Healthcare Information Technology Market Booming in the Healthcare Industry with a CAGR of 13.2% by 2022

Global Healthcare IT (HCIT) Market has witnessed significant growth in the recent years due to increase in demand for quality healthcare services & solutions along with patient safety & care, proactive supportive government initiatives, and growing acceptance of mHealth & telehealth practices. Increasing adoption of smartphones and patient-doctor convenience are factors driving healthcare IT market growth.

Global Healthcare IT (HCIT) Market projects that the market for HCIT solutions & services was $125 billion in 2015 and is projected to reach $297 billion by 2022, registering a CAGR of 13.2% from 2016 - 2022, according to a new report published by Allied Market Research.Healthcare provider solutions dominated the market in 2015 and projected to capture over two-thirds share by 2022. North America led the global Healthcare IT market in 2015, and is expected to maintain its position throughout the study period.

Claims management solutions segment controlled the largest share of healthcare Payer Solutions market in 2015. This huge demand was mainly due to the complexity in the data management from large number of insured patient population. Moreover, increasing fraudulent activities has made the use of advance healthcare payer methods essential for insurance companies.

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Healthcare provider solutions segment is expected to continue its dominance throughout 2022, owing to the increasing demand for healthcare provider solutions and electronic health records (EHRs) to manage hospitals, nursing homes, pharmacies, and others. Moreover, the implementation of the Affordability Care Act has contributed towards the market growth. EHRs, mHealth, telehealth, and digital pathology segments are expected to be the key contributors to the global market revenue during the analysis period.

The clinical solutions segment is expected to grow at a CAGR of 19.3%, owing to implementation of various HCIT-related government initiatives and rising demand for HCIT solutions in healthcare organizations for cost reduction in clinical aspects such as radiation dose management, electronic medical records, vendor neutral archive (VNA), clinical decision support systems, laboratory information systems, digital pathology solution, and medical image processing & analysis systems.

North America was the leading regional market attributed to high adoption of HCIT solutions & services, well-established healthcare systems, hub to numerous renowned HCIT players. However, Asia-Pacific is anticipated to grow rapidly, registering a CAGR of 15.3% during the analysis period, due to increasing awareness about the benefits of HCIT solutions. In addition, improving healthcare infrastructures and increase in healthcare expenses in the emerging markets, such as India and China, are expected to boost the HCIT market in this region.

Key players in the market:

• Wolters Kluwer
• IBM
• 3M health Information Systems
• Conifer Health Solutions
• Kronos Incorporated
• Anthelio Healthcare Solutions Inc.
• Lexmark Healthcare
• Orian Health
• Wipro Technologies
• CSI Healthcare IT
• Syntel Inc.
• Spok Inc.

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