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

  • Published: Sep 2021
  • Pages: 129
  • SKU: IRTNTR40507
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The healthcare IT market share is expected to increase by USD 121.75 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10%. 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. 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. Furthermore, this report extensively covers healthcare IT market segmentation by component (services, software, and hardware) and geography (North America, Europe, APAC, South America, and MEA).

What will the Healthcare IT Market Size be During the Forecast Period?

Healthcare IT Market Size

Download the Free Report Sample to Unlock the Healthcare IT Market Size for the Forecast Period and Other Important Statistics

 

Healthcare IT Market: Key Drivers, Trends, and Challenges

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 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.

Key Healthcare IT Market Driver

One of the key factors driving the healthcare IT market growth is the rising need for automation across departments. The average human lifespan is increasing with the improving quality of healthcare services. With augmenting lifespan, chronic diseases, and the world population, the number of patients and the time of treatment are also increasing. Moreover, the growing awareness of health-related cautions and the trending healthy living are prompting the general population in keeping a check on their health. However, there is a dire need to reduce the per-patient time of a doctor and to increase the efficiency of treatment. 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.

Key Healthcare IT Market Trend

Another key factor driving healthcare IT market growth is the healthcare providers and government agencies leveraging social media analytics. At present, doctors are using social media tools such as Twitter and Facebook to reach out to other specialists and discuss medical cases and learn from their peers experiences. They are also exploring the content published on social media pages of pharmaceutical companies to gain knowledge on the status of ongoing clinical trials. Similarly, government agencies across the world are leveraging social media analytics as a source to determine accurate public health statistics. For instance, the Centers for Disease Control and Prevention (CDC), the US-based public health reporting agency, has a well laid out social media strategy and is present in many Internet platforms (including Twitter, Instagram, and Facebook). CDC uses podcasts tools such as podcasts, widgets, and ecards to connect to other users on the social media platform. CDC then extracts information and analyzes it through responses to their posts. This is helping the CDC in detecting and track infectious disease outbreaks in real time and at a very low cost (as these tools are free to use).

Key Healthcare IT Market Challenge

Vulnerability of EMR toward cybercrime is one of the key challenges hindering the healthcare IT market growth. Advances in technologies are encouraging online data storage. At present, the healthcare industry extensively relies on IT and electronic communications for the ease of managing a large amount of data. However, the same advances in technology also make data vulnerable to cybercrime. The incidents of cybercrime include hacking of computers and in-house software as well as intrusion into the intranet portals. The healthcare industry data such as medical transcriptions of doctors, personal and insurance details of patients, and treatment and medication information of patients are private and important to patients and hospitals. The data should be accurate for healthcare providers to communicate appropriate insights on patients. Through cyberattacks, data can be hacked, modified, or misused. In the recent past, there have been security issues related to medical data. For instance, in May 2019, an employee of Montpellier university hospital opened a mail containing a virus. The virus phished more than 600 computers. Therefore, the vulnerability to cybercrimes and the lack of proper security systems are posing a significant threat to the global 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.

Parent Market Analysis

Technavio categorizes the global healthcare IT market as a part of the global IT consulting and other services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the healthcare IT market during the forecast period.

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 growth strategies such as organic and inorganic strategies to compete in the market.

Product Insights and News

  • Allscripts Healthcare LLC- The company offers various healthcare solutions such as Population Health Analytics, BOSSnet EMR, FollowMyHealth, and others.

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.

Healthcare IT Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the healthcare IT market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Healthcare IT Market?

Healthcare IT Market Market segmentation by region

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46% of the market's growth will originate from North America during the forecast period. US is the key market for healthcare IT in North America. Market growth in this region will be faster than the growth of the market in Europe regions.

The significant factors contributing to the constant year-over-year growth of the market in North America are an increase in data integration, government initiatives, aging population, and a rise in mHealth applications. his 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.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 adversely affected all countries in North America, especially the US. As of August 30, 2020, more than 39.66 million COVID-19 cases were reported in the US. A rise in the number of COVID-19 cases in the first quarter of 2020 and early 2021 led to partial lockdowns in several countries, including Canada and Mexico. The lockdowns across many countries had a minimal effect on the growth of the regional healthcare IT market in 2020. Moreover, the demand for healthcare IT increased, as people started maintaining social distancing. This also increased the demand for virtual medical consultancy and e-prescribing systems. For instance, in April 2020, OptumServe, the federal health services business of Optum, partnered with the California state in the US to increase the testing for COVID-19 in the state communities. The new findings, in conjunction with nasal sampling, allow for greater flexibility in obtaining samples, reduce the risk of infection to clinicians in collecting samples, and limit the need for clinicians to use protective equipment. Thus, the COVID-19 pandemic boosted the growth of the healthcare IT market in North America in 2020. The trend is expected to continue during the forecast period.

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

Healthcare IT Market Segmentation

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The healthcareIT market share growth by the services 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 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. Another reason for the growth of the services market segment is the ongoing shift from on-premises to cloud-based software and IT infrastructure deployment.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. 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.

 

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 10%

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

Key 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 recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data 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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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis : IT Consulting and Other Services

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Component

  • 5.1 Market segments
    • Exhibit 15: Component - Market share 2020-2025 (%)
  • 5.2 Comparison by Component
    • Exhibit 16: Comparison by Component
  • 5.3 Services - Market size and forecast 2020-2025
    • Exhibit 17: Services - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 18: Services - Year-over-year growth 2020-2025 (%)
  • 5.4 Software - Market size and forecast 2020-2025
    • Exhibit 19: Software - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 20: Software - Year-over-year growth 2020-2025 (%)
  • 5.5 Hardware - Market size and forecast 2020-2025
    • Exhibit 21: Hardware - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 22: Hardware - Year-over-year growth 2020-2025 (%)
  • 5.6 Market opportunity by Component
    • Exhibit 23: Market opportunity by Component

6 Customer landscape

  • 6.1 Customer landscape
    • Exhibit 24: Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 25: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 26: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 27: North America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 Europe - Market size and forecast 2020-2025
    • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
  • 7.5 APAC - Market size and forecast 2020-2025
    • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
  • 7.6 South America - Market size and forecast 2020-2025
    • Exhibit 33: South America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
  • 7.7 MEA - Market size and forecast 2020-2025
    • Exhibit 35: MEA - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 37: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 38: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 39: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 40: Vendor landscape
  • 9.3 Landscape disruption
    • Exhibit 41: Landscape disruption
    • Exhibit 42: Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 43: Vendors covered
  • 10.2 Market positioning of vendors
  • 10.3 Allscripts Healthcare Solutions Inc.
    • Exhibit 45: Allscripts Healthcare Solutions Inc. - Overview
    • Exhibit 46: Allscripts Healthcare Solutions Inc. - Business segments
    • Exhibit 47: Allscripts Healthcare Solutions Inc. - Key offerings
    • Exhibit 48: Allscripts Healthcare Solutions Inc. - Segment focus
  • 10.4 Cerner Corp.
    • Exhibit 49: Cerner Corp. - Overview
    • Exhibit 50: Cerner Corp. - Business segments
    • Exhibit 51:Cerner Corp. - Key news
    • Exhibit 52: Cerner Corp. - Key offerings
    • Exhibit 53: Cerner Corp. - Segment focus
  • 10.5 Dell Technologies Inc.
    • Exhibit 54: Dell Technologies Inc. - Overview
    • Exhibit 55: Dell Technologies Inc. - Business segments
    • Exhibit 56: Dell Technologies Inc. - Key offerings
    • Exhibit 57: Dell Technologies Inc. - Segment focus
  • 10.6 General Electric Co.
    • Exhibit 58: General Electric Co. - Overview
    • Exhibit 59: General Electric Co. - Business segments
    • Exhibit 60:General Electric Co. - Key news
    • Exhibit 61: General Electric Co. - Key offerings
    • Exhibit 62: General Electric Co. - Segment focus
  • 10.7 International Business Machines Corp.
    • Exhibit 63: International Business Machines Corp. - Overview
    • Exhibit 64: International Business Machines Corp. - Business segments
    • Exhibit 65:International Business Machines Corp. - Key news
    • Exhibit 66: International Business Machines Corp. - Key offerings
    • Exhibit 67: International Business Machines Corp. - Segment focus
  • 10.8 Koninklijke Philips NV
    • Exhibit 68: Koninklijke Philips NV - Overview
    • Exhibit 69: Koninklijke Philips NV - Business segments
    • Exhibit 70:Koninklijke Philips NV - Key news
    • Exhibit 71: Koninklijke Philips NV - Key offerings
    • Exhibit 72: Koninklijke Philips NV - Segment focus
  • 10.9 McKesson Corp.
    • Exhibit 73: McKesson Corp. - Overview
    • Exhibit 74: McKesson Corp. - Business segments
    • Exhibit 75: McKesson Corp. - Key offerings
    • Exhibit 76: McKesson Corp. - Segment focus
  • 10.10 Microsoft Corp.
    • Exhibit 77: Microsoft Corp. - Overview
    • Exhibit 78: Microsoft Corp. - Business segments
    • Exhibit 79:Microsoft Corp. - Key news
    • Exhibit 80: Microsoft Corp. - Key offerings
    • Exhibit 81: Microsoft Corp. - Segment focus
  • 10.11 Oracle Corp.
    • Exhibit 82: Oracle Corp. - Overview
    • Exhibit 83: Oracle Corp. - Business segments
    • Exhibit 84:Oracle Corp. - Key news
    • Exhibit 85: Oracle Corp. - Key offerings
    • Exhibit 86: Oracle Corp. - Segment focus
  • 10.12 Siemens Healthineers AG
    • Exhibit 87: Siemens Healthineers AG - Overview
    • Exhibit 88: Siemens Healthineers AG - Business segments
    • Exhibit 89: Siemens Healthineers AG - Key offerings
    • Exhibit 90: Siemens Healthineers AG - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 91: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 92: Research Methodology
    • Exhibit 93: Validation techniques employed for market sizing
    • Exhibit 94: Information sources
  • 11.4 List of abbreviations
    • Exhibit 95: 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
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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
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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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Healthcare IT market growth will increase by $95.98 billion during 2020-2024.
The healthcare it market is expected to grow at a CAGR of 9.12% during 2020-2024.
Technavio has segmented the healthcare it market by component (Services, Software, and Hardware) and geographic (North America, Europe, Asia, ROW, North America, Europe, and Asia).
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 40.67% 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
  • 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.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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  • Data on revenue-generating market segments
  • Details on the market shares of various regions
  • Five-force market analysis

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