North American Healthcare IT Market worth $496.7 billion | Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healt

North American Healthcare IT Market in terms of revenue was estimated to be worth $193.2 billion in 2022 and is poised to reach $496.7 billion by 2027, growing at a CAGR of 20.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the market such as growing inclination towards home healthcare, increasing deployment of cloud based EMR solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to challenge the growth of this market to a certain extent.

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The services segment accounted for the largest share in the North American healthcare IT market, by component

The North American healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the complex software used in HCIT that require integration and interoperability, hence extensively trained professionals. Moreover, the software updates and upgrades, pertaining to the changing healthcare regulations, is further fueling the demand for HCIT services.

By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period

The clinical HCIT solutions segment is projected to register the highest growth in the North American healthcare IT market. The increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare providers are the major driver for the growth of this market.

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North American Healthcare IT Market Dynamics:

Drivers:

Growing need to curtail escalating healthcare costs
Favorable government mandates and support for healthcare IT solutions
Shift toward patient-centric healthcare delivery
High returns on investments associated with healthcare IT solutions

Restraints:

High cost of deployment of healthcare IT solutions for small and mid-sized organizations

Opportunities:

Increasing use of healthcare IT solutions in outpatient care facilities
Growing inclination towards home healthcare
Increasing deployment of cloud based EMR solutions
Growing blockchain, AI, and IoT markets
Expanding mHealth, telehealth, and remote patient monitoring markets

Challenges:

Lack of integration of healthcare IT solutions
Increased data security concerns
Reluctance among medical professionals to adopt advanced healthcare IT tools
Dearth of skilled IT professionals in healthcare industry

Key Market Players:

Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), Athenahealth (US), Infor (US), Dell Technologies, Inc. (US), CVS Health (US), IBM (US), EClinical Works (US), Nextgen Healthcare, Inc. (US), Greenway Health, LLC (US), Nvidia Corporation (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

Recent Developments

In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.

In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth's digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR's patient portal.

In March 2022, Cognizant (US)) collaborated with Microsoft (US). The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

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