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Global Healthcare IT Industry Forecasts to 2027 - Growing Focus on Cloud-Based Solutions, Rising Adoption of AI & IoT in Healthcare

Dublin, March 16, 2020 (GLOBE NEWSWIRE) -- The "Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) - Global Forecast to 2027" report has been added to's offering.

The global healthcare IT market is expected to grow at a CAGR of 13.8% from 2019 to 2027 to reach $511.06 billion by 2027.

The factors such as rising awareness of the value of digital health, shift towards value-based care, rising use of big data in healthcare management, government mandates and financial incentives for the adoption of HCIT solutions, rising awareness about the high returns of IT investments in the healthcare industry, and growing incidence of chronic diseases are supporting the overall growth of the global healthcare IT market. However, high installation & maintenance cost and lack of required IT infrastructure in the developing countries are restraining the market growth to a certain extent.

On the basis of product type, healthcare provider solutions segment commanded the largest share of the overall healthcare IT market in 2019 and expected to continue its dominance during the forecast period. This is mainly due to increasing demand for integrated healthcare solutions, increasing number of government initiatives & regulatory mandates on implementing eHealth solutions, rising investments in development of healthcare infrastructure, and rising awareness about electronic health records (EHRs).

Based on the healthcare IT market by component, services segment commanded the largest share of the overall market.

Shift towards cloud-based services, increasing adoption of digital solutions across healthcare organizations, increasing need to lower healthcare costs, and rising demand for easy access to affordable care contributed to the largest share of the services segment.

On the basis of delivery mode, web & cloud-based solutions held the major share of the overall healthcare IT market in 2019, mainly due to rising demand for on-demand self-serving deployment model with key benefits such as no maintenance cost, lower storage cost, lower upfront cost of deployment, excessive storage flexibility, enhanced scalability, greater security in private clouds, and automated updating features of the web and cloud solutions.

On the basis of end user, rising patient volume, growing healthcare spending by the countries across the globe, rising awareness about electronic health records (EHRs), growing geriatric population, and increasing adoption of healthcare IT solutions by healthcare providers contributed to the largest share of the market for healthcare provider segment including hospitals, ambulatory centers, home healthcare and assisted living centers, diagnostic centers, and pharmacies.

An in-depth analysis of the geographic scenario of the healthcare IT market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global healthcare IT market in 2019, followed by Europe, Asia-Pacific, the Middle East & Africa, and Latin America.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Increasing Awareness about Digital Health
4.2.2. Government Mandates and Financial Incentives U.S. Europe Asia-Pacific Latin America Middle East & Africa
4.2.3. Shift Towards Value-Based Care
4.2.4. Rising Use of Big Data
4.2.5. High Returns on IT Investments In Healthcare Industry
4.2.6. Increasing Number of Patient Visits
4.3. Restraints
4.3.1. High Installation and Maintenance Cost
4.3.2. IT Infrastructural Constraints In Developing Countries
4.4. Opportunities
4.4.1. Growing Focus on Cloud-Based Solutions
4.4.2. Rising Adoption of AI & IoT in Healthcare
4.4.3. Emerging Economies
4.5. Challenges
4.5.1. Interoperability Issues
4.5.2. Data Security and Privacy Issues

5 Global Healthcare IT Market, by Product
5.1. Introduction
5.2. Healthcare IT Provider Solutions
5.2.1. Clinical Healthcare IT Solutions Electronic Health Records (EHR) PACS & VNA Computerized Physician Order Entry (CPOE) Solutions Clinical Decision Support Systems (CDSS) E-Prescribing Systems Patient Engagement Solutions RIS (Radiology Information Systems) RDM (Radiation Dose Management) Solutions Specialty Information Systems Medical Image Analysis Population Health Management Solutions Care Management Solutions Patient Registry Software Laboratory Information Systems (LIS) Mhealth Solutions Telehealth Healthcare Integration Solutions Infection Surveillance Solutions Practice Management Software
5.2.2. Non-Clinical Provider Healthcare IT Solutions Pharmacy Information Systems Healthcare Asset Management Solutions Healthcare Workforce Management Solutions Revenue Cycle Management Solutions Front-End RCM Mid-End RCM Back-End RCM Medical Document Management Solutions Healthcare Information Exchanges Supply Chain Management Solutions Healthcare Analytics Clinical Analytics Financial Analytics Operational & Administrative Analytics Customer Relationship Management Solutions Medication Management Systems Electronic Medication Administration Systems Barcode Medication Administration Systems Medication Inventory Management Systems Medication Assurance Systems Healthcare Quality Management Solutions Healthcare Interoperability Solutions Financial Management Solutions (Accounting & Billing)
5.3. Healthcare Payer Solutions
5.3.1. Claims Management Solutions
5.3.2. Customer Relationship Management
5.3.3. Fraud Analytics Solutions
5.3.4. Provider Network Management
5.3.5. Pharmacy Audit & Analysis Solutions
5.3.6. Member Eligibility Management Solutions
5.3.7. Population Health Management Solutions
5.3.8. Payment Management Solutions
5.4. HCIT Outsourcing Services
5.4.1. Provider HCIT Outsourcing Services Revenue Cycle Management Services EMR/Medical Document Management Services Laboratory Information Management Services Other Provider HCIT Outsourcing Services
5.4.2. Payer HCIT Outsourcing Services Claims Management Services Provider Network Management Services Billing & Accounts Management Services Fraud Analytics Services Other Payer HCIT Outsourcing Services
5.4.3. Operational HCIT Outsourcing Services Business Process Management Services Supply Chain Management Services Other Operational IT Outsourcing Services
5.4.4. IT Infrastructure Management Services

6 Healthcare IT Market, by Delivery Mode
6.1. Introduction
6.2. Web & Cloud-Based
6.3. On-Premise

7 Healthcare IT Market, by Component
7.1. Introduction
7.2. Services
7.3. Software
7.4. Hardware

8 Healthcare IT Market, by End User
8.1. Introduction
8.2. Healthcare Providers
8.2.1. Hospitals
8.2.2. Ambulatory Centers
8.2.3. Home Healthcare & Assisted Living Centers
8.2.4. Diagnostic Centers
8.2.5. Pharmacies
8.3. Healthcare Payers
8.3.1. Private Payers
8.3.2. Public Payers

9 Healthcare IT Market, by Geography
9.1. Introduction
9.2. North America
9.3. Europe
9.4. Asia-Pacific
9.5. Latin America
9.6. Middle East and Africa

10 Competitive Landscape
10.1. Introduction
10.2. Competitive Benchmarking

11 Company Profiles
(Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
11.1. Cerner Corporation
11.2. McKesson Corporation
11.3. International Business Machine Corporation (IBM)
11.4. GE Healthcare
11.5. Allscripts Healthcare Solutions, Inc.
11.6. Koninklijke Philips N.V.
11.7. Infor, Inc.
11.8. Cognizant Technology Solutions Corporation
11.9. Oracle Corporation
11.10. athenahealth, Inc. (A Subsidiary of Veritas Capital)
11.11. Dell Technologies, Inc.
11.12. Unitedhealth Group (Optum, Inc.)
11.13. Nuance Communications, Inc.
11.14. 3M Company
11.15. Conifer Health Solutions, LLC.
11.16. NextGen Healthcare, Inc.
11.17. Computer Programs and Systems, Inc. (CPSI)
11.18. eClinicalWorks

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