Global Healthcare IT Market Report, published by Variant Market Research, forecast that the global market is expected to reach $382 billion by 2024 from $140 billion in 2016; growing at a CAGR of 13.4% from 2016 to 2024. By geography, Asia-Pacific and Rest of the world (RoW) are expected to grow at a CAGR of 15.2% and 13.5%, respectively, during the forecast period.
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Requirement for integrated healthcare systems, growth in awareness regarding relation to patient care & patient safety, and stringent guidelines regarding healthcare provider solutions are the major factors driving the global healthcare IT market include. However, increased cost of IT adoption may hamper the market growth in the coming years. Furthermore, rising demand for progressive analytics tools to improve the value and efficiency of healthcare industry would provide market opportunities in the near future.
The segmentations of the global healthcare IT market are type, end user, and geography. Healthcare payer solutions, healthcare provider solutions, and HCIT outsourcing services are the sub-segments of type segment. The healthcare provider solution segment is categorized into clinical solutions and non-clinical healthcare IT solutions. By end use, the market is segregated into healthcare payers and healthcare providers.
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By type, the healthcare provider solutions accounted for the maximum market revenue in the year 2016. In the same year, healthcare provider was the highest revenue generating segment by end user, and accounted for more than two third of the total market share. The geographical segmentations of the market include, North America, Europe, Asia-Pacific, and Rest of the world.
In 2016, North America was the highest revenue generating region and accounted for the market share of 44.7%, driven by increased adoption of HCIT technologies, and existence of a huge number of IT companies such as GE Healthcare, Cerner Corporation, EPIC Systems, and McKesson Corporation. Europe generated the second highest revenue with a total market share of 30.7%. Asia-Pacific is predicted to grow the fastest CAGR of 15.2% during the forecast period 2016-2024.
Major companies operating in the healthcare IT market include Philips, McKesson Corporation, Inc., Infosys, Athena health, Inc., Epic Systems Corporation, GE Healthcare, Allscripts Healthcare Solutions, Accenture, Siemens Healthcare, United Healthcare Group, Carestream Health Cerner Corporation, among others.
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