Support Systems
6.2.2.5 e-Prescribing Solutions
6.2.2.6 Radiology Information Systems
6.2.2.7 Radiation Dose Management
6.2.2.8 Specialty Management Information Systems
6.2.2.9 Medical Image Analysis Systems
6.2.2.10 Population Health Management Solutions
6.2.2.11 Patient Registry Software
6.2.2.12 Healthcare IT Integration Systems
6.2.2.13 Practice Management Systems
6.2.2.14 Laboratory Information Systems
6.2.2.15 Mobile Health Applications
6.2.2.16 Telehealth Solutions
6.2.2.17 Infection Surveillance Solutions
6.2.3 Nonclinical Healthcare IT Solutions
6.2.3.1 Pharmacy Information Systems
6.2.3.2 Medication Management Systems
6.2.3.2.1 Electronic Medication Administration Software
6.2.3.2.2 Barcode Medication Administration
6.2.3.2.3 Medication Inventory Management Systems
6.2.3.2.4 Medication Assurance Systems
6.2.3.3 Healthcare Asset Management Software
6.2.3.4 Workforce Management Systems (WFM)
6.2.3.5 Revenue Cycle Management Solutions
6.2.3.6 Medical Document Management Solutions
6.2.3.7 Financial Management Systems
6.2.3.8 Healthcare Information Exchange (HIE)
6.2.3.9 Supply Chain Management Solutions
6.2.3.9.1 Procurement Management Solutions
6.2.3.9.2 Inventory Management
6.2.3.10 Healthcare Analytics
6.2.3.10.1 Clinical Analytics
6.2.3.10.2 Financial Analytics
6.2.3.10.3 Operational and Administrative Analytics
6.2.3.11 Customer Relationship Management (CRM)
6.2.4 Healthcare Payer Solutions
6.2.4.1 Pharmacy Audit and Analysis Systems
6.2.4.2 Pharmacy Audit and Analysis Systems
6.2.4.3 Analytics and Fraud Management Solutions
6.2.4.4 Member Eligibility Management Solutions
6.2.4.5 Provider Network Management Solutions
6.2.4.6 Billing and Accounts (Payment) Management Solutions
6.2.4.7 Customer Relationship Management Solutions
6.2.4.8 Population Health Management Solutions
6.2.4.9 Other Payer Solutions
6.2.5 HCIT Outsourcing Services
6.2.5.1 Provider HCIT Outsourcing Services Market
6.2.5.1.1 EMR/Medical Document Management Services
6.2.5.1.2 Pharmacy Information Management Services
6.2.5.1.3 Laboratory Information Management Services
6.2.5.1.4 Revenue Cycle Management Services
6.2.5.1.5 Other Provider Outsourcing Services
6.2.5.2 Payer IT Outsourcing Services
6.2.5.2.1 Claims Management Services
6.2.5.2.2 Integrated Front-End Services and Back-Office Operations
6.2.5.2.3 Member Management Services
6.2.5.2.4 Provider Network Management Services
6.2.5.2.5 Billing and Accounts Management Services
6.2.5.2.6 Analytics and Fraud Management Services
6.2.5.2.7 HR Services
6.2.5.3 Operational IT Outsourcing Services
6.2.5.3.1 Business Process Management Services
6.2.5.3.2 Supply Chain Management Services
6.2.5.3.3 Other Operational It Outsourcing Services
6.2.5.4 IT Infrastructure Management Services
6.2.5.4.1 Market Estimates & Forecast, 2020–2027
Chapter 7. Healthcare IT Market, by Component
7.1 Introduction
7.2 Services
7.2.1 Market Estimates & Forecast, 2020–2027
7.3 Software
7.3.1 Market Estimates & Forecast, 2020–2027
7.4 Hardware
7.4.1 Market Estimates & Forecast, 2020–2027
Chapter 8. Healthcare IT Market, by End-User
8.1 Introduction
8.2 Healthcare Providers
8.2.1 Hospitals
8.2.2 Ambulatory Care Centers
8.2.3 Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
8.2.4 Diagnostic and Imaging Centers
8.2.5 Pharmacies
8.3 Healthcare Payers
8.3.1 Private Payers
8.3.2 Public Payers
8.4 Research Centers
8.4.1 Market Estimates & Forecast, 2020–2027
8.5 Third Party Administrators
8.5.1 Market Estimates & Forecast, 2020–2027
8.6 Government Institutions
8.6.1 Market Estimates & Forecast, 2020–2027
8.7 Others
Chapter 9. Healthcare IT Market, by Region
9.1 Introduction
9.2 Americas
9.2.1 North America
9.2.1.1 U.S.
9.2.1.1 Canada
9.2.2 South America
9.3 Europe
9.3.1 Western Europe
9.3.1.1 Germany
9.3.1.2 France
9.3.1.3 Italy
9.3.1.4 Spain
9.3.1.5 U.K.
9.3.1.6 Rest of Western Europe
9.3.2 Eastern Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 Republic of Korea
9.4.6 Rest of Asia Pacific
9.5 The Middle East & Africa
9.5.1 The Middle East
9.5.2 Africa
Chapter 10. Healthcare IT Market Company Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Key Development & Strategies
Chapter 11. Healthcare IT Market Company Profiles
11.1 McKesson Corporation
11.1.1 Company Overview
11.1.2 Product Overview
11.1.3 Financials
11.1.4 SWOT Analysis
11.2 Epic Systems Corporation
11.2.1 Company Overview
11.2.2 Product Overview
11.2.3 Financial Overview
11.2.4 Key Developments
11.2.5 SWOT Analysis
11.3 Cerner Corporation
11.3.1 Company Overview
11.3.2 Product Overview
11.3.3 Financial Overview
11.3.4 Key Development
11.3.5 SWOT Analysis
11.4 GE Healthcare
11.4.1 Company Overview
11.4.2 Product/Business Segment Overview
11.4.3 Financial Overview
11.4.4 Key Development
11.4.5 SWOT Analysis
11.5 Philips Healthcare
11.5.1 Company Overview
11.5.2 Product Overview
11.5.3 Financial overview
11.5.4 Key Developments
11.6 Athenahealth, Inc.
11.6.1 Company Overview
11.6.2 Product Overview
11.6.3 Financial Overview
11.6.4 Key Developments
11.7 Allscripts Healthcare Solutions, Inc.
11.7.1 Overview
11.7.2 Product Overview
11.7.3 Financials
11.7.4 Key Developments
11.7.5 SWOT Analysis
11.8 Oracle Corporation
11.8.1 Company Overview
11.8.2 Product/Business Segment Overview
11.8.3 Financial Overview
11.8.4 Key Development
11.8.5 SWOT Analysis
11.9 Cognizant Technology Solutions Corporation
11.9.1 Company Overview
11.9.2 Product Overview
11.9.3 Financial overview
11.9.4 Key Developments
11.10 Dell Technologies
11.11.1 Company Overview
11.11.2 Product Overview
11.11.3 Financial overview
11.11.4 Key Developments
11.11 Infor, Inc.
11.11.1 Company Overview
11.11.2 Product Overview
11.11.3 Financial overview
11.11.4 Key Developments
11.12 Others
Chapter 12. Healthcare IT MarketMRFR Conclusion
12.1 Key Findings
12.1.1 From CEO’s View Point
12.1.2 Unmet Needs of the Market
12.2 Key Companies to Watch
12.3 Prediction of the IT Industry
Chapter 13 Appendix
LIST OF TABLES
Table 1 Healthcare IT Industry Synopsis, 2020–2027
Table 2 Healthcare IT Market Estimates & Forecast, 2020–2027, (USD Million)
Table 3 Healthcare IT Market, by Region, 2020–2027, (USD Million)
Table 4 Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 5 Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 6 Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 7 North America Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 8 North America Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 9 North America Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 10 U.S. Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 11 U.S. Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 12 U.S. Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 13 Canada Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 14 Canada Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 15 Canada Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 16 South America Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 17 South America Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 18 South America Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 19 Europe Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 20 Europe Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 21 Europe Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 22 Western Europe Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 23 Western Europe Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 24 Western Europe Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 25 Eastern Europe Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 26 Eastern Europe Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 27 Eastern Europe Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 28 Asia Pacific Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 29 Asia Pacific Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 30 Asia Pacific Healthcare IT Market, by End-User, 2020–2027, (USD Million)
Table 31 The Middle East & Africa Healthcare IT Market, by Product & Services, 2020–2027, (USD Million)
Table 32 The Middle East & Africa Healthcare IT Market, by Component, 2020–2027, (USD Million)
Table 34 The Middle East & Africa Healthcare IT Market, by End-User, 2020–2027, (USD Million)
LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation for Healthcare IT Market
Figure 3 Segmentation Market Dynamics for Healthcare IT Market
Figure 4 Global Healthcare IT Market Share, by Product & Services 2020
Figure 5 Global Healthcare IT Market Share, by Component 2020
Figure 6 Global Healthcare IT Market Share, by End-User 2020
Figure 7 Global Healthcare IT Market Share, by Region, 2020
Figure 8 Americas Healthcare IT Market Share, by Country, 2020
Figure 9 Europe Healthcare IT Market Share, by Country, 2020
Figure 10 Asia Pacific Healthcare IT Market Share, by Country, 2020
Figure 11 Middle East & Africa Healthcare IT Market Share, by Country, 2020
Figure 12 Global Healthcare IT Market: Company Share Analysis, 2020 (%)
Figure 13 McKesson Corporation: Key Financials
Figure 14 McKesson Corporation: Segmental Revenue
Figure 15 McKesson Corporation: Geographical Revenue
Figure 16 Epic Systems Corporation: Key Financials
Figure 17 Epic Systems Corporation: Segmental Revenue
Figure 18 Epic Systems Corporation: Geographical Revenue
Figure 19 Cerner Corporation: Key Financials
Figure 20 Cerner Corporation: Segmental Revenue
Figure 21 Cerner Corporation: Geographical Revenue
Figure 22 GE Healthcare: Key Financials
Figure 23 GE Healthcare: Segmental Revenue
Figure 24 GE Healthcare: Geographical Revenue
Figure 25 Philips Healthcare: Key Financials
Figure 26 Philips Healthcare: Segmental Revenue
Figure 27 Philips Healthcare: Geographical Revenue
Figure 28 Athenahealth, Inc.: Key Financials
Figure 29 Athenahealth, Inc.: Segmental Revenue
Figure 30 Athenahealth, Inc.: Geographical Revenue
Figure 31 Allscripts Healthcare Solutions, Inc.: Key Financials
Figure 32 Allscripts Healthcare Solutions, Inc.: Segmental Revenue
Figure 33 Allscripts Healthcare Solutions, Inc.: Geographical Revenue
Figure 34 Oracle Corporation: Key Financials
Figure 35 Oracle Corporation: Segmental Revenue
Figure 36 Oracle Corporation: Geographical Revenue