The Healthcare IT market is forecast to grow at a CAGR between 12% to 13% during the forecast period 2019 to 2024. In the future, the global healthcare market growth is predicted to boost due to increasing technological advancement, growing demand for information technology solutions in the healthcare industry and rising quality of care and clinical outcomes. However, excessive cost associated with the application of information technology in the healthcare sector and increasing concern for data security may hinder the growth of the market during the projected period. Moreover, implementation of wireless and cloud technology in the healthcare segment and use of mobile phones for health tracking are the major trend anticipated to boost the healthcare IT market in near future. The Global healthcare IT market is segmented by product type into clinical solutions, non-clinical solutions, healthcare payer solutions, healthcare it outsourcing services and IT infrastructure management services. clinical solution is categorized into electronic health/medical records, vendor neutral archive (VNA), computerized physician order entry, clinical decision support systems, radiology information systems, radiation dose management solution, specialty management information systems, medical image processing &analysis solution, healthcare it integration systems, practice management systems, laboratory information systems, digital pathology solutions, mhealth solutions and telehealth solutions. Non-Clinical segment includes pharmacy information systems, healthcare asset systems, medication management systems, workforce management systems, revenue cycle management solution, financial management systems, medical document management systems, healthcare information exchanges, population health management solution, supply chain management solution, healthcare analytics, customer relationship management solution. the healthcare payer solution is further bifurcated into pharmacy analysis and audit solution, claims management solution, fraud management solution, computer-assisted coding systems, payment management solution, provider network management solution, member eligibility management solution, customer relationship management solution, medical document management solution and others. Based on outsourcing services, the market is sub segmented into Provider healthcare IT outsourcing services, payer healthcare IT outsourcing services and operational healthcare IT outsourcing services. The provider healthcare IT outsourcing services is categorised into, medical document management services, pharmacy information management services, laboratory information management services, revenue cycle management services and others. The payer healthcare IT outsourcing services are classified into claim management solution, customer relationship management services, billing system, fraud detection and others. Furthermore, operational healthcare IT outsourcing services is sub segmented into supply chain management services, business process management services and others. Globally, clinical solutions segment dominates the healthcare IT market followed by non- clinical solution segment. Rising demand for better healthcare management, improve healthcare infrastructure, ease of management and increasing investment of hospitals in information technology are the factors propelling the growth of overall hospital segment. Based on end user, the Healthcare IT market is categorized into healthcare providers and Healthcare payers. Healthcare providers includes Hospitals, Ambulatory Care Centres, Diagnostic & Imaging Centres, Pharmacies and others. Moreover, healthcare payers are categorized into private and public payers. The healthcare provider segment is estimated to account for the largest market share and expected to maintain their dominance throughout the forecast period owing to technological advancement and increasing demand for improved healthcare facilities globally. Furthermore, the hospital segment accounted for highest market followed by Ambulatory Care Centres. The growth of the hospital segment is attributed to rising demand for advanced healthcare technologies and expansion of private sector hospitals in developed and developing regions. By geography healthcare IT market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Middle East & Africa. North America comprises United States, Canada and Mexico whereas Europe would primarily cover Germany, France, UK, Italy and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Middle East & Africa, South Africa and Rest of MEA are the key countries covered in the report. North America accounted for largest market share owing to presence of developed and well-established health care system in the region. However, Asia Pacific is anticipated to grow at highest CAGR during the projected period. The growth is attributed to government initiatives and investments in the healthcare sector and improving healthcare infrastructure in India and China. Some of the key participants in the healthcare IT market are Allscripts Healthcare Solutions, Inc, Agfa Gevaert NV, Carestream Health, Cerner Corporation, Cognizant Technology Solutions Corporation, Dell Technologies Inc., E-MDS Inc, EPIC Systems Corporation, GE Healthcare, Hewlett-Packard, Infor, Inc, McKesson Corporation, Novarad Corporation, Optum, Inc. (A Part of Unitedhealth Group Incorporated), Oracle Corporation, Philips Healthcare, Athenahealth Inc, eClinicalworks, koninklijke philips n.v. Key players in the global healthcare IT market are focusing on setting up their production bases in emerging Asian economies, such as India and China due to rising government investments & policies, improving healthcare infrastructure and growing healthcare market in the region. Most of the companies adopted expansions, acquisitions, agreements and investments as their major growth strategies, to enter new untapped markets, consequently increasing their respective market shares.
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