COVID-19 Impact | Healthcare Information Technology Market Size by Top Leading Key Players, Growth Opportunities, Incremental Revenue, Trends, Outlook and Forecasts to 2025

ReportsnReports provides in depth study of "Healthcare Information Technology" Market using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organisation. The Healthcare Information Technology Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organisation such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organisation.

The global Healthcare Information Technology Market is expected to witness a promising growth in the next few years. The rising level of competition among the leading players and the rising focus on the development of new products are likely to offer promising growth opportunities throughout the forecast period. The research study on the global Healthcare Information Technology Market offers a detailed overview, highlighting the key aspects that are expected to enhance the growth of the market in the near future. The key segmentation and the competitive landscape of the market have also been mentioned at length in the research study.

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 "The global healthcare information technology market is projected to grow at a CAGR of 28.6%from 2019 to 2020."

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.

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"In 2019, the telehealth segment witness 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.

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"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

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