Portland, OR, June 19, 2019 (GLOBE NEWSWIRE) -- According to the report, the global healthcare IT market was pegged at $141.45 billion in 2016 and is projected to garner $297.49 billion by 2022, registering a CAGR of 13.2% from 2016 to 2022.

Rising demand for telehealth and mHealth solutions owing to increased penetration of smartphones, high adoption of cloud technology-related HCIT services, rapidly increasing aging population and the subsequent surge in a number of chronic diseases have boosted the growth of the global healthcare IT market. Moreover, the implementation of various healthcare reform such as patent protection and affordable care act (PPACA) supplemented the market growth. However, increasing concerns regarding patient data safety & security hampers the market growth. On the contrary, rise in investments in the Asia-Pacific region is expected to create lucrative opportunities in the near future.

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The global healthcare IT market is divided on the basis of product, end user, and geography. Based on product, the market is segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment dominated the market in terms of revenue, accounting for more than six-tenths of the market in 2016. Moreover, the segment is expected to manifest the fastest CAGR of 16.2% during the forecast period.

On the basis of end user, the market is bifurcated into healthcare providers, healthcare, and payers. The healthcare providers segment held the lion’s share in 2016, contributing nearly three-fourths of the market. Moreover, the market is expected to portray the fastest CAGR of 14.2% during the study period. On the other hand, the other segments are projected to show a gradual growth through 2022.

The market is analyzed across various regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across North America held the largest share in 2016, contributing more than two-fifths of the total market. However, the market across the Asia-Pacific region is expected to portray the fastest CAGR of 15.3% through 2022.

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The global healthcare IT market report provides detailed analysis of the major market players such as McKesson Corporation, Allscripts Healthcare Solutions, Inc., United Healthcare Group, Epic Systems Corporation, Athenahealth, Inc., Cerner Corporation, GE Healthcare, Koninklijke Philips N.V., and Oracle Corporation, Infor, Inc.

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