Healthcare IT Market to Reach $297 Billion by 2022, Globally

SOURCE: Allied Market Research

A new report published by Allied Market Research, titled, “Healthcare IT (HCIT) Market by Product, End User, and Geography—Global Opportunity Analysis and Industry Forecast, 2014–2022”, projects that the world market for HCIT solutions & services was $125 billion in 2015 and is projected to reach $297 billion by 2022, registering a CAGR of 13.2% from 2016 to 2022. Healthcare provider solutions dominated the market in 2015 and projected to capture over two-thirds share by 2022. North America led the global Healthcare IT market in 2015, and is expected to maintain its position throughout the study period.

The HCIT market has witnessed significant growth in the recent years due to increase in demand for quality healthcare services & solutions along with patient safety & care, proactive supportive government initiatives, and growing acceptance of mHealth & telehealth practices. Increasing adoption of smartphones and patient-doctor convenience are factors driving healthcare IT market growth. According to Shubhangi Bawkar, Senior Analyst – Healthcare Research at Allied Market Research, “Major factor contributing to the growth of the healthcare IT market is increase in healthcare organizations, which have posed several challenges such as management of patient data, need to curtail operational costs, and demand for enhanced healthcare services”. “However, limited knowledge regarding HCIT among individuals and high deployment cost incurred for establishment of infrastructure are expected to hamper the market growth during the forecast period.” She further added

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Healthcare provider solutions segment is expected to continue its dominance throughout 2022, owing to the increasing demand for healthcare provider solutions and electronic health records (EHRs) to manage hospitals, nursing homes, pharmacies, and others. Moreover, the implementation of the “Affordability Care Act” has contributed towards the market growth. EHRs, mHealth, telehealth, and digital pathology segments are expected to be the key contributors to the global market revenue during the analysis period. The clinical solutions segment is expected to grow at a CAGR of 19.3%, owing to implementation of various HCIT-related government initiatives and rising demand for HCIT solutions in healthcare organizations for cost reduction in clinical aspects such as radiation dose management, electronic medical records, vendor neutral archive (VNA), clinical decision support systems, laboratory information systems, digital pathology solution, and medical image processing & analysis systems.

Claims management solutions segment controlled the largest share of healthcare Payer Solutions market in 2015. This huge demand was mainly due to the complexity in the data management from large number of insured patient population. Moreover, increasing fraudulent activities has made the use of advance healthcare payer methods essential for insurance companies.

North America was the leading regional market attributed to high adoption of HCIT solutions & services, well-established healthcare systems, hub to numerous renowned HCIT players. However, Asia-Pacific is anticipated to grow rapidly, registering a CAGR of 15.3% during the analysis period, due to increasing awareness about the benefits of HCIT solutions. In addition, improving healthcare infrastructures and increase in healthcare expenses in the emerging markets, such as India and China, are expected to boost the HCIT market in this region.

Key findings of the study:

- In the year 2015, healthcare provider solutions dominated the overall HCIT market revenue, and is anticipated to grow at a substantial CAGR of 16.2% during forecast period

- In 2015, North America was the leading regional HCIT market, followed by Europe and Asia-Pacific.

- North American healthcare asset management market is projected to grow at a CAGR of 17.4% and would reach $9.7 billion by 2022.

- Clinical solution segment is projected to grow at a CAGR of 19.3% during the analysis period.

- Japan and India jointly accounted for over half of the Asia-Pacific HCIT market share in 2015.

- Asia-Pacific medical document management solution is expected to grow at the CAGR of 17.8%.

- Picture Archiving and Communication Systems (PACS) and Vendor Neutral Archives (VNA) market in Europe is expected to grow at the CAGR of 12.6%.

- Germany is projected to fastest growing country market in Europe.

The key players operating in the healthcare IT market are United Healthcare Group (U.S.); McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.); Athenahealth, Inc. (U.S.); Epic Systems Corporation (U.S.), GE Healthcare (UK), Cerner Corporation (U.S.), Oracle Corporation, Koninklijke Philips N.V. (The Netherlands) and Infor, Inc. (U.S.).