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Objectives of this Study:

# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region

# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)

# To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market

# To analyze opportunities in the market for stakeholders and to provide details of the competitive landscape for market leaders

# To forecast the size of the healthcare IT market with respect to five geographic regions – North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa

# To profile key players in the healthcare IT market and comprehensively analyze their core competencies2 and market shares

# To track and analyze competitive developments such as agreements, partnerships, and collaborations; mergers and acquisitions; new product/technology/service launches and upgrades; and research and development activities of leading players in the healthcare IT market

Recent Developments:

# In 2019, Philips launched Cares Aging & Caregiving service.

# In 2018, Change Healthcare launched Dx Gap Advisor

# In 2017, Optum acquired DaVita Medical Group (US). The acquisition of DaVita enhanced Optum’s physician-led primary, specialty, in-home, and surgery-care delivery services business.

# In 2017, Cognizant acquired TMG Health (US) to expand its business process-as-a-service solutions for government and public health programs

# In 2018, Optum collaborated with Humana (US), MultiPlan (US)  and Quest Diagnostics (US) to form a group to explore the blockchain technology to improve data quality and reduce administrative costs in healthcare

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Key Questions Addressed in the Report:

# Who are the top 10 players operating in the healthcare IT market?

# What are the driving factors, restraints, opportunities, and challenges in the market?

# What are the industry trends as well as the current scenario in the healthcare IT market?

# What are the growth trends in the market at the segmental and overall market levels?

Expected Revenue Growth in the Global Industry:

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period.

Factors Responsible for the Global Growth of This Industry:

The growing volume of patient data, an increase in technological know-how, and demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions.

Key Market Restraints:

IT Infrastructural Constraints in Developing Countries

Key Market Opportunities:

Rising Use of Healthcare IT Solutions in Outpatient Care Facilities

Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets

Cloud-Based EHR Solutions

Shift towards Patient-Centric Healthcare Delivery

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Geographical Growth Scenario:

“North America dominated the Healthcare IT market in 2018”

The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018.

The large share of this region can be attributed to the technological competencies of healthcare industry and presence of well-established healthcare IT infrastructure in this 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.

Leading Market Players:

Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).

Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.

Optum provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions.

Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SaaS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.

Philips is a major player operating in the healthcare IT market. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates.

Epic Systems offers a wide range of EHR, revenue cycle and practice management, and population health management solutions. The company mainly operates in the North American market. It also has a presence in the Netherlands, the United Arab Emirates, Finland, Australia, Singapore, and Denmark.

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The global ITSM Market is estimated to develop at a substantial CAGR for the duration of the prediction. ITMS means Information Technology Service Management [ITSM] comprises actions for example designing, creating, supporting, managing and delivering IT Services. Enriching experience of users and customers by way of minimalizing influence of service disturbances is the motivating issue of the market. On the other hand, resilience to traditional change is the task for the progress of the market. The inclination of the market is toward the alphanumeric revolution of the business. These paybacks will motivate the progress of the market for the duration of the subsequent a small number of years.

The ITSM market on the source of Type of End User concentrates on the position and viewpoint for the most important uses and the end users. The international market is divided into Public sector, Telecom & IT, Banking Financial Services & Insurance [BFSI]. On the source of kind of end-users the subdivision of Telecom & IT, responsible for the supreme market stake for the duration of past year. Here is a greater demand from the subdivision of Telecom & IT business. As the subdivision, greatly depend on progressive substructure and takes the necessity for hi-tech uses and arrangements.

On the source of the applications, the statement concentrates on the position and viewpoint for foremost Applications. It takes into consideration the intake in terms of sales, market stake, and development percentage for respective application including DBMS, Network Management, Configuration Management, APM and Availability & Performance Management.

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The ITSM market on the source of area with respect to trades in terms of intake, profits, market stake and development percentage in these areas, for the duration of the prediction could span North America [U.S.A, Canada], Europe [France, Spain, Germany, U.K., Italy, Rest of Europe], Asia Pacific [India, Japan, China, Australia Rest of Asia Pacific], South America [Brazil], Middle East & Africa .

By the source of geography, Americas held the largest stake of the market for the duration of past year. The market in the areas of America essentially motivated by the improved acceptance of SaaS centered ITSM resolutions. Companies are offering price operational resolutions for instance uses of software and stages on which designers can construct custom-made IT resolutions. However, the area’s involvement to the market scope of the ITSM will decline in the approaching years. It will carry on constituting the most important stake of the market all through the prediction period.

The statement revises Trades in terms of intake of ITSM in the market; particularly in North America, Europe, Asia Pacific, South America, and Middle East & Africa. It concentrates on the topmost companies operating in these regions. Some of the important companies operating in the field on international level are Service Now, HPE, BMC Software, Ivanti, and CA Technologies.

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