CHICAGO, Nov. 04, 2019 (GLOBE NEWSWIRE) -- The global healthcare IT market size is projected to grow from an estimated revenue of USD 190.9 billion in 2019 to reach USD 392.0 billion by 2024, based on the findings presented in the study, “Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2024”. Government support for healthcare IT solutions, increasing implementation of big data, and the need to curtail the ever-increasing healthcare costs are the key factors driving market growth, resulting in an anticipated CAGR of 15.5% between 2019 and 2024.
Over the years, the healthcare IT market has witnessed significant development with the introduction of healthcare reforms in both developed and developing nations. Healthcare IT solutions are emerging as powerful tools to curtail rising healthcare costs while improving overall healthcare quality. These systems significantly minimize the use of paper and increase the operational efficiency of the organization while ensuring regulatory compliance.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252
Healthcare provider solutions accounted for the majority of the global healthcare IT market share in 2018. The need to control growing healthcare costs and improve the efficiency of healthcare services is a major driver for the growth of this market. Within this segment, the clinical solutions segment accounted for the largest market share. Growth in the clinical solutions market is driven by the increasing demand for improved patient safety and patient care, stringent regulations, and the rising need for integrated healthcare systems.
In 2018, the services segment held the largest component share of the global healthcare IT market. The growth in the services segment can be attributed to the introduction of complex software, and the need for integration and interoperability of software. Both the services and software segments are expected to register high growth in the coming years due to the recurring nature of services and the requirement of periodic software upgrades.
Healthcare providers accounted for the largest end-user share of the healthcare IT market. The increasing budget of hospitals to improve the care provided and reduce the cost of care has resulted in the large market share of this segment. In addition, factors such as reducing reimbursements are also boosting the adoption of non-clinical solutions, such as RCM solutions, to minimize the loss of revenue due to errors in claims management.
In 2018, North America accounted for the largest share of the healthcare IT market, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa. The extensive adoption of HCIT solutions in this region, stringent regulations regarding the quality of healthcare, and the increasing need to curtail escalating healthcare costs through HCIT solutions are driving the growth of the industry.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=252
On the other hand, APAC is expected to register the highest CAGR during the forecast period. Factors such as large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC healthcare IT market.
There are numerous players offering healthcare IT solutions, including Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US). Product launches, acquisitions, agreements, partnerships, collaborations, and expansions are some of the major growth strategies adopted by these market players. For instance, in 2018, Philips collaborated with LabCorp to advance digital pathology by incorporating the Philips IntelliSite Pathology Solution within anatomic pathology services of LabCorp. Such initiatives are expected to shape the future dynamics of the global healthcare IT market positively during the forecast period.
Browse Related Reports:
Healthcare Analytics Market by Type (Predictive, Prescriptive, Cognitive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On-demand, Cloud) End User (Payer, Hospital) - Global Forecast to 2024
eHealth Market by Product (EHR, PACS & VNA, RIS, LIS, CVIS, Telehealth, eRx, HIE, Patient Portal, Medical Apps), Services (Remote Patient Monitoring, Diagnostic Services) End User (Hospitals, Home Healthcare, Payers, Pharmacy) - Global Forecast to 2023
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.