Healthcare IT: Future Growth Prospects for Key Players
Overview of This Study:
The present investigation entailed a comprehensive utilization of primary and secondary materials. To determine segmentation types, industry trends, key players, the competitive landscape of the market, and important market dynamics, including drivers, constraints, opportunities, challenges, and key player strategies, a variety of industry-affecting factors were examined.
Global Growth Driving Factors:
Government mandates and support for HCIT solutions, together with the potential presented by growing healthcare markets, are the main drivers of market growth. Nonetheless, it is anticipated that the development of this sector would be somewhat constrained by the lack of IT infrastructure in poorer nations and opposition from conventional healthcare providers.
Projected Surge in Revenue Generation:
The global healthcare IT market in terms of revenue was estimated to be worth $394.6 billion in 2022 and is poised to reach $974.5 billion by 2027, growing at a CAGR of 19.8% from 2022 to 2027.
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Leading Players:
Prominent players in the healthcare IT market include Optum, Inc. (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Koninklijke Philips (Netherlands), Epic Systems Corporation (US), Dell Technologies, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro Limited (India), IBM (US), eClinicalWorks (US), Infor (US), Conduent (US), Conifer Health Solutions, LLC (US), Nuance Communications, Inc. (US), 3M (US), SAS Institute, Inc. (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), Intersystems Corporation (US), Tata Consultancy Services (India).
Different Growth Strategies Adopted by Them:
These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to further expand their presence in the human microbiome market.
In 2021, Optum, Inc. (US) held a prominent position in the healthcare IT industry. Healthcare payers, providers, employers, the government, and life science firms can all benefit from Optum, Inc.'s HCIT solutions. OptumHealth, OptumInsight, and OptumRx are the three business segments through which the corporation principally conducts business. The OptumHealth segment offers health financial services, wellness & consumer engagement, care management, and care delivery. Organizations in the healthcare sector can obtain software and information products from the OptumInsight category, including clinical documentation solutions, advisory consulting services, and business process outsourcing. OptumRx offers services and solutions to the pharmaceutical industry. The corporation has offices across the globe and invests USD 6.4 billion yearly in technology and innovation. It is well-known in the US, Australia, the UK, Canada, Brazil, Singapore, and India.
Cerner Corporation (US) is a global provider of HCIT solutions. The company offers a range of products and services such as medical device integration solutions, document management, imaging solutions, professional services, remote hosting, HCIT solutions, and other welfare and health services. Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel are the seven key sectors through which the corporation offers these solutions. Hospitals, solo practitioner practices, healthcare providers, individual consumers, employer groups, and healthcare payers are among the company's primary end users.
In more than 35 countries, the company licenses its solutions to about 25,000 facilities, which include extended care facilities, employer sites, retail pharmacies, hospitals, physician practices, and ambulatory facilities (such as labs, behavioral health centers, cardiac facilities, radiology clinics, and surgery centers). Cerner Deutschland GmbH (Germany), Cerner France, Cerner Iberia S.L. (Spain), Cerner Ireland Ltd., and Cerner Limited (UK) are among the subsidiaries that the corporation uses to conduct business. By combining its PHM solutions with other healthcare IT solutions including telehealth, EHR, and patient portal platforms to provide virtual patient care, Cerner is continuously enhancing its product offerings.
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Geographical Growth Dynamics:
For the duration of the projection, Asia Pacific is anticipated to develop at the fastest rate.
Over the course of the projection period, the APAC market is anticipated to grow at the fastest rate. The APAC HCIT market is expanding due to a number of factors, including a sizable patient population—particularly in China and India—growing per capita income, increased healthcare industry investments by major participants in the market, and growing consumer awareness of cutting-edge technology.