Healthcare IT Market - Major Revenue Surge is Predicted in the Near Future
Market Size Estimation:
The total size of the healthcare IT market was arrived at after data triangulation from different approaches, as mentioned below. After each approach, the weighted average of approaches was taken based on the level of assumptions used.
Projected Surge in Revenue Generation:
Revenue-wise, the worldwide healthcare IT market was projected to be valued at $394.6 billion in 2022 and is expected to rise at a compound annual growth rate (CAGR) of 19.8% to reach $974.5 billion by 2027.
Major Growth Influencing Factors:
Instead of using numerous tables, the redesigned report edition presents each listed company's financial data until 2022 in a single diagram. This will make it simple to examine the current state of the organizations that have been profiled in terms of their R&D investments, business segment focus in terms of the top revenue-generating segments, financial strength, profitability, and important revenue-generating locations or nations. The increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the worldwide market somewhat.
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Data Triangulation:
The individual shares of each HCIT product & service, component, and end-user segment were determined by assigning weightages based on their utilization/adoption rate. Regional splits of the overall HCIT market and its subsegments are based on the adoption or utilization rates of the given products and services in the respective regions or countries.
Global Industry Segmentation:
By component, the services sector held the most proportion of the healthcare IT market.
Hardware, software, and services are the three component segments that make up the healthcare IT market. The services sector held the biggest market share in 2021. The advent of complicated software and the requirement for software integration and interoperability, which necessitates intensive training and frequent upgrades, are to blame for the services segment's growth. The requirement for software upgrades and updates due to the constantly evolving healthcare laws is also driving increased demand for HCIT services.
During the projection period, the healthcare provider solutions market had the highest growth, by type, in the clinical HCIT solutions segment.
In the healthcare IT market, the clinical HCIT solutions category is anticipated to grow at the fastest rate. One of the main factors propelling this market's expansion is the requirement to manage the escalating costs of healthcare and boost the effectiveness of healthcare services by lowering medical errors. However, the market's expansion is being hindered by high installation prices and a lack of qualified medical experts.
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.
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Key Players:
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market.
Different Growth Strategies Adopted by Them:
These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.