Healthcare IT Solutions Industry Is Expected To Achieve Revenue Worth 228.79 Billion USD by 2020

2024-04-18 01:06:51 Industry

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The report "Healthcare IT Solutions Market Tracker by Product (EHR, PACS, Interoperability, Healthcare Analytics, Telemedicine, CRM), Market Size, Adoption Trends, Competitive landscape (Market Share Analysis, Product Portfolio Assessment) - Forecast to 2020", The Global Healthcare IT Market is estimated to reach USD 228.79 Billion growing at a CAGR of 13.4% by 2020.

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The global healthcare industry is currently in a phase of technological transition, where healthcare IT has emerged as a powerful tool to transform the clinical, operational, and administrative outcomes of the industry. Over the past decade, the global healthcare IT market has evolved from basic EMR/EMR solutions to the development of specialized hospital information management systems, population health management solutions, and healthcare information exchange systems.

The global healthcare IT market has registered steady growth in the last five years, and is further expected to grow at a CAGR of 13.4% till 2020. This growth is attributed to the rising adoption of healthcare IT solutions by healthcare providers to meet regulatory requirements for patient care and safety, increasing need to curtail soaring healthcare costs, and growing need to improve healthcare quality while maintaining operational efficiency.

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This market tracker provides value analysis of the global healthcare IT market for 2013, 2014, and 2015, as well as forecast up to 2020. Each market is comprehensively analyzed by geography to provide in-depth information on the global scenario. It 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, comprising clinical and non-clinical IT solutions for healthcare providers, accounted for the largest share of the global healthcare IT market. EHR, mHealth solutions, and PACS & VNA are some key clinical healthcare IT solutions covered in this report. Together, these segments accounted for more than 65% of the global clinical healthcare IT solutions market in 2015. Supply chain management, revenue cycle management, and healthcare analytics are some of the key non-clinical healthcare IT solutions covered, accounting for a share of approximately 50% of the non-clinical healthcare IT solutions market in 2015.

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This market tracker also provides detailed geographic analysis of the global healthcare IT market covering major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The healthcare IT market in North America and Europe is regarded as technologically competent, characterized by the presence of well-established HCIT infrastructure.

Together, these two regions accounted for approximately 75%?80% of the global healthcare IT market in 2015, and are expected to grow at a healthy CAGR during 2015?2020. Changing regulatory requirements for improving the quality of healthcare and increasing patient safety and rising healthcare expenditures are some key factors driving the growth of the healthcare IT market in North America and Europe.

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