Global Healthcare IT Industry is Expected to be Worth 280.25 Billion USD by 2021

The report "Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2021", The healthcare IT market is projected to reach USD 280.25 Billion by 2021 from USD 134.25 Billion in 2016, at a CAGR of 15.9% during the forecast period.

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Factors such as growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, high return on investment for HCIT solutions, growing focus on improving quality of care and clinical outcomes, emergence of accountable care organizations, and rising usage of Big Data analytics are driving the healthcare IT market.

In this report, the global healthcare IT market is segmented on the basis of products & services, components, and end users. Based on products & services, the market is segmented into healthcare IT provider solutions, healthcare IT payer solutions, and healthcare IT outsourcing services. In 2015, the healthcare IT provider solutions segment accounted for the largest share of market. The healthcare IT provider solutions segment is further divided into clinical healthcare IT solutions and nonclinical healthcare IT solutions.

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On the basis of component, the market is segmented into services, software, and hardware. In 2015, the services segment accounted the largest share of the global healthcare IT market. On the basis of end user, the market is categorized into healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies. The hospitals segment accounted for the largest share of the global healthcare IT market in 2015, and this segment is poised to grow at the highest CAGR during the forecast period.

On the basis of region, this market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, which is further analyzed at country levels. The research report discusses the key market drivers, restraints, challenges, trends, and opportunities in the global healthcare IT market and its submarkets.

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Geographically, the global healthcare IT market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America, comprising the U.S. and Canada, accounted for the largest share of the global market in 2015. The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies in order to curtail the soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in the region.

However, the Asia-Pacific region is the fastest-growing market. Growing consumerism in the healthcare industry, accelerated economic growth of countries in the region, and the rising need to control the soaring healthcare costs are some of the key factors responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.

Although, the global healthcare IT market is highly fragmented in nature; some of the key players in this market include McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), and Infor, Inc. (U.S.).

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