Healthcare IT Market - Industry Share Analysis, Key Players and Future Prospect

The Research Report on "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software,Hardware), End-User, and Region (2022 - 2026)", is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.

Rising use of big data;

In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years. In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The length of the data and its heterogeneity make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.

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Industry Segmentation In Detailed:

The healthcare provider solutions segment accounted for the largest share of the healthcare IT market in 2020

Among the products & services segment, the healthcare provider solutions segment accounted for the largest market share in 2020. The large share of this segment is attributed to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.

Clinical healthcare IT solutions occupied the largest share of the healthcare provider solutions segment during the forecast period. The reasons could be increasing regulatory stringency, and the rising demand for improved patient safety and patient care and integrated healthcare systems.

Under the segment of the HCIT outsourcing services, IT infrastructure management services held the largest share during the forecast period. The growing demand for various HCIT solutions and the increasing use of cloud-based technologies are the main drivers of this market.

Claims management solutions accounted for the largest share of the healthcare payer solutions market segment, which is mostly due to the frequent need for upgrades in software applications. Vendors of claims management solutions are constantly introducing technologically advanced products with enhanced data security standards that can easily be understood and used by healthcare providers.

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Leading Key Players and Analysis:

The major players in the global healthcare IT market are 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), eClinicalWorks (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), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).

Geographical Analysis in Detailed:

Asia-Pacific is the fastest-growing market for healthcare IT market during the forecast period.

During the forecast period, the Asia Pacific market is projected to grow at the highest CAGR. This growth is driven by the rising medical tourism, investments and reforms to modernize China's healthcare infrastructure, and the implementation of IT programs in Australia and New Zealand, among other factors.

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