Healthcare IT Market Worth 228.8 Billion USD by 2020
PUNE, India, September 24, 2015 /PRNewswire/ --
According to a new market research report "Healthcare IT Market by Product (HER, RIS, PACS, VNA, CPOE, mHealth, Telehealth, Healthcare analytics, Supply Chain Management, Revenue Cycle Management, CRM, Claims Management, Fraud Management) by End User (Provider, Payer) - Global Forecast to 2020", published by MarketsandMarkets, The Healthcare IT Market is poised to reach USD 228.7 Billion by 2020, growing at a CAGR of 13.4% during the forecast period of 2015 to 2020.
Browse 288 Tables and 41 Figures spread through 398 Pages and in-depth TOC on "Healthcare IT Market"
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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. This market is expected to grow at a CAGR of 13.4% during the forecast period of 2015 to 2020. A majority of this growth is attributed to the growing adoption of various healthcare IT solutions by healthcare providers in order to meet the heightened regulatory requirements for patient care and safety, increasing need to curtail the soaring healthcare costs, and growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations.
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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 2014, the healthcare provider solutions segment accounted for the largest share of the global Healthcare IT Market. The large share of this segment is mainly attributed to the rising adoption of EHRs and other hospital information systems by healthcare providers, inclination of the healthcare industry towards deployment of interoperable solutions, and growing regulatory requirements regarding patient information and safety.
In this report, the healthcare provider solutions segment is further segmented into clinical solutions and non-clinical solutions. EHR, mHealth solutions, and PACS &VNA are some of the 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 2014. Whereas, supply chain management, revenue cycle management, and healthcare analytics are some of the key non-clinical healthcare IT solutions covered in this report, accounting for a share of approximately 50% in 2014.
On the basis of end users, the Healthcare IT Market is broadly segmented into 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. 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 organizations.
In 2014, North America and Europe accounted for the majority share of the global Healthcare IT Market, mainly due to the technological competencies of the healthcare industry and presence of well-established HCIT infrastructure in these regions. Changing regulatory requirements for improving quality of healthcare and increasing patient safety and rising healthcare expenditures are some of the key factors driving the growth of the Healthcare IT Market in North America and Europe. However, during the forecast period, the Asia-Pacific region is expected to grow at the highest CAGR, owing to the rising medical tourism, increasing healthcare expenditure, rapidly developing healthcare infrastructure, increasing per capita incomes, and growing health awareness among middle-class population in emerging countries of this region.
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 (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.K.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Siemens Healthcare (Germany), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), and Infor, Inc. (U.S.).
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