Healthcare IT Industry - This is How Leading Players are Dominating Global Growth
Major Growth Influencing Factors:
Growth in this market is driven by the government mandates and support for healthcare IT solutions, the rising adoption of big data analytics, and the need to reduce the escalating healthcare costs. However, high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries is expected to restrain the growth of this market to a certain extent.
Global Leading Companies:
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).
Growth Strategies Adopted by Key Players:
These companies adopted strategies such as product launches, agreements, partnerships, expansions, collaborations, and acquisitions to strengthen their market presence in the healthcare IT market.
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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Optum, Inc. (US) was one of the leading market players in the healthcare IT market in 2021. Optum, Inc. provides HCIT solutions to healthcare payers, providers, employers, and government & life science companies. The company primarily operates through three business segments—OptumHealth, OptumInsight, and OptumRx. The OptumHealth segment is involved in care delivery, care management, wellness & consumer engagement, and health financial services.
The OptumInsight segment provides software & information products, such as clinical documentation solutions, advisory consulting services, and business process outsourcing, to organizations in the healthcare industry. OptumRx provides solutions and services to the pharmacy sector. The company invests USD 6.4 billion in technology and innovation annually and has offices worldwide with a prominent presence in the US, Australia, the UK, Canada, Brazil, Singapore, and India.
Cerner Corporation is a global provider of HCIT solutions. The products and services offered by the company include HCIT solutions, medical device integration solutions, professional services, remote hosting services, document management, imaging solutions, and other health and welfare services. The company offers these solutions through seven main segments—Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel.
The major end users of the company’s products include hospitals, single-doctor practices, healthcare providers, individual consumers, employer groups, and healthcare payers. Around 25,000 facilities license the company’s solutions in over 35 countries, including hospitals, physician practices, ambulatory facilities (such as laboratories, behavioral health centers, cardiac facilities, radiology clinics, and surgery centers), extended care facilities, employer sites, and retail pharmacies.
The company operates through several subsidiaries, including Cerner Deutschland GmbH (Germany), Cerner France, Cerner Iberia S.L. (Spain), Cerner Ireland Ltd., and Cerner Limited (UK). Cerner is consistently improving its product offerings by integrating its PHM solutions with other healthcare IT solutions such as telehealth, EHR, and patient portal platforms to promote virtual patient care.
Recent Developments:
# In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
# In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth's digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR's patient portal.
# In March 2022, Cognizant (US) collaborated with Microsoft (US). The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.
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Healthcare providers will be the largest end user segment among healthcare providers in the healthcare IT market.
Based on end users, the healthcare providers segment accounted for the largest share in the global market during the forecast period. Factors such as stringent government regulations and the need to improve patient care while increasing operational efficiency account for this share. The increasing number of patients, hospitals, and ambulatory care centres and the strong purchasing power of hospitals are also driving the growth of this end-user segment.