Surge In Demand For Progressive Analytics Tools To Improve The Efficiency Of Healthcare Industry Shall Pace The Global Healthcare IT Market

Global Healthcare IT Market Report, published by Variant Market Research, forecast that the global market is expected to reach $382 billion by 2024 from $140 billion in 2016; growing at a CAGR of 13.4% from 2016 to 2024. By geography, Asia-Pacific and Rest of the world (RoW) are expected to grow at a CAGR of 15.2% and 13.5%, respectively, during the forecast period.
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Major factors driving the global healthcare IT market include, need for integrated healthcare systems, growing in awareness in relation to patient care and patient safety, and stringent guidelines regarding healthcare provider solutions. However, increased cost of IT adoption would restraint the market growth in the coming years. Furthermore, rising demand for progressive analytics tools to improve the value and efficiency of healthcare industry would provide market opportunities in the near future.
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The global healthcare IT market is segmented on the basis of type, end user, and geography. The segment by type includes healthcare payer solutions, healthcare provider solutions, and HCIT outsourcing services. The healthcare provider solution is further bifurcated into clinical solutions and non-clinical healthcare IT solutions. Healthcare payers and Healthcare providers and are the several segmentations of healthcare IT market by end user.
By type, the healthcare provider solutions segment accounted for more than half of the total market revenue in 2016. By end user, healthcare providers segment generated the highest revenue, accounting for more than two third of the total market share in the year in the same year. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the world.
North America accounted for the largest market share of 44.7% in the year 2016. The growth was attributed to increased adoption of HCIT technologies, and existence of a huge number of IT companies such as Cerner Corporation, GE Healthcare, EPIC Systems and McKesson Corporation. Europe was the second largest market with a total market share of 30.7%. Asia-Pacific is anticipated to grow the fastest CAGR of 15.2% during the forecast period 2016-2024.
Major companies operating in the healthcare IT market include Accenture, McKesson Corporation, Inc., Infosys, Athena health, Inc., Allscripts Healthcare Solutions, Epic Systems Corporation, GE Healthcare, Siemens Healthcare, United Healthcare Group, Philips, Carestream Health Cerner Corporation, among others.

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