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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
