The global healthcare information technology market size is projected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%. The market for healthcare information technology is driven primarily by the rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs.
In 2019, the healthcare IoT product segment accounted for the largest share of the market.
Based on the product, the healthcare IoT market segment accounted for the largest share of the healthcare information technology market in 2019. The large share of this segment can be attributed to the fact that IoT has found numerous applications in the healthcare sector, such as telemedicine, connected imaging, inpatient monitoring, medication management, connected health, connected workers, and connected ambulances. The outbreak of COVID-19 has led IoT healthcare solution providers to quickly render solutions to meet the rising demand for high-quality services. This is one of the major factors responsible for the large share of this market.
In 2019, the telehealth segment witnesses the highest growth during the forecast period.
Based on the product, the telehealth market segment to register the highest CAGR over the forecast period. Telehealth solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations. Thus, the COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
North America is projected to witness the highest growth during the forecast period.
The North American market is estimated to register the highest CAGR during the forecast period. Factors such as the highest number of COVID-19 cases globally, the presence of a large number of key local players that can ramp up the production of these devices, increased accessibility to advanced healthcare facilities are fueling the demand for healthcare information technology in the APAC region.
The breakdown of primary participants was as mentioned below:
- By Company Type: Tier 1-35%, Tier 2-45%, and Tier 3-20%
- By Designation: C-level-35%, Director Level-25%, and Others-40%
- By Region: North America-45%, Europe-20%, Asia Pacific-30%, Latin America-3%, Middle East & Africa-2%
The leading players in the global healthcare information technology market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US), among others
Research Coverage:
The report analyzes the various healthcare information technology and their adoption patterns. It aims at estimating the market size and future growth potential of the healthcare information technology market for different segments such as product, end-user, and region. The report also includes an in-depth competitive analysis of the key players in this market, and recent developments and key short-term strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Development: Comprehensive information on the lucrative emerging regions by product, end-user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the healthcare information technology market
- Competitive Assessment: In-depth assessment of market shares, short-term growth strategies, of leading players in the healthcare information technology market
Table of Contents
1 Introduction
1.1 COVID-19 Health Assessment
1.2 COVID-19 Economic Assessment
1.2.1 COVID-19 Impact on the Economy - Scenario Assessment
2 Research Methodology
2.1 Introduction
2.1.1 Objectives of the Study
2.1.2 Definition
2.1.3 Inclusions & Exclusions
2.2 Research Assumptions
2.3 Data Triangulation
2.4 Primary Data
2.5 Stakeholders
3 Market Overview
3.1 Introduction
3.2 Market Dynamics
3.2.1 Drivers
3.2.1.1 Rising Prevalence of COVID-19
3.2.1.2 Government Support and Favorable Initiatives
3.2.1.3 Rising Generation of Data and Need for Big Data Analytics
3.2.1.4 Need to Curtail Escalating Healthcare Costs
3.2.2 Restraints
3.2.2.1 High Costs of Solutions, Implementation, and Infrastructure
3.2.3 Opportunities
3.2.3.1 Projected Growth in Demand and Adoption of Telehealth
3.2.3.2 Blockchain
3.2.3.3 Ai and Analytics
3.2.4 Challenges
3.2.4.1 Technical Challenges for Ehr Systems
3.2.4.2 Data Security Concerns
4 COVID-19 Impact on the Healthcare IT Products & Services Market
4.1 Introduction
4.2 Most-Attractive Markets
4.2.1 Telehealth Solutions
4.2.2 Electronic Health Records
4.2.3 Analytics and Artificial Intelligence
4.2.4 Blockchain Technology
4.2.5 Healthcare IoT
4.2.6 Healthcare Supply Chain Management
4.2.7 Practice Management Systems
4.2.8 Eprescribing
4.2.9 Payer Solutions
4.3 Less-Affected Markets
4.3.1 Revenue Cycle Management Solutions
4.3.2 Pacs & Vna
5 COVID-19 Impact on the Healthcare IT End-User Market
5.1 Introduction
5.2 Healthcare Providers
5.3 Healthcare Payers
6 COVID-19 Impact on the Healthcare IT Market, by Region
6.1 Europe
6.2 North America
6.3 Asia Pacific
6.4 Latin America
6.5 Middle East and Africa
7 Competitive Landscape Analysis
7.1 Introduction
7.2 Key Developments of Major Market Players
7.3 Short-Term Strategies
7.4 Key Developments of Other Market Players
8 Appendix
8.1 Knowledge Store: Subscription Portal
8.2 Author Details
List of Tables
Table 1 Total Number of Confirmed Coronavirus Cases, by Region, As of April 1, 2020
Table 2 Cloud Computing: Use Cases
Table 3 Healthcare IoT: Use Cases
List of Figures
Figure 1 Global Propagation of COVID-19
Figure 2 COVID-19 Propagation: Select Countries
Figure 3 Countries Begin with Similar Trajectories, But Curves Deviate Based on Measures Taken
Figure 4 Revised Gdp Forecasts for Select G20 Countries in 2020
Figure 5 Criteria Impacting the Global Economy
Figure 6 Scenarios in Terms of Recovery of the Global Economy
Figure 7 Breakdown of Primary Respondents
Figure 8 Impact Analysis: Drivers, Restraints, Opportunities, and Challenges
Figure 9 Impact of COVID-19 on the Telehealth Solutions Market, 2019-2021 (USD Million)
Figure 10 Impact of COVID-19 on the Cloud Computing Market, 2019-2021 (USD Million)
Figure 11 Impact of COVID-19 on the Analytics Market, 2019-2021 (USD Million)
Figure 12 Impact of COVID-19 on the Ai in Healthcare Market, 2019-2021 (USD Million)
Figure 13 Impact of COVID-19 on the Blockchain Technology Market, 2019-2021 (USD Million)
Figure 14 Impact of COVID-19 on the Healthcare IoT Solutions Market, 2019-2021 (USD Million)
Figure 15 Impact of COVID-19 on the Healthcare Supply Chain Management Market, 2019-2021 (USD Million)
Figure 16 Impact of COVID-19 on the Practice Management Systems Market, 2019-2021 (USD Million)
Figure 17 Impact of COVID-19 on the Eprescribing Market, 2019-2021 (USD Million)
Figure 18 Impact of COVID-19 on the Payer Solutions Market, 2019-2021 (USD Million)
Figure 19 Impact of COVID-19 on the Ehr Market, 2019-2021 (USD Million)
Figure 20 Impact of COVID-19 on the Rcm Solutions Market, 2019-2021 (USD Million)
Figure 21 Impact of COVID-19 on the Pacs & Vna Market, 2019-2021 (USD Million)
Figure 22 Impact of COVID-19 on the European Healthcare IT Market (2020-2021)
Figure 23 Impact of COVID-19 on the North American Healthcare IT Market (2020-2021)
Figure 24 Impact of COVID-19 on the Apac Healthcare IT Market (2020-2021)
Figure 25 Impact of COVID-19 on the Latam Healthcare IT Market (2020-2021)
Figure 26 Impact of COVID-19 on the Mea Healthcare IT Market (2020-2021)
Companies Mentioned
- Allscripts
- Cerner
- Change Healthcare
- Cognizant
- Dell Technologies
- Epic Systems
- Optum
- Philips Healthcare
Methodology
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