Healthcare IT Market Reaching at US$ 390.7 Billion by 2024 Study by Telehealth, Healthcare Analytics, Population Health, CRM

23 April, 2019

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period. North America, comprising U.S. & Canada, accounted for largest share of global market in 2019. Large share of this region can be attributed to stringent legislative & accreditation requirements regarding Healthcare IT Market.

Healthcare IT market growing adoption of health information exchanges (HIEs) & EHR systems and improved quality of care & clinical outcomes are some of other factors driving market growth. In 2015, the provider solutions segment accounted for largest share of global healthcare IT market.

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Geographically, healthcare IT market segmented into North America, Europe, Asia-Pacific, Latin America, & Middle East & Africa. North America commanded largest share of healthcare IT market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR while the Asia-Pacific market is expected to grow at the highest CAGR during the forecast period.

healthcare IT market can be segmented on the basis of product and end user. On the basis of product the industry can be segmented into RIS, EHR, PACS, CPOE, VNA, mHealth, healthcare analytics, telehealth, supply chain management, CRM, fraud management, claims management and revenue cycle management.

Healthcare IT Market, By Product & Service
• PACS & VNA
• Mobile Health Applications
• Telehealth Solutions
• Clinical Decision Support Systems
• Radiology Information Systems
• Patient Registry Software
• Revenue Cycle Management Solutions
• Financial Analytics
• Medication Management Systems
• HCIT Outsourcing Services

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Healthcare IT market is highly fragmented in nature; Some of the key players in healthcare IT market include McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), and Infor, Inc. (U.S.).

The healthcare IT markets include digital pathology, m-health and bio simulation market. The IT implementation in healthcare has definitely paved the way for innovation in the field of medical and pharmacy. The potential for growth of such market is enormous due to rapid investment in technologies and R&D in the field of both IT and healthcare.

The healthcare IT solutions are also projected to play a significant role in automating the entire treatment process including the admission of patients, maintaining records of treatments, and scheduling follow-ups. Additionally, there has been a significant rise in the number of patients who require constant medical attention.

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Healthcare IT market has witnessed significant growth in the recent years due to increase in demand for quality healthcare services & solutions along with patient safety & care, proactive supportive government initiatives, and growing acceptance of mHealth & telehealth practices. Increasing adoption of smartphones and patient-doctor convenience are factors driving healthcare IT market growth.

Growth in this regional segment is largely driven increasing government initiatives for eHealth, rising medical tourism, and growing demand for quality healthcare.

In addition to growing demand for information technology solutions from healthcare providers, growing need for healthcare insurance providers to efficiently manage a comprehensive record of claims and reimbursements is also expected to contribute to growth of global healthcare IT market during forecast years.

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