Healthcare IT Market by Component and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR40507
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The healthcare IT market has the potential to grow by USD 121.75 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 9.76%.

This healthcare IT market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by component (services, software, and hardware) and geography (North America, Europe, APAC, South America, and MEA). The healthcare IT market report also offers information on several market vendors, including Allscripts Healthcare Solutions Inc., Cerner Corp., Dell Technologies Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., and Siemens Healthineers AG among others.

What will the Healthcare IT Market Size be in 2021?

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Healthcare IT Market: Key Drivers and Trends

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising need for automation across departments is notably driving the healthcare IT market growth, although factors such as the vulnerability of EMR toward cybercrime may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the healthcare IT industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The rising need for automation across departments will fuel the growth of the healthcare IT market size.
  • IT plays a significant role in automating the treatment process right from the admission of patients, data collection on their medical history, storage of the collected data, examining patients, creating transcripts of doctors' comments and medication instruction, pharmaceutical workflow, and after-treatment follow-ups to the transferring of patients and their relevant medical records.
  • The automation of healthcare workflow reduces cost, time, and effort and subsequently improves the efficiency and quality of treatment.
  • Since automation solutions are playing an important role in increasing the efficiency and quality and reducing the time and effort of all the healthcare stakeholders, providers are increasing their investments in such solutions. 
  • The growing integration of Big Data with healthcare IT will drive the market growth during the forecast period. 
  • Factors such as up-to-date electronic health records of patients for better medical treatment, compulsory documentation owing to stringent policies of governments, and the increasing use of wearable devices to track patients' conditions are expanding the volume of health data.
  • The use of predictive analytics on such data can provide healthcare organizations with valuable insights to improve their existing business models and proliferate their profitability.
  • Apart from reducing costs of treatment processes, Big Data analytics on population health data also helps in predicting epidemics and improving the quality of life in general. As a result, the adoption of this technology is expected to increase in the coming years and, in turn, boost the growth of the healthcare IT market.

This healthcare IT market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Healthcare IT Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Allscripts Healthcare Solutions Inc.
  • Cerner Corp.
  • Dell Technologies Inc.
  • General Electric Co.
  • International Business Machines Corp.
  • Koninklijke Philips NV
  • McKesson Corp.
  • Microsoft Corp.
  • Oracle Corp.
  • Siemens Healthineers AG

 

This statistical study of the healthcare IT market encompasses successful business strategies deployed by the key vendors. The healthcare IT market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The healthcare IT market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Healthcare IT Market?

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46% of the market’s growth will originate from North America during the forecast period. The US is a key market for healthcare IT in North America. Market growth in North America will be faster than the growth of the market in other regions.

The presence of integrated healthcare infrastructure, a large number of vendors operating in the market, and a high level of adoption of modern medical technology will facilitate the healthcare IT market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Component Segments in the Healthcare IT Market?

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The healthcare IT market share growth by the services segment will be significant during the forecast period. Healthcare IT services include consulting services, learning and training, development and integration, hardware maintenance and support, IT management, process management, and software support. The major growth areas are consulting and software support. The need to develop better healthcare delivery systems and a cost-effective model would propel the demand for information and communications technology (ICT) services in the healthcare sector. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the healthcare IT market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Healthcare IT Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive healthcare IT market growth during the next five years
  • Precise estimation of the healthcare IT market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the healthcare IT industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of healthcare IT market vendors

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Healthcare IT Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 9.76%

Market growth 2021-2025

$ 121.75 billion

Market structure

Fragmented

YoY growth (%)

8.65

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 46%

Key consumer countries

US, Germany, China, Japan, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Allscripts Healthcare Solutions Inc., Cerner Corp., Dell Technologies Inc., General Electric Co., International Business Machines Corp., Koninklijke Philips NV, McKesson Corp., Microsoft Corp., Oracle Corp., and Siemens Healthineers AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Component

    • Market segments
    • Comparison by Component
    • Services - Market size and forecast 2020-2025
    • Software - Market size and forecast 2020-2025
    • Hardware - Market size and forecast 2020-2025
    • Market opportunity by Component

    Customer landscape

    • Customer landscape

    Geographic Landscape

    • Geographic segmentation
    • Geographic comparison
    • North America - Market size and forecast 2020-2025
    • Europe - Market size and forecast 2020-2025
    • APAC - Market size and forecast 2020-2025
    • South America - Market size and forecast 2020-2025
    • MEA - Market size and forecast 2020-2025
    • Key leading countries
    • Market opportunity by geography
    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Overview
    • Vendor landscape
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Allscripts Healthcare Solutions Inc.
    • Cerner Corp.
    • Dell Technologies Inc.
    • General Electric Co.
    • International Business Machines Corp.
    • Koninklijke Philips NV
    • McKesson Corp.
    • Microsoft Corp.
    • Oracle Corp.
    • Siemens Healthineers AG

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
    Technavio

    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
    Technavio

    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
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    The healthcare it market growth will increase by $95.98 billion during 2019-2024.
    The healthcare it market is expected to grow at a CAGR of 9.12% during 2019-2024.
    Technavio has segmented the healthcare it market by component (Services, Software, and Hardware) and geographic (North America, Europe, Asia, and ROW).
    Allscripts Healthcare LLC, Cerner Corp., Dell Technologies Inc., General Electric Co., IBM Corp., Koninklijke Philips NV, McKesso Corp., Microsoft Corp., Oracle Corp., Siemens Healthineers AG are a few of the key vendors in the healthcare it market.
    North America will register the highest growth rate of 36.58% among the other regions. Therefore, the healthcare it market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
    • US
    • Germany
    • China
    • Japan
    • UK
    • France
    The key factors driving the healthcare it market growth are:
    • Healthcare service providers are increasingly focusing on improving quality of services and efficiency
    • Emergence of AI-enabled emotion recognition technologies
    The healthcare it market vendors should focus on grabbing business opportunities from the services segment as it accounted for the largest market share in the base year.
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