- Rising Use of Healthcare IT Solutions in Outpatient Care Facilities.
- Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets.
- Cloud-Based EHR Solutions.
- Shift Towards Patient-Centric Healthcare Delivery.
Overview of This Study:
This study involved four major activities in estimating the current size of the healthcare IT market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the sizes of segments and subsegments.
Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Cerner Corporation (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands) and Epic Systems (US) are some of the leaders in the healthcare IT solutions market.
Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.
Optum provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. It also offers other healthcare IT solutions and services to help care providers and payers efficiently improve their clinical performance, quality of care, and establish consumer engagement. The company actively focuses on various inorganic business strategies such as acquisitions, partnerships, agreements, and collaborations to garner a larger market share.
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What the Market Looks Like?
The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period.
Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SAAS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.
Philips is a major player operating in the healthcare IT market. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates. The company has an established geographic presence and a strong sales and distribution network spread across the world.
Major Growth Boosters:
The growth of the global Healthcare IT Industry is primarily influenced by the following factors:
# Government Mandates & Support for Healthcare IT Solutions
# Rising Use of Big Data
# High Returns on Investment for Healthcare IT Solutions
# Need to Curtail Escalating Healthcare Costs
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