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Healthcare IT Market by Products & Services, Components, End-user and Region - Global Forecast to 2026 - ResearchAndMarkets.com

·3-min read

DUBLIN, September 30, 2021--(BUSINESS WIRE)--The "Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software,Hardware), End-User, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Healthcare IT market is projected to reach USD 829.2 billion by 2026 from USD 319.2 billion in 2021, at a CAGR of 21.0% during the forecast period.

The growth in this market is driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets. On the other hand, IT infrastructural constraints in developing countries, the high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries, and resistance from traditional healthcare providers.

The healthcare provider solutions segment accounted for the largest share of the Healthcare IT market in 2020

Based on products and services, the Healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The factors attributing to the large revenue of the healthcare provider solutions segment include the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.

The market in the Asia Pacific is projected to witness the highest growth rate during the forecast period (2021-2026)

North America accounted for the largest share of the Healthcare IT market in 2020. Stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in North America account for their larger market shares.

Market Dynamics

Drivers

  • Government Mandates & Support for Healthcare It Solutions

  • Rising Use of Big Data

  • High Returns on Investment Associated with Healthcare It Solutions

  • Need to Curtail Escalating Healthcare Costs

  • Growing Adoption of E-Prescribing, Telehealth, Mhealth, and Other HCIT Solutions due to COVID-19

  • Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets

Restraints

  • It Infrastructural Constraints in Developing Countries

  • High Cost of Deployment of HCIT Solutions for Small and Medium-Sized Hospitals in Emerging Countries

  • Resistance from Traditional Healthcare Providers

Opportunities

  • Rising Use of Healthcare It Solutions in Outpatient Care Facilities

  • Cloud-Based Ehr Solutions

  • Shift Towards Patient-Centric Healthcare Delivery

Challenges

  • Security Concerns

  • Interoperability Issues

Companies Mentioned

  • 3M

  • Allscripts Healthcare Solutions, Inc.

  • Athenahealth (A Part of Veritas Capital)

  • Carestream Health

  • Cerner Corporation

  • Change Healthcare

  • Cognizant

  • Conduent

  • Conifer Health Solutions, LLC

  • Dell Technologies, Inc.

  • Eclinical Works

  • Epic Systems Corporation

  • GE Healthcare

  • IBM

  • Infor

  • Inovalon

  • Intersystems Corporation

  • Koninklijke Philips N.V.

  • Nuance Communications, Inc.

  • Optum, Inc. (A Part of Unitedhealth Group)

  • Oracle Corporation

  • Practice Fusion, Inc.

  • Sas Institute, Inc.

  • Tata Consultancy Services

  • Wipro Limited

For more information about this report visit https://www.researchandmarkets.com/r/sbhlto

View source version on businesswire.com: https://www.businesswire.com/news/home/20210930005461/en/

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