Healthcare IT Market Worth 280.25 Billion USD by 2021

Although, the global healthcare IT market is highly fragmented in nature; some of the key players in this market include McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), and Infor, Inc. (U.S.).Seattle, WA -- (SBWIRE) -- 03/16/2017 -- The report "Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2021", The healthcare IT market is projected to reach USD 280.25 Billion by 2021 from USD 134.25 Billion in 2016, at a CAGR of 15.9% during the forecast period.

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The global healthcare IT market is expected to grow at a CAGR of 15.9% during the forecast period of 2016 to 2021. The majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information.

The growing adoption of health information exchanges (HIEs) and EHR systems and improved quality of care and clinical outcomes are some of the other factors driving market growth. In addition to the growing demand for information technology solutions from healthcare providers, the growing need for healthcare insurance providers to efficiently manage a comprehensive record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years.

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This report provides detailed market analysis of various healthcare IT solutions available in the market comprising healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. In 2015, the healthcare provider solutions segment accounted for the largest share of the global healthcare IT market. Growth in this segment is attributed to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and need for integrated healthcare systems.

In this report, the healthcare provider solutions segment is further categorized into clinical solutions and non-clinical solutions. EHR, PACS & VNA, mHealth applications, CPOE solutions, ePrescribing solutions, and population health management are some of the key clinical healthcare IT solutions covered in this report. Whereas, pharmacy information systems, supply chain management, revenue cycle management, and healthcare analytics are some of the key non-clinical healthcare IT solutions covered in this report.

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On the basis of end user, the healthcare IT market is broadly segmented as healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies. On the other hand, the healthcare payers segment is further divided into private payers and public payers.

Hospitals form the largest end-user segment of the global healthcare IT market, owing to the huge demand for various HCIT solutions among hospitals in order to manage the increasing load of patient information generated in hospitals and growing need to improve the quality of healthcare while improving operational efficiencies within the organizations.

The report also provides the detailed geographic analysis of healthcare IT markets covering major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa regions. In 2015, North America accounted for the majority share of the global HCIT market followed by Europe and Asia-Pacific. The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies in order to curtail the soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in the region.

Europe is the second-largest healthcare IT market. The large share of this region can mainly be attributed to factors such as government initiatives in European countries for eHealth technologies, the need for multi-country integration regarding health information, decreasing margins in the healthcare industry, and a rapidly increasing aging population and the subsequent rise in incidences of chronic diseases in this region. However, during the forecast period, the Asia-Pacific region is expected to grow at the highest CAGR. Growing consumerism in the healthcare industry, accelerated economic growth of countries in the region, and the rising need to control the soaring healthcare costs are some of the key factors responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.

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