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Healthcare IT Market Worth $511.06 Billion by 2027
- Healthcare IT market is expected to grow at a CAGR of 13.8% from 2019 to reach $511.06 billion by 2027.
London, March 06, 2020 – According to a new market research report “Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare)- Global Forecast to 2027â€, published by Meticulous Research®, the healthcare IT market is expected to grow at a CAGR of 13.8% from 2019 to reach $511.06 billion by 2027.
Health Information Technology (Healthcare IT) is a broad term that defines the technology and infrastructure utilized to record, analyze, and share patient health data in healthcare organizations. The aim of Healthcare IT solutions is to offer better care for patients and help accomplish health equity. It also endorses recording of patient data to improve healthcare delivery and allow for analysis of information for both healthcare practitioners and ministry of health/government agencies.
With increasing pressure to curtail healthcare cost and improve healthcare quality, investments in healthcare IT are gaining traction and are largely driven by the need for savings, economies of scale, and improving cash flow. According to a survey performed by Octopus group, more than 100 global institutional investors have planned to increase their investment in healthcare infrastructure, including health IT, by $200 billion over the next five years. By adopting various healthcare IT solutions such as EHR, PACS, and CPOE among others, healthcare organizations have reduced the operational cost and improved savings along with better patient care. For instance, with increasing adoption of Cerner Dynamic Documentation platform, Northern Light Health (U.S.) saved an estimated $1.3 million annually, by increasing provider efficiency, improving satisfaction with their electronic health record, and streamlining the discharge process. Similarly, by adopting Cerner ITWorks, University of Missouri Health Care (U.S.) reduced the organization’s IV obsolescence rate by more than 43% over three months. In addition, the university also adopted Cerner’s revenue cycle management solutions in 2018.
The healthcare IT solutions market study presents historical market data in terms of value (2017, and 2018), estimated current data (2019), and forecasts for 2027 – by product, component, delivery mode, end-user, and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional level.
Based on product type, the healthcare providers solutions segment accounted for the largest share of the healthcare IT market and is slated to grow faster during the forecast period. The large share of this segment is primarily attributed to the factors such as growing focus on patient safety & care, increasing demand for integrated healthcare solutions, rising investments in development of healthcare infrastructure in emerging countries, increasing number of government initiatives & regulatory mandates on implementing eHealth solutions, increasing demand for quality healthcare, and rising awareness about electronic health records (EHRs). In addition, growing geriatric population & related ailments and patient workload on healthcare systems across the globe are also driving adoption of digitization solutions among healthcare providers.
Based on component type, the services segment held the largest share of the overall healthcare IT market. The largest share of this segment is mainly attributed to the increasing need to reduce healthcare costs, shift towards cloud-based services, rising adoption of digital solutions across healthcare organizations, and growing need to reduce administrative overheads of the healthcare industry.
Based on delivery mode, the overall healthcare IT market is segmented into web/cloud based and on-premises. Web & cloud-based solutions accounted for the largest share of the overall healthcare IT solutions market owing to its benefits such as on lower upfront cost, on-demand self-serving deployment model, excessive storage flexibility, and greater security.
Based on the end user, healthcare providers held the largest share of the overall healthcare IT market and is projected to grow at a fastest CAGR during the forecast period. The largest share of this segment is mainly attributed to rising patient volume, growing awareness about electronic health records (EHRs), growing healthcare spending by the countries across globe, and increasing adoption of healthcare IT solutions by healthcare providers.
The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2016–2019). The healthcare IT solutions market has witnessed number of new product launches, agreements, partnerships & collaborations, expansions, and acquisitions in the recent years. For instance, in October 2019, Cerner collaborated with ResMed (U.S.) to help providers make more informed treatment decisions, control costs, and deliver seamless care across health systems. Similarly, in July 2019, McKesson opened its new distribution center in Puyallup, Washington, U.S. to serve hospitals, health systems, community pharmacies, and national retail pharmacies across the state of Washington.
The key players operating in the global healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.) among others.
Source: https://www.globenewswire.com/news-release/2020/03/06/1996384/0/en/Healthcare-IT-Market-Worth-511-06-Billion-by-2027-Exclusive-Report-by-Meticulous-Research.html
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