Healthcare IT Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Aug 2020  |  Report ID: GMI232  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 227   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Healthcare IT Market size valued at USD 187 billion in 2019 and is expected to grow at over 15.6% CAGR between 2020 and 2026.
 

The healthcare IT comprises various services and technologies that span from advanced decision support to simple charting and integration with medical technology. For instance, the introduction of interoperable system and cloud-based computing system for detection and identification of diseases will as serve a positive impact rendering factor for the healthcare IT market growth.
 

Healthcare IT Market

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Healthcare IT is becoming more prevalent in various healthcare settings to enhance efficiency and quality of care delivered and assist in cost reduction. Healthcare IT companies may face certain challenges such as cybersecurity, shortage of staffs and limited technological infrastructure in the developing economies. However, relaxations in regulatory policies and supportive government initiatives will enable the companies to overcome these challenges.
 

The healthcare IT sector is at the epicentre of unprecedent pandemic challenge across the globe. The virtual care & data technologies and IT systems including digitalization and analytical technologies are few structural factors that have influenced healthcare IT industry during the COVID-19 outbreak. Furthermore, market players focusing on R&D investments will lead to innovations in healthcare information technology.
 

Favourable initiatives by the federal government are set to encourage the healthcare IT market expansion in the coming years. For instance, in U.S., the Health Information Technology for Economic and Clinical Health (HITECH) Act authorized nearly USD 27 billion over 10 years to support EHR installation and usage. This has led to increased adoption of Healthcare IT solutions across the U.S. Similarly, European commission had launched a public consultation project to promote digital health care and innovation for European citizens. This will lead to an increase in acceptance of health.
 

Healthcare IT Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 187.1 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 15.6% 2026 Value Projection: USD 535.6 Billion
Pages: 227 Tables, Charts & Figures: 256
Geographies covered (18): U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, Japan, India, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE
Segments covered: Solution, End-use and Region
Companies covered (17): Agfa Healthcare, Allscripts Healthcare Solution, McKesson Corporation, Siemens Healthineers, Cerner Corporation, GE Healthcare, Oracle Corporation, elicnicalWorks, Athenahealth, Carestream Health, eMDs, Inc, Epic System Corporation, Experian Information Solutions, Inc, SAP, Koninklijke Philips N.V., NextGen Health Inc, HP Enterprise Development, L.P
Growth Drivers:
  • Growing investment towards healthcare infrastructure development in Asia Pacific region
  • Growing adoption of artificial intelligence
  • High adoption of electronic health records in developed countries such as the U.S.
  • Favorable government initiatives
  • Increasing demand for cost-saving in healthcare delivery
Pitfalls & Challenges:
  • High cost associated with implementation and maintenance
  • Security and privacy concerns

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High cost associated with maintenance and implementation of healthcare IT systems may slow down the market

The cost of installation and maintenance of digital health solutions such as EHR and EMR is one of the major barriers for the healthcare IT market. Implementation of an EMR system could cost up to USD 163,765 to single physician. Moreover, elevated security threats and privacy concerns are adding to increasing cost structure. The average cost of data breaches in healthcare industry has been volatile and increased sharply over the years. The average cost of data breach in 2019 was USD 429 million per record. This might severely hamper the reputation and results of operation as well as customer faith.
 

Government initiatives to integrate electronic health record system will drive the healthcare IT market demand

Healthcare Information Technology Market By Solution

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The electronic health record segment accounted for market share of 20% in 2019 due to initiation of several favourable policies and programs by the government to integrate EHR systems. For instance, The New Health Information System (NSIS) implemented in Italy, aimed at establishing EHR system across the country to connect each level of care.
 

Hospitals are the early adopters of healthcare IT solutions amongst all the providers

Hospital end-use segment dominated around 44% healthcare IT market share in 2019. Hospitals are the early adopters amongst all the healthcare providers. Large-scale operations, multifunctionality, need to manage huge amount of information and cost-cutting are the major factors leading to high adoption of healthcare IT solutions. Presence of sophisticated infrastructure and skilled resources in hospital settings will further stimulate the segment size.
 

Higher adoption of EHR coupled with favorable government initiatives will boost the North American market growth

Healthcare Information Technology Market By Region

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North America healthcare IT market held largest revenue share of 39.1% in 2019 and is anticipated to grow considerably during the forecast period. High adoption of EHR coupled with government initiatives such as the introduction of EHR incentive programs by the Medicare and Medicaid will support the market growth in North America. Additionally, increasing funding activities to implement various healthcare IT platforms will further aid the regional market expansion.
 

Adoption of business strategies will pave growth opportunities for companies operating in the market

Prominent players operating in the healthcare IT market include Siemens Healthineers, McKesson Corporation, Cerner Corporation, GE Healthcare, Oracle Corporation Agfa Healthcare, Allscripts Healthcare Solutions and elicnicalWorks among others. Geographical expansion, product launch & approval and partnerships are the most adopted business strategies to sustain market competition.
 

Some of the recent industry developments:

  • In March 2020, Siemens Healthineers announced launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. The platform comprises more than 5,000 institutes and 23,000 connected systems in over 60 countries. This helped the company to expand its business to untapped economies as well as customer base.
     
  • In February 2019, Oracle announced availability of its data center in UAE and Middle East. This data center offered cloud applications services to its customers across the region, thereby strengthening its market position in the Middle East.
     

The healthcare IT market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

Market, By Solution

  • Radiology information systems
  • Electronic health record
  • Picture archiving and communication systems
  • Computerized physician order entry
  • Vendor neutral archives
  • mHealth
  • Healthcare analytics
  • Telehealth
  • Supply chain management
  • Customer relationship management
  • Fraud management
  • Revenue cycle management
  • Others

Market, By End-use

  • Healthcare providers
    • Hospitals
    • Pharmacies
    • Diagnostic and imaging centers
    • Ambulatory clinical units
    • Others
  • Healthcare payers
    • Private
    • Public

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       

Frequently Asked Questions (FAQ) :

The market size of healthcare IT valued at USD 187 billion in 2019.
The industry share of healthcare IT is expected to grow at over 15.6% CAGR between 2020 and 2026.
Initiation of supportive government norms to integrate EHR systems will propel the segment growth. The electronic health record segment held 20% market share in 2019.
These solutions will be massively deployed across hospitals, owing to the requirement to manage considerable information, multifunctionality, large-scale operations, and cost-cutting. Hospital end-use segment was dominant in 2019 with 44% market share.
North America will emerge as a major revenue ground owing to the high adoption rate of EHR systems in tandem with rising number of government initiatives. North America market held 39.1% market share in 2019.
Major industry players include elicnicalWorks, Siemens Healthineers, Oracle Corporation, McKesson Corporation, Agfa Healthcare, GE Healthcare, Cerner Corporation, and Allscripts Healthcare Solutions.

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Premium Report Details

  • Published Date: Aug 2020
  • Pages: 227
  • Tables: 248
  • Charts / Figures: 8
  • Companies covered: 17
  • Countries covered: 18

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