The healthcare IT market was valued at USD 106.47 billion in 2017, and is projected to grow at a CAGR of over 18.68% from 2018 to 2025. The major key drivers for the growth of healthcare IT market are increase in chronic diseases, need for integrated healthcare services and solutions, healthcare tourism, and rapid development of healthcare infrastructure.
Healthcare IT Market is driven by advancements in technology
The healthcare IT market experiences significant growth due to the rise in its demand from healthcare providers. Development in healthcare IT is driven by advancements in technology, which has fueled the demand for healthcare IT solutions such as, provider and payer, and outsourcing services. The availability of standardized and specialized equipment in the sector aims to improve industry participation and increase demand. The advancements in technology supported the need for better healthcare solutions; thus, the healthcare IT emerged as a solution to the related problems.
Payer solutions expected to witness the highest growth from 2018 to 2025
The payer solutions are widely adopted in the healthcare industries, such as hospitals, ambulatory care centers, home health care agencies, nursing homes, assisted living facilities, diagnostic and imaging centers, and pharmacies. The payer solutions market is expected to grow at the highest rate, due to increase in key trends in the managed services, such as the prominence of cloud-based enterprise mobility management, penetration of smartphones, laptops, and tablets in the healthcare industry.
Provider solutions to dominate healthcare IT market by 2025
The provider solutions market is projected to hold the largest share in the healthcare IT market until 2025 and is expected to witness a significant growth rate during the forecast period. This is due to the complex cloud and enhanced business productivity in the organizations. These services are vastly used in the healthcare industry, such as providers namely hospitals and payers. Furthermore, the rise in adoption of electronic health record and information exchange systems worldwide, and improved clinical & non-clinical solutions drive the growth of the provider solutions segment in the healthcare IT market.
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North America leads the global healthcare IT market
North America is the largest market for healthcare IT, followed by Europe. Most of the countries are developed in both the regions; as a result, the adoption rate for healthcare IT technology was high in the developing stage. The USA Government made various regulations in favor of the healthcare IT market, which boosted its growth. The rise in chronic diseases and demand for the advanced healthcare systems to tackle it is expected to drive the market during the forecast period.
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Key companies covered as a part of this study include Optum, Cerner, Cognizant, Philips, Epic Systems, Leidos, GE Healthcare, Conduent, Athenahealth, and Allscripts. These companies use strategies such as acquisitions, expansions & investments and new technology inventions to strengthen their position in the market.
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