Healthcare IT Market Worth $390.7 Billion By 2024

Summary

• 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.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the healthcare IT market. These methods were also used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and markets have been identified through extensive secondary research.

# The industry’s market size, in terms of value, has been determined through primary and secondary research.

# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation:

After arriving at the overall market size—using market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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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.

Objectives of the Study:

# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region.

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).

# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.

# To analyze opportunities in the market for stakeholders and to provide details of the competitive landscape for market leaders.

# To forecast the size of the healthcare IT market with respect to five geographic regions – North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.

# To profile key players in the healthcare IT market and comprehensively analyze their core competencies2 and market shares.

# To track and analyze competitive developments such as agreements, partnerships, and collaborations; mergers and acquisitions; new product/technology/service launches and upgrades; and research and development activities of leading players in the healthcare IT market

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