Global Healthcare IT Market
Global healthcare IT market report provide a comprehensive outlook on healthcare IT worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global market gives historical, current and future market size (US$ Mn) on the basis of solution, end use, and geography. This study analyses the global market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Healthcare IT Market:
Global Healthcare IT market is expected to cross US$ 429.7 billion in 2026 from US$ 206.3 billion in 2019 at a CAGR of 15.8%. Due to the growing prevalence of chronic diseases globally, the implementation of healthcare IT programmes has gained momentum in recent years in order to enhance Chronic Disease Management (CDM). Increasing demand for preventive care coupled with increased funding for various start-ups in mHealth is boosting market growth. Technological developments to enhance IT infrastructure, such as introducing IoT, AI, and big data, is one of the main factors driving market growth. However, Low network coverage, data protection problems and other related issues are expected to hamper market development.
Use of internet and social media boosts the growth of global market:
The use of the internet and social media has become critical in today’s evolving healthcare environment in order to gain a deeper understanding of healthcare IT and their effect on health communication. Between 2005 and 2017, participation in social networking sites had more than quadrupled and the adoption rate had risen, which had a positive effect on the market growth. According to CMS, the US National Health Expenditure constitutes about 18% of GDP, which is projected to hit around 20% by 2020. It is expected that most growth will be fueled by public-sector investment, specifically Medicare and Medicaid. Growing investments in healthcare are thus likely to drive product innovation and acceptance of technology which, in turn, will propel the studied market globally.
North America dominates the market share in global market:
The healthcare IT market in North America had the largest revenue share of 39.1% in 2019 and is projected to rise dramatically over the forecast period. Strong EHR adoption coupled with government measures such as the Medicare and Medicaid implementation of EHR incentive programmes would stimulate business growth in North America. Growing funding activities to introduce various healthcare IT projects would also support the growth of the regional sector.
Key players profile in the global market include-
- Change Healthcare
- Philips Healthcare
- Epic System
- Dell Technologies
- GE Healthcare
- Wipro Limited
- In March 2020, Siemens Healthineers announced launch of teamsplay digital health platform. The Platform provides quick access to clinical and organizational support solutions. The network consists of over 5,000 institutes and 23,000 linked networks in more than 60 nations. This helped the firm grow its market to include untapped markets 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.
Key findings of report:
- Global healthcare IT market expanding at significant CAGR over 2020 to 2026 owing to growing demand for preventive care coupled with increased funding for various start-ups in mHealth.
- North America accounted for larger share of market revenue in 2019 based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Radiology information systems
- Electronic health record
- Picture archiving and communication systems
- Computerized physician order entry
- Vendor neutral archives
- Healthcare analytics
- Tele health
- Supply chain management
- Customer relationship management
- Fraud management
- Revenue cycle management
- Healthcare providers
- Diagnostic and imaging centers
- Ambulatory clinical units
- Healthcare payers
- Rest of Europe
- Australia & New Zealand
- Rest of APAC
- Rest of Latin America
- GCC Countries
- South Africa
- Rest of MEA