Global Healthcare IT Industry Worth 228.8 Billion USD By 2020

Posted July 15, 2016 by mmvaidya01

The healthcare IT market is poised to reach USD 228.7 billion by 2020, growing at a CAGR of 13.4% during the forecast period of 2015 to 2020.

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Market growth can be attributed to the growing need to adhere to regulatory guidelines, government initiatives for eHealth, high return on investment (ROI), and rising needs to curtail escalating healthcare costs. On the other hand, lack of in-house IT domain knowledge and reluctance among end users to adopt new methods are expected to restrain the overall market growth to a certain extent during the forecast period.

The healthcare IT market, by product, is segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment is expected to grow at the highest CAGR of 16.4% during the forecast period. This segment is further categorized into clinical solutions and non-clinical solutions. Non-clinical solutions accounted for the largest share of the global healthcare IT market in 2014.

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However, the clinical solutions segment is poised to grow at the highest CAGR of 19.8% in the forecast period. Growth in this segment can be attributed be the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and need for integrated healthcare systems.

The HCIT outsourcing services market is segmented into provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT outsourcing services, and IT infrastructure management services. The IT infrastructure management services segment accounted for the largest share of ~48% of the global healthcare IT market in 2014. This segment is projected to reach USD 23,489.0 million by 2020, growing at a CAGR of 7.6% during the forecast period. The overall growth of the HCIT outsourcing services market is driven by the growing focus of healthcare providers and payers on minimizing operational costs of healthcare delivery and maximizing profit margins. Lack of skilled IT professionals in healthcare organizations is one of the key factors that compel healthcare providers to outsource some administrative operations to specialized vendors. This helps healthcare providers to ensure effective utilization of various IT solutions for several business processes at an affordable cost.

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North America is the largest regional segment of the global healthcare IT market; it accounted for the largest share of 45.5% of the healthcare IT market in 2014, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies (for reducing the soaring healthcare costs), regulatory requirements regarding patient safety, and the presence of a large number of IT companies, such as GE Healthcare (U.K.), EPIC Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Infor, Inc. (U.S.), Philips N.V. (Netherlands), Allscripts Healthcare Solutions, Inc. (U.S.), Sap AG (Germany), and Oracle Corporation (U.S.) in this region.

Although North America and Europe will continue to dominate the healthcare IT market during the forecast period, a majority of growth in the global healthcare IT market will be driven by the rising demand for various imaging modalities in APAC and Latin America. China, India, and Brazil are expected to offer significant growth opportunities for market players in the forecast period, as the governments in these countries are increasingly focusing on enabling efficient, affordable, and on-time delivery of quality care through the implementation of healthcare IT solutions.

The major players in the healthcare IT market are McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Cerner Corporation (U.S.), and Carestream Health (U.S.).

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Issued By Makarand Vaidya
Country India
Categories Health , Research , Science
Tags healthcare information technology , healthcare information technology market , healthcare it , healthcare it market , hit , hit market , hit solution market , hit solutions
Last Updated July 15, 2016