Vancouver, BC -- (SBWire) -- 05/07/2021 --The global healthcare IT market size reached USD 201.23 Billion in 2020 and is expected to be valued at USD 549.95 Billion in 2027 and register a steady CAGR during the forecast period, according to latest analysis by Emergen Research. This steady growth can be attributed to increasing government initiatives to implement Healthcare Information Technology (HCIT) solutions in the healthcare sector in developing countries and preference for digital payments in the healthcare industry.
In January 2021, the American Hospital Dubai – which is a division of Mohamed & Obaid Al Mulla Group – in collaboration with the multinational digital healthcare company Cerner Corporation, declared the very first findings of one of the prototypes from its data lab on Artificial Intelligence (AI). The lab serves as a model in the region to develop clinically driven AI techniques with validated predictive model results to support the healthcare industry.
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Some Key Highlights in the Report
Deployment of IT healthcare services has been increasing rapidly as services provided include maintenance and technical support, and this is driving revenue growth of the service segment to a significant extent.
Due to enhanced data and information security, deployment of on-premise IT healthcare solution is increasing, which is expected to continue to support revenue growth of the on-premise segment during the forecast period.
The electronic health records segment accounted for largest revenue share in the global healthcare IT market in 2020 owing to rising adoption of EHR system across the healthcare sector. In addition, increasing government initiatives to implement EHR systems in healthcare facilities to enhance patient care is propelling revenue growth of the electronic health records segment.
Key market participants include Cerner Corporation, Oracle Corporation, Epic System Corporation, SAP SE, NextGen Healthcare Inc., Cognizant Technology Solutions, Wipro Limited, Tata Consultancy Services Limited, Dell Technologies Inc., and Allscripts Healthcare Solutions, Inc.
Market Segmentation:
Emergen Research has segmented the global healthcare IT market on the basis of component, delivery, application, end-use, and region.
Component Outlook (Revenue, USD Billion; 2017–2027)
Hardware
Software
Service
Delivery Outlook (Revenue, USD Billion; 2017–2027)
Cloud-based
On-premises
Application Outlook (Revenue, USD Billion; 2017–2027)
Electronic Prescribing System
Laboratory Information System
Tele-health
Computerized Provider Order Entry System
Electronic Health Records
Picture Archiving and Communication System
Healthcare Analytics
Radiology information system
mHealth
Fraud management
Vendor-neutral archive
Revenue cycle management
Customer relationship management
Others
End-use Outlook (Revenue, USD Billion; 2017–2027)
Healthcare Payer
Public Payers
Private Payers
Healthcare Provider
Pharmacies
Ambulatory clinical centers
Diagnostic and imaging centers
Hospitals
Others
Regional Landscape:
The report offers a comprehensive analysis of the current growth opportunities for various regions of the Healthcare IT market, calculating their revenue share over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading geographic regions encompassed in the report include:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Key questions addressed:
What are the estimated CAGR for the global Healthcare IT market and each segment in the global market?
Which market segments and sub-segments have been covered in this report? Which of these segments is foreseen to exhibit the highest growth rate over the projected period? What are the most prominent industry aspects likely to impact the market values and shares of the regions viz., North America, Europe, Asia Pacific, Latin America, and Middle East &Asia? What do the SWOT analysis and Porter's five forces entailed in the report signify with respect to the future position of the market?
Which are the leading companies operating in the global Healthcare IT market? What are their strengths and weaknesses?
What are the most common market expansion strategies applied by the key market competitors to reinforce their market positions?
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Key Insights
Chapter 4. Healthcare IT Market Segmentation & Impact Analysis
4.1. Healthcare IT Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The rising government initiatives to adopt Healthcare Information Technology (HCIT) solution in healthcare organization
4.2.2.2. The increasing focus to reduce healthcare operational cost
4.2.2.3. Rising adoption of mHealth applications
4.2.2.4. The increasing demand for cashless payment process
4.2.3. Market restraints analysis
4.2.3.1. The high cost of implementation and maintenance
4.2.3.2. Inability to shift towards advanced technology of healthcare providers
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Healthcare IT Market By Component Insights & Trends Revenue (USD Billion)
5.1. Component Dynamics & Market Share, 2019 & 2027
5.1.1. Hardware
5.1.2. Software
5.1.3. Service
Chapter 6. Healthcare IT Market By Delivery Insights & Trends Revenue (USD Billion)
6.1. Delivery Dynamics & Market Share, 2019 & 2027
6.1.1. Cloud-based
6.1.2. On-premises
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Healthcare IT Market Competitive Landscape, Size, Demand, Research Methodology, Statistics and Industry Analysis Report by 2027
Increasing government initiatives to implement Healthcare Information Technology (HCIT) solutions in healthcare sector and growing preference for digital payments in the healthcare sector are key factors driving healthcare IT market growth.