According to the latest report by IMARC Group, titled “Healthcare IT Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global healthcare IT market reached a value of US$ 62.1 Billion in 2018. Healthcare IT is an area of information technology which involves the use of computerized systems for storing information in medical organizations. It assists in managing, regulating and mechanizing operations and securing information exchange amongst service providers, patients and organizations. The utilization of IT services for admitting patients, maintaining records of treatments and scheduling follow-ups helps to make these processes error-free. The availability of new technologies like automated healthcare information systems is expected to reduce costs, enhance efficiency, and improve medical care and patient satisfaction.
The increasing prevalence of chronic diseases including diabetes, cardiovascular disorders and cancer has resulted in the need for better disease management systems and accessible care for all. This has led to an increase in the adoption rates of healthcare IT systems to provide enhanced quality of healthcare services. Furthermore, rising healthcare consumerism has augmented the demand for efficient management of healthcare data including patient information safety and confidentiality. Along with this, IT systems provide a patient-centric approach during treatments while improving communication between patients and doctors. Moreover, as the number of patients requiring constant medical attention has significantly increased, it has given rise to the need to reduce the per-patient time of doctors and escalate the treatment efficiency. Furthermore, governments of several countries are investing heavily to improve the existing healthcare infrastructure which, in turn, is bolstering the sales of these systems across the globe. On account of the aforementioned factors, the global healthcare IT market size is expected to reach US$ 91.3 Billion by 2024, expanding at a CAGR of around 8% during 2019-2024.
- On the basis of the product and service, the market has been divided into healthcare provider solutions, healthcare payer solutions and healthcare IT outsourcing services. Amongst these, healthcare provider solutions currently represent the most preferred segment.
- On the basis of the component, the services segment accounts for the largest market share. Other major segments include software and hardware.
- Based on the delivery mode, the market has been bifurcated into on-premise and cloud-based.
- On the basis of the end user, healthcare providers exhibit a clear dominance in the market. Other major end users include hospitals; ambulatory care centers; home healthcare agencies, nursing homes and assisted living facilities; diagnostic and imaging centers; pharmacies, and healthcare payers.
- On the geographical front, North America holds the leading position in the market. Other key regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market. Some of these players include GE Healthcare, Philips Healthcare, Siemens Healthcare, Cerner Corporation, Allscripts Healthcare Solutions Inc., Wipro, Oracle Corporation, IBM, SAS Institute Inc., Dell Technologies Inc., McKesson Corporation, Epic System Corporation, Athenahealth, Inc., and Infor, Inc.
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