Healthcare IT Market | Ongoing Trends and Recent Developments | Major Key Players like Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands)

The study involved four major activities in estimating the current size of the global Healthcare IT Industry. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the sizes of segments and sub-segments.

Objectives of this Study:

• To define, describe, and forecast the healthcare IT market based on product & service, component, end-user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze opportunities in the market for stakeholders and to provide details of the competitive landscape for market leaders

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Expected Revenue Growth in the Global Industry:

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period.

Factors Responsible for the Global Growth of This Industry:

The growing volume of patient data, an increase in technological know-how, and the demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions.

Key Market Restraints:
• IT Infrastructural Constraints in Developing Countries
Key Market Opportunities:
• Rising Use of Healthcare IT Solutions in Outpatient Care Facilities
• Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets
• Cloud-Based EHR Solutions
• Shift towards Patient-Centric Healthcare Delivery

Geographical Growth Scenario:

“North America dominated the Healthcare IT market in 2018”

The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018.

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Leading Market Players:

Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).

Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.

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Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SaaS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.

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