Healthcare IT market: Numerous key players have collaborated with local players for developing efficient products to create lucrative opportunities in the market
Healthcare information technology (IT) is a vast field that involves the employment of information technology for designing, creating, developing, using and maintaining information systems in the field of healthcare. Healthcare IT market is growing at a rapid rate owing to technological development in the field and increasing demand for enhanced healthcare facilities globally. Healthcare IT allows exchange of health-related information among organizations electronically. The healthcare IT market, which was worth at USD 132.25 billion in 2018, is now expected to reach USD 237.25 billion by 2023, growing at a CAGR of 15.74%, during the forecast period.
Market drivers and restraints:
The healthcare IT market is driven by increasing demand for better patient safety and patient care as well as rise in government initiatives to promote HCIT. Nevertheless, the HCIT is a well-established market and hence, there is a huge supply and demand gap with many local as well as international major players operating in this segment. This factor is estimated to hamper the market growth. Furthermore, several key players have collaborated with local players for developing efficient products to create lucrative opportunities in the market.
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Report segmented as:
• healthcare provider solutions
• healthcare payer solutions
• HCIT outsourcing services
By end user:
• healthcare providers
• healthcare payers
Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Latin America and Middle East and Africa regions. North America, being the developed region, is presently leading the market for healthcare IT and is estimated to continue to hold the large market share for a few more years. The United States holds the majority of the market in the North American region.
Important market players:
Some of the key players operating in the market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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