The growing need to reduce health care costs and government support for HCIT solutions is one of the factors that should stimulate the market over the forecast period. At the same time, the strong acceptance of HCIT is, to some extent, responsible for the growth of the market. In addition, population growth and urbanization, which meet the growing demand for automated procedures worldwide, are other factors contributing to market growth, which means that quality care highly needed.
Better economic conditions drive market growth and provide access to quality living and better healthcare around the world. Substantial investments in RD by market players, increasing government interest, and attracting resources for technology advancement are creating lucrative opportunities in the global healthcare IT industry.
On the other hand, slightly higher development and maintenance costs, combined with health professionals' reluctance to use advanced health information tools and other technological complexities, are the factors forecasted to restrain the growth of the global healthcare IT market.
The penetration of health information technology can reduce a significant number of expenditures, which are mainly the foundation for the demand and growth of the healthcare IT technology market. Additional factors, such as the benefits of healthcare IT, including a high return on investment, are anticipated to drive the market to greater heights in the global market.
The healthcare industry is growing rapidly, with technological advances and data generation. Collective demand for improved care institutions further stimulates industry growth, leading to increased demand for data system management.
Market Segmentation
The global healthcare IT industry is classified based on its product services, component, and end-user.
The product services segment of the global healthcare IT market is bifurcated into healthcare payer solutions and healthcare provider solutions.
Further, based on the component, the global market is divided into software and services.
On the basis of end-user, the global healthcare IT market is segmented into healthcare providers, research centers, and healthcare payers.
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Regional Insights
The North America healthcare IT market, supported by the presence of established players and investment accounts, is the largest market in the world with the highest market share. Healthcare IT companies in the region might offer a variety of customized solutions. In addition, the abundant availability and widespread use of healthcare software solutions, high-quality healthcare systems, and modern medical technologies, combined with the accessibility to complementary resources, are driving growth in the regional market.
The European market is the world's second-largest healthcare IT industry, driven by technological advances and the growing number of clinical management software used by healthcare professionals, primarily in the United Kingdom, Germany, and France. In addition, health care providers in the region are embracing social media technologies that support market growth in the region.
The Asia Pacific market is expected to post the highest CAGR in the coming years, driven by market growth in countries such as India, Japan, and China, due to growing demand for IT for health services, healthcare spending, and the growing number of healthcare software solution providers. These factors also support the emerging trend of digitizing patient records in health care facilities in this region.
Regions such as Saudi Arabia and the United Arab Emirates, are set to turn the tide in the Middle East and Africa markets, with remarkable growth. The healthcare IT market in Africa is expected to grow sluggishly due to political conditions and adverse economic.
Major Players
The global healthcare IT industry is driven by various leading players. With their advanced product offering and solution, the global market is anticipated to witness thriving growth over the forecast period. These major players include Allscripts Healthcare Solutions, Inc., Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., IBM, Orion Health, Conifer Health Solutions, Kronos Incorporated, Spok Inc, Anthelio Healthcare Solutions Inc., GE Healthcare, United Healthcare Group, 3M Health Information Systems, Wolters Kluwer, McKesson Corporation, Athenahealth, Inc., Epic Systems Corporation, Oracle Corporation, and Lexmark Healthcare.
Recent Updates
Allscripts and Northwell Health have partnered to develop next-generation AI-powered EHR. The development includes the integration of cloud-based voice-enabled systems with expertise of physician and patient experience. Emphasizing both patient and clinician needs this new venture will assist the healthcare IT industry to lead in the future.
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